TIDMKIBO
RNS Number : 7102A
Kibo Mining Plc
30 December 2014
Kibo Mining Plc
(Incorporated in Ireland)
Registration Number: 451931
(External registration number: 2011/007371/10)
Share code on the JSE: KBO
Share code on the AIM: KIBO
ISIN: IE00B61XQX41
("Kibo" or the "Company")
30 December 2014
Shareholder Operational Update: Final Quarter 2014
Kibo Mining plc ("Kibo" or the "Company") (AIM: KIBO; JSE AltX:
KBO) the Tanzania focused mineral exploration and development
company, is pleased to provide Shareholders with a summary of
company operational activities during the final quarter of
2014.
QUARTER HIGHLIGHTS AND CEO COMMENTS:
-- Completion of Concept Study Report (Stage 1, Phase 1 of the
Definitive Mining Feasibility Study) for the Rukwa Mineral
Resource;
-- Completion of Power Pre-Feasibility Report for the Rukwa power plant;
-- Completion of Preliminary Economic Assessment for the Imweru Gold Project; and
-- Signing of Memorandum of Understanding for 50/50 joint
venture on the Pinewood Uranium Project with Metal Tiger Plc
("Metal Tiger").
Louis Coetzee, C.E.O. of Kibo commented:
"We are delighted to report extensive business progress during
the final quarter of 2014, a quarter where we have started to
demonstrate to the market the value of the projects within the
Company's portfolio, as supported by independent Competent Persons'
Reports.
For our Rukwa Coal to Power project (RCPP) we have seen
professional reports delivered on both our coal mining and power
generation components. The study work undertaken to date has
provided attractive indicative valuations, based on conservative
assumptions, for both the mine and power generation projects. We
believe that, with continuing technical progress, the indicative
valuation of the projects should increase considerably as the
feasibility work continues. Discussions with numerous potential
partners are underway and we look forward to updating the market
with further details when they become available. Kibo's management
team are seeking to deliver the very best outcome for the Company
and shareholders by securing the best available terms and selecting
the strongest possible partners for the RCPP.
Whilst the RCPP has been the primary focus of the Company this
year, we should not lose sight of the breadth and depth of the Kibo
business and its assets. We have received the Preliminary Economic
Assessment for our Imweru Gold Project, and we are spending time to
review this positive report, before reporting in detail to
shareholders. This has taken a little longer due to the work being
undertaken on the RCPP given the magnitude of developments in that
regard.
At the same time our highly prospective nickel, gold, PGMs,
lithium and tantalum/niobium asset at Haneti is being progressed
with important geochemical interpretation work underway and nearing
completion. Discussions with regard to potential new project
partners are also ongoing. Further progress has been achieved at
our Pinewood Uranium Project through our proposed Joint Venture
with Metal Tiger plc whilst making progress in the search for a
partner for the Morogoro Gold Project, where we have highly
prospective gold licences.
At the close of 2014 we have a considerable business,
diversified by commodity and stage of exploration or development
cycle. We have demonstrable value for our assets supported through
independent CPRs and substantial partner interest across our
portfolio. It has been a good year but the Company believes there
are far greater value generation possibilities ahead and we as a
team are highly enthused to continue our work, with regular and
material news flow from the start of 2015."
KIBO MINING PLC COMPANY PROJECT OVERVIEW
Kibo Mining has five distinct operational assets under
development at this time, all situated within Tanzania:
1. Rukwa Coal to Power project seeking to mine a 109Mt NI 43-101
compliant thermal coal resource, utilising this coal for a mine
mouth 250MW to 300MW thermal power station. This project is in the
development stage with Feasibility work ongoing. Various reports
have been released on this project in the last quarter, as detailed
below. The project has the support of the local, regional and
national Tanzanian government as well as the local community, and
is a key component of the Tanzanian National Strategic Energy Plan
which is looking to resolve the shortage of power in the country
and notably, the region where the project is located. The Company
is in very advanced discussions with a range of prospective project
partners with whom the Company intends to move the project forward
as rapidly as possible toward the construction phase.
