Management Changes (4773R)
November 04 2011 - 2:00AM
UK Regulatory
TIDMKIBO
RNS Number : 4773R
Kibo Mining Plc
04 November 2011
KIBO MINING PLC
Management Changes
Dated: 4 November 2011
Kibo Mining plc ("Kibo" or the "Company") (AIM, KIBO: JSE, KBO)
the mineral exploration and development company focused on gold and
nickel projects in Tanzania announces changes in management to
optimize its business over the coming months.
The Company has identified potential investment interest amongst
the investment community in Tanzania. To take advantage of this
opportunity, the Company is considering seeking a listing on the
Dar es Salaam Stock Exchange. Furthermore, the Company's South
African advisors are recommending raising Kibo's profile in South
Africa, where the company is quoted on the Johannesburg Stock
Exchange.
In parallel and as part of its ongoing exploration activities,
the Company will be maximizing the returns from its large portfolio
of exploration licenses in Tanzania. Kibo holds some 190 licenses
totaling approximately 18,600 square kilometers under issue,
application and offer located in the Lake Victoria, Morogoro and
Dodoma areas with excellent exploration potential for gold and base
metals. Whilst the Company will explore a number of these licenses
on its own, it is aware that some areas might make a logical
package for joint ventures or might be of strategic interest to
neighbouring mineral rights holders.
Consequently the Directors of the Company have agreed that Noel
O'Keeffe will concentrate on the development of these exploration
assets of Kibo as Exploration Director and Louis Coetzee, currently
a Non-executive Director of the Company, will be appointed as
interim Chief Executive Officer for twelve months to lead the
marketing initiative of the Company. The Company will then appoint
a full time chief executive officer to take the Company on to the
next stage of its development.
Noel O'Keeffe, a founder Director of Kibo, is an experienced
professional exploration geologist with over 20 years experience in
Tanzania, Australia, Canada and Ireland and has overseen the
development of the Company to date. Louis Coetzee, appointed to the
board on 19 July 2010, has over 25 years business development
experience in Africa with 15 of these in Tanzania. Louis is
currently a director and chief operating officer of the Mzuri
Group, a substantial shareholder in Kibo. He is also Chairman of
Australian listed East African Resources limited (ASX: AAF) which
holds uranium exploration projects in Tanzania.
Commenting on these changes, Chairman Christian Schaffalitzky
said:
"We are pleased that our Company has the requisite skills
in-house to maximize our development progress over the coming
months. Noel and Louis have worked hard to get the Company where it
is today and both of them have a clear focus on adding shareholder
value through the best use of our resources. This combined with our
strategic approach, means we can look forward to making significant
progress and reporting successful results to our Shareholders".
Enquiries:
Louis Coetzee +27 (0)83 Kibo Mining Chief Executive
2606126 plc Officer
Noel O'Keeffe +353 (0)91 Kibo Mining Exploration
384562 plc Director
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
389 196 Consulting
UK
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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