Kilo Goldmines Reports on Various Corporate Matters
March 14 2014 - 5:00PM
Marketwired
Kilo Goldmines Reports on Various Corporate Matters
TORONTO, ONTARIO--(Marketwired - Mar 14, 2014) - Kilo Goldmines
Ltd. ("Kilo" or the "Company") (TSX-VENTURE:KGL)(FRANKFURT:02K) is
pleased to report that the resolution authorizing directors to
proceed, at their discretion, with the consolidation of the common
shares on an up to 1 for 10 basis, has been approved by
shareholders at its annual and special meeting held on March 6,
2014.
Messrs. David Netherway, Alex Van Hoeken, James Mustard and
Loudon Owen were re-elected as directors and the incumbent
auditors, Collins Barrow Toronto LLP, were also reappointed.
Further, the Company is pleased to announce that following its
press release dated January 30, 2014, it has filed on SEDAR, its
Canadian National Instrument ("NI") 43-101 Mineral Resources
Estimate ("MRE") updating the MRE for the Adumbi gold deposit and
providing maiden Inferred Mineral Resources estimates for the
Kitenge and Mazanko deposits (Somituri Project). The NI 43-101 MRE
was prepared by Roscoe Postle Associates Inc.
The Company also announced that it has refiled its management's
discussion and analysis for the three months ended December 31,
2013 to add disclosure regarding a claim that has been received
challenging the title to certain DRC mineral claims held by
KGL-Isiro Sarl. Based on legal advice received, the Company
believes this claim to be completely without merit.
About Kilo
Kilo Goldmines Ltd. is a Canadian gold exploration company,
listed on the TSX Venture Exchange under the symbol 'KGL' and on
the Frankfurt Exchange under the symbol '02K'. Kilo holds
exploitation and exploration licences covering some ~2,700 km2 of
iron and gold favourable Archaen Kabalian Greenstones in the
northeast Democratic Republic of Congo.
Incorporated within these licences are:
- the Somituri Project (71.25% owned by Kilo), comprising eight
non-contiguous licences (606 km2) held by KGL-Somituri Sarl.
- the KGL Isiro SARL Joint Venture (JV) with Randgold Resources
Ltd (2056 km2), for gold and associated minerals only. The JV is
managed by Randgold and financed by it to a Pre-Feasibility Study
(PFS). Upon completion of the PFS, KGL can participate in funding
or Randgold will increase its participation to 65% by completing a
Feasibility Study. Areas which may be deemed of no interest to
Randgold will be returned to KGL.
Kilo has retained the rights to explore for and develop any iron
ore resources (or other minerals) associated with the licences held
by KGL Isiro SARL. These licences were previously in a JV with Rio
Tinto, who has since withdrawn.
In addition, Kilo has a minority interest in the Hajigak iron
ore project in Afghanistan.
Disclaimer
This news release may contain forward looking statements
concerning future operations of Kilo Goldmines Ltd. All forward
looking statements concerning Kilo's future plans and operations,
including management's assessment, project expectations or beliefs
may be subject to certain assumptions, risks and uncertainties
beyond Kilo's control. Investors are cautioned that any such
statements are not guarantees of future performance and that actual
performance and exploration and financial results may differ
materially from any estimates or projections.
Neither TSX Venture Exchange nor its Regulation Services
Provider (as that term is defined in the policies of the TSX
Venture Exchange) accepts responsibility for the adequacy or
accuracy of this release.
Kilo Goldmines Ltd.Alex van HoekenChief Executive Officer &
President+1 416 360
3406info@kilogoldmines.comwww.kilogoldmines.com
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