2. Lake Victoria Goldfields project where the Company has
projects with a 550,000oz JORC compliant gold Mineral Resource at
the Imweru Project and a 168,000oz NI 43-101 compliant gold Mineral
Resource at the Lubando Project. Currently the principle focus of
the Company is on developing the Imweru Gold project into a
producing asset after recently receiving the Preliminary Economic
Assessment report for this project. There are various value
generative options available for the Imweru Project, assuming the
project is not sold beforehand. Forecast production from Imweru is
expected to deliver sufficient free cash flow to support the
majority of non-RCPP business expenditure (working capital and
non-RCPP exploration/development work).
3. Haneti project where significant ground exploration
operations have been completed in recent years with results being
collated and a geochemical interpretation exercise nearing
completion. Haneti is prospective for multiple minerals including
nickel sulphides, PGMs, gold, lithium and tantalum/niobium. The
project has drill ready nickel targets and is the subject of
discussions with potential partners with whom the Company would
look to advance project development.
4. Pinewood Uranium project with a range of licences highly
prospective for uranium and situated in a known uranium development
district where nearby projects have been subject to significant
corporate transactions in recent years. This project is now in due
diligence and is subject to a proposed Joint Venture arrangement
with Metal Tiger plc (LON:MTR), an AIM listed company, with whom it
is proposed to undertake a 50/50 Joint Venture, further details of
which are provided below but the intention of which is to enable
the company to see progress achieved without bearing the medium
term costs of licence retention or operational exploration.
5. Morogoro Gold project where the Company holds highly
prospective gold licences which share the same system as Canaco's
million ounce Magambezi gold discovery. The Company is currently in
discussions to Joint Venture this project with an external partner,
enabling the project to be moved forward but again without the
Company bearing the costs of licence retention or operational
exploration.
Within the last quarter of 2014 progress has been made across
all areas of the business, but notably in respect of the Technical
Reports received for the Rukwa Coal to Power Project and the Imweru
Gold Project. During the quarter we also signed a Memorandum of
Understanding with Metal Tiger plc in respect of a Joint Venture
over the Pinewood Uranium project. Further detailed notes on these
key quarter developments are provided below.
PROJECT BASED TECHNICAL REPORTS
This section provides a summary of the results of the major
technical & financial reports pertaining to the commencement of
Feasibility Studies at the RCPP and Imweru projects which were
completed on schedule by independent consultants for the Company
during the fourth quarter.
These results have already been announced in a series of
RNS/SENS releases over the quarter.
1. Rukwa Coal to Power Project
Mining Component
-- Completion of Concept Study Report (Stage 1, Phase 1 of the
Definitive Mining Feasibility Study) for the Rukwa Mineral Resource
by Minxcon (Pty) Ltd. Report findings were announced on 9 December
2014, with highlights including :
-- Four alternative options identified for project development
with the project financially feasible for all four alternative
options evaluated;
-- Capital Investment of between US$46 million and US$89 million;
-- Annual coal sale revenues estimated between US$37 million and
US$44 million depending on the selected option;
-- All-in in Cost Margin estimates of 38% to 45% (equates to an
indicative annual margin of US$14.8 million to $19.4 million);
-- NPV of US$116 million to US$141 million at 5.7% discount rate
with payback period 3.9 to 4.7 years.
Thermal Power Station Component
-- Completion of Power Pre-Feasibility Report by Aurecon. Report
findings were announced on 18 December 2014, with highlights
including:
-- Four thermal plant configurations were assessed with
recommendation for 2 X 150 megawatt Circulating Fluidised Bed
option to be evaluated at Feasibility Study stage;
-- Total capital cost estimated at between US$640 million to
US$760 million depending on plant configuration;
-- Indicative annual power generated (dependent on plant option
selected) between 1,841 gigawatt hours per annum and 1,877 gigawatt
hours per annum;
-- High level environmental risk analyses identified no major obstacles to development;
-- Additional Rukwa Mineral Resource sufficiently large enough
to potentially double the current design size to 300 megawatts or
to be used in alternate energy conversion technologies..
