| Kibo Signs MOU with Lake Victoria Gold LTD to Fast Track Development of the Imweru Gold Project | |
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02 June 2016
Kibo Mining plc ('Kibo' or the 'Company') (AIM: KIBO; AltX: KBO), the Tanzania focused mineral exploration and development Company is pleased to announce that it has signed a Memorandum of Understanding ('MOU') with Lake Victoria Gold LTD ('Lake Victoria') to consolidate the companies' respective Imweru and Imwelo gold projects.
Highlights
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Kibo and Lake Victoria Gold LTD ('LVG') agree MOU to amalgamate Kibo's Imweru Gold Project and LVG's directly adjacent Imwelo project into a new company ('NEWCO);
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Board of NEWCO to comprise mix of Kibo and Lake Victoria management which will combine significant experience across exploration and mine development;
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Total combined JORC compliant stated resources of approximately 755,300 ounces;
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Based on upside potential identified in existing Imweru CPR, the combined project will provide NEWCO with the potential to achieve >1 million oz. resource in relative short time frame;
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Production target of 50,000 oz. of gold per annum within 12 to 18 months of forming NEWCO, targeting 100,0000 oz. per annum within 24 to 30 months;
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Existing LVG mining right will also cover Kibo Imweru project after amalgamation under existing provisions of Tanzanian Mining Act for continuous mineral deposits.
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Kibo Signs MOU with Lake Victoria Gold LTD to Fast Track Development of the Imweru Gold Project
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Kibo Mining Plc
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EXPLORATEUR |
CODE : KIBO.L |
ISIN : IE00B97C0C31 |
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ProfilIndicateurs de MarchéVALEUR : Projets & res.Communiqués de PresseRapport annuelRISQUE : Profile actifsContactez la cie |
Kibo Mining Plc est une société d’exploration minière basée en Irlande. Ses principaux projets en exploration sont HANETI NICKEL, MOROGORO GOLD, LUHALA GOLD et ITETEMIA GOLD en Tanzanie. Kibo Mining Plc est cotée au Royaume-Uni. Sa capitalisation boursière aujourd'hui est 14,9 millions GBX (17,4 millions US$, 16,2 millions €). La valeur de son action a atteint son plus haut niveau récent le 02 janvier 2015 à 9,85 GBX, et son plus bas niveau récent le 23 décembre 2022 à 0,00 GBX. Kibo Mining Plc possède 412 901 424 actions en circulation. |