Stage 1 Exploration Programme Update (3242W)
January 30 2012 - 2:00AM
UK Regulatory
TIDMKIBO
RNS Number : 3242W
Kibo Mining Plc
30 January 2012
KIBO MINING PLC
Stage 1 Exploration Programme Update
Dated: 30 Jan 2012
Kibo Mining plc ("Kibo" or the "Company") (AIM: KIBO, AltX: KBO)
the mineral exploration and development company focused on gold and
nickel projects in Tanzania is pleased to provide shareholders with
an operational update on the Company's gold and nickel exploration
projects in Tanzania.
Summary Highlights:
-- Stage 1 Exploration Program nearing completion
-- Exploration results expected by 2Q 2012
Stage 1 Exploration Program - Tanzania
Stage 1 of Kibo's GBP5.3 million exploration program has
involved the mobilisation of field teams for a GBP1.3 million work
program on the Lake Victoria, Haneti and Morogoro projects in
Tanzania.
The individual exploration programs at each location have
targeted the most prospective licenses. Field teams have
prioritised work through a review of geology, proximity to known
existing deposits as well as from analysis of anomalous geochemical
results from previous surveys.
Louis Coetzee, CEO of Kibo Mining, said the Company was pleased
with progress to date across each of the main license areas.
"The focus has been to make best use of the funds allocated to
the overall exploration program by spending time upfront on
prioritising individual prospects. As the projects cover a total
land area in excess of 18,000 square kilometers, this is a
significant consideration," Mr Coetzee said.
Work on all the projects has been advanced in parallel, and a
summary of each individual project follows.
Lake Victoria Project
-- Follow-up work has commenced on priority regional soil
geochemical targets by in-fill soil sampling, prospecting/rock
sampling & geological mapping.
-- Results from this work will allow for an evaluation of the
Lake Victoria licence portfolio to prioritise areas for further
regional geochemical surveys and preliminary drill target
identification.
Haneti Project
-- Continuation of soil sampling, pitting and trenching in the
Haneti Hills area in order to evaluate the nickel laterite
potential.
-- Ground EM & magnetic survey to further evaluate potential
nickel sulphide targets identified in previous work.
Morogoro Project
The Company has concentrated on two particular areas within the
Morogoro Project: Ruvu Nappe (Morogoro South) and Berega (Morogoro
North).
-- Infill & expansion of soil geochemical grids, regional
stream sediment sampling and geological mapping undertaken.
Kibo expect to be able to report back to shareholders on the
preliminary results from work undertaken on all sites by the second
quarter of 2012.
Review by qualified person
The information in this report that relates to exploration
results, mineral resources or ore reserves is based on information
reviewed by Noel O'Keeffe, PGeo, who is a Member of the Institute
of Geologists of Ireland. Noel O'Keeffe is a director of Kibo. Noel
O'Keeffe has at least five years experience within the sector which
is relevant to the style of mineralisation and type of deposit
under consideration and to the activity which he is undertaking to
qualify as a qualified person under the AIM Rules. Noel O'Keeffe
consents to the inclusion in the report of the matters based on his
information in the form and context in which it appears.
About Kibo Mining plc
Kibo is a mineral exploration and development company focused on
gold and nickel projects in Tanzania. It has substantial license
holdings encompassing a land area in excess of 18,000 square
kilometers in both established and emerging highly prospective
areas within the country.
Enquiries:
Louis Coetzee +27 (0)83 Kibo Mining Chief Executive
2606126 plc Officer
John Simpson +44 (0)207 Daniel Stewart Nominated
7766550 & Company Adviser
Plc
Andreas Lianos +27 (0)83 River Group Designated
4408365 Advisor
Nick Bealer +44 (0)207 Cornhill Capital Broker (Corporate
7109612 Ltd Broking)
Andrew Frangos +44 (0)207 Cornhill Capital Broker (Corporate
7109610 Ltd Finance)
Matt Beale +44 (0)7966 Fortbridge Public Relations
389196
Updates on the Company's activities are regularly posted on its
website www.kibomining.com
This information is provided by RNS
The company news service from the London Stock Exchange
END
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