-- Completion of preliminary base case financial model for RCPP
by the Company as announced on 18 December 2014 with highlights
including:
-- Estimated [1]indicative Life of Plant revenues of
approximately US$7.8 billion to US$8.4 billion;
-- Indicative project NPV of between US$230 million and US280 million (at a 15% discount rate);
-- Indicative pre-tax equity IRR > 23%; and
-- Indicative post-tax payback of 8 to 9 years.
In addition to the RCPP reports summarised below, agreement has
also been reached during the quarter in negotiations by the Company
with relevant Tanzanian Government Departments and Utilities on the
framework and terms of reference under which a Power Purchase
Agreement, Grid Connection Agreement and Coal Sale Agreement will
be concluded. These Agreements will be critical inputs to the final
integrated Feasibility Study for the RCPP.
2. Imweru Gold Project
-- Completion of Preliminary Economic Assessment ("PEA") by
Minxcon (Pty) Ltd (as announced 16 December 2014) with detailed
report findings now under review and a report to shareholders to be
provided in the near term. The Company has confirmed at this time
that the PEA report does support that the project is capable of
significant free cash flow generation and has reaffirmed earlier
Company findings with regard to:
-- Sufficient gold Mineral Resource (550,000 oz.) to support early production;
-- High degree of confidence in potential to add to the Mineral
Resource and extend the mine life;
-- Metallurgy of ore appears amenable to standard processing and treatment;
-- Substantial gold mining infrastructure present in region from existing operating gold mines;
-- Detailed report review underway with results due to be
reported to market as soon as possible.
MOU - PINEWOOD URANIUM PROJECT
As announced on 21 November 2014 the Company signed an MOU
covering its Pinewood Uranium project. This MOU enables the Company
to see progress achieved at a prospective uranium asset, with
medium term licence retention and exploration costs assumed by the
Joint Venture partner. The key terms of this transaction are
outlined below.
-- Binding MOU on terms for 50/50 joint venture with Metal Tiger Plc:
-- GBP150,000 equity investment by Metal Tiger on signing MOU;
-- Warrants over 10,000,000 new ordinary shares in Kibo
exercisable at 3p per share with a 3 year term to be granted to
Metal Tiger on signing of the joint venture;
-- Metal Tiger to meet tenement maintenance costs in first 12 months of JV (c. GBP100,000);
-- Metal Tiger have the option to expend the first US$800,000 on
exploration within 3 years which includes tenement maintenance
costs (renewal licence fees and other tenement related expenses) to
maintain a 50% interest in the Pinewood JV;
-- Provision for the Pinewood Project to revert 100% to Kibo
should Metal Tiger not meet the first 12 month tenement maintenance
costs, withdraw from the JV or not meet its expenditure obligations
to an amount of greater than or equal to US$300,000;
-- Metal Tiger's 50% interest will revert to a 10% free carry
interest in the JV should it expend greater than or equal to
US$300,000 but less than US$800,000.
ONGOING OPERATIONS SUMMARY
The Company remains active across all areas of the business and
this level of activity will continue during the early part of 2015
and beyond.
With regard to the RCPP we are currently producing an integrated
Coal Mining and Power Generation report, which is the next stage of
the technical reporting process. When this is complete we will
update the market with a detailed report early in the New Year. The
Company is also seeking to finalise partnership negotiations with
regard to future development of the RCPP. As previously stated
there are intensive discussions and negotiations underway which we
will conclude at the earliest possible opportunity. As work
progresses we also anticipate regular technical RCPP progress
announcements covering a range of areas in respect of both the coal
mining and power generation components.
For Imweru we will be finalising our review of the Preliminary
Economic Assessment report and be reporting to market various
operational and financial data from the report in the near future.
We are also seeking to confirm the strategic direction for Imweru
and are in discussions with various parties in this regard. This
could lead to a sale of the asset or a decision to move the asset
down the development pathway toward the cash generative production
phase. We will update shareholders in this regard, as soon as
possible.
At Haneti we are finalising our geo-chemical interpretation and
will release our technical findings when these have been concluded.
We consider Haneti to be a considerable asset to the Company and
indeed were it not for the value and opportunity of the RCPP and
Imweru, Haneti could be the flagship project. We are drill ready at
key nickel targets and have various other exciting opportunities we
would like to pursue. The level of prospectivity is such that the
project has attracted various interested parties with whom we are
in discussions and we will update shareholders accordingly, should
we pursue any specific option.
At Pinewood, and subject to due diligence, we anticipate
finalising the proposed Joint Venture with Metal Tiger plc and both
companies will announce progress to market at the appropriate time.
We recognise Pinewood to be a significantly prospective asset and
look forward to operational news flow in due course.
Finally we are continuing to pursue discussions over our
Morogoro project and the highly prospective gold licences therein.
We will update the market as and when these discussions progress to
satisfactory conclusion.
Overall we anticipate a very substantial flow of news to market
in the early part of 2015. The momentum created in the latter half
of 2014 will therefore be continued and the Board, Management and
the entire team at Kibo look forward to 2015 with renewed energy
and commitment.
Contacts
Louis Coetzee +27 (0) 83 Kibo Mining Chief Executive
2606126 plc Officer
------------------ ------------ ---------------- -------------------
Andreas Lianos +27 (0) 83 River Group Corporate Adviser
4408365 and Designated
Adviser on JSE
------------------ ------------ ---------------- -------------------
Jon Belliss +44 (0) 20 Hume Capital Broker
Abigail Wayne 3693 1470 Securities
Plc
------------------ ------------ ---------------- -------------------
Oliver Morse +61 8 9480 RFC Ambrian Nominated Adviser
and Trinity 2500 Limited on AIM
McIntyre
------------------ ------------ ---------------- -------------------
Daniel Thöle +44 (0) 203 Bell Pottinger Investor and Media
Lucinda Alderson 772 2500 Relations
------------------ ------------ ---------------- -------------------
Kibo Mining - Notes to editors
Kibo Mining is listed on the AIM market in London and the AltX
in Johannesburg. The Company is focused on exploration and
development of mineral projects in Tanzania, and controls one of
Tanzania's largest mineral right portfolios. Tanzania provides a
secure and stable operating environment for the mineral resource
industry and Kibo Mining therein.
Kibo Mining holds a thermal coal deposit at Rukwa, which has a
significant NI43-101 compliant defined resource (See Table 1
below), and is developing a 250-350MW mouth-of-mine thermal power
station with an established management team that includes Standard
Bank as Financial Advisor. Kibo is undertaking a Coal Mining
Definitive Feasibility Study with Stage 1 Phase 1 positive results
now released and a Power Pre-Feasibility Study for Rukwa with
initial positive findings already released. The Company is now
engaged with a number of major Independent Power Producers and
other organisations and seeking to secure a commercial partnership
or partnerships, to finalise feasibility work across the project
and move toward the construction phase.
The Company also has extensive gold focused interests including
Lake Victoria Goldfields and Morogoro projects. At Lake Victoria,
the Company has projects with a 550,000oz JORC compliant gold
Mineral Resource at Imweru Project (See Table 2 below) and a
168,000oz NI 43-101 compliant gold Mineral Resource at Lubando
Project (See Table 3 below) in which the Company holds a 90%
attributable interest. The Company is currently undertaking a
Definitive Feasibility Study on its Imweru Project, with a
Preliminary Economic Assessment already completed. As part of the
Kibo Gold Portfolio, Kibo also holds the Morogoro Gold project
where the company is seeking a Joint Venture partner to continue
active exploration activities at this highly prospective
opportunity.
Kibo also holds the Haneti Project on which the latest technical
report confirms prospectivity for nickel, PGMs, gold and strategic
metals including Lithium.
Kibo Mining further holds the Pinewood (coal & uranium)
project where the company has signed a MOU to enter into a 50/50
Exploration Joint Venture with Metal Tiger PLC.
The Company's projects are located in the established and gold
prolific Lake Victoria Goldfields, the emerging goldfields of
eastern Tanzania and the Mtwara Corridor in southern Tanzania where
the Government has prioritised infrastructural development
attracting significant recent investment in coal and uranium. The
Company has a positive working relationship with the Tanzanian
government at local, regional and national levels and works hard to
maintain positive relationships with all communities where company
interests are held. The Company recognises the potential to enhance
the quality of life and opportunity for Tanzanian citizens through
careful development of its projects.
Updates on the Company's activities are regularly posted on its
website www.kibomining.com
Technical data
Rukwa Mineral Resource
Table 1 below presents a table showing the Mineral Resource
estimate for the Rukwa Coal Project. The table is taken from an NI
43 101-Compliant Report by GEMECS (Pty) Ltd dated April 2012.
Table 1
RUKWA COAL RESOURCE SUMMARY- GEMECS (Pty) Ltd
--------------------------------------------------------
SEAM NI 43-101 IN SITU
---------- ----------------- ---------- -------------
SEAM THICKNESS CLASS MILLION TONS
---------- ----------------- ---------- -------------
S4 1.14 Indicated 2.17
---------- ----------------- ---------- -------------
S3U 2.04 Indicated 6.92
---------- ----------------- ---------- -------------
S3L 2.3 Indicated 12.63
---------- ----------------- ---------- -------------
S2 3.45 Indicated 23.43
---------- ----------------- ---------- -------------
S1U 2.48 Indicated 7.34
---------- ----------------- ---------- -------------
S1L 2.92 Indicated 17.4
---------- ----------------- ---------- -------------
S0 1.08 Indicated 1.44
---------- ----------------- ---------- -------------
Total Indicated Resources 71.34
----------------------------- ---------- -------------
S4 1.31 Inferred 1.38
---------- ----------------- ---------- -------------
S3U 2.24 Inferred 2.94
---------- ----------------- ---------- -------------
S3L 2.27 Inferred 3.86
---------- ----------------- ---------- -------------
S2 3.42 Inferred 7.94
---------- ----------------- ---------- -------------
S1U 2.05 Inferred 6.5
---------- ----------------- ---------- -------------
S1L 3.15 Inferred 12.83
---------- ----------------- ---------- -------------
S0 1.06 Inferred 2.6
---------- ----------------- ---------- -------------
Total Inferred Resources 38.05
----------------------------- ---------- -------------
TOTAL RESOURCES *109.39
----------------------------- ---------- -------------
*Kibo holds 100% of the Rukwa Mineral Resource
Imweru Mineral Resource
Table 2 below presents a table showing the Mineral Resource
estimate for the Imweru Project at a base case economic cut-off
grade for the reporting of the resource of 0.4 g/t. The table is
taken from a JORC-Compliant Report by Tetra Tech EBA dated February
2014.
Table 2
Material Cut- Specific Metric Gold Contained
Area Type Classification off Gravity Tonnes Short Grade Gold Ounces
(g/t) (t) Tons (g/t) (troy)
========= ============= ================== ======== ============ ============ ============ ======== ===============
Laterite Indicated 0.40 2.50 131,000 144,000 1.785 8,000
============= ============================ ======== ============ ============ ============ ======== ===============
Saprolite Indicated 0.40 2.50 706,000 778,000 1.387 32,000
============= ============================ ======== ============ ============ ============ ======== ===============
Bedrock Indicated 0.40 2.89 1,895,000 2,089,000 1.043 64,000
============= ============================ ======== ============ ============ ============ ======== ===============
Central Total Indicated 0.40 2.77 2,732,000 3,012,000 1.168 103,000
========= ============= ================== ======== ============ ============ ============ ======== ===============
Laterite Inferred 0.40 2.50 685,000 755,000 1.317 29,000
============= ============================ ======== ============ ============ ============ ======== ===============
Saprolite Inferred 0.40 2.50 1,047,000 1,154,000 1.040 35,000
============= ============================ ======== ============ ============ ============ ======== ===============
Bedrock Inferred 0.40 2.89 7,838,000 8,640,000 1.029 259,000
============= ============================ ======== ============ ============ ============ ======== ===============
Central Total Inferred 0.40 2.82 9,569,000 10,548,000 1.051 323,000
========= ============= ================== ======== ============ ============ ============ ======== ===============
East Total Inferred 0.40 2.70 2,653,000 2,925,000 1.449 124,000
========= ============= ================== ======== ============ ============ ============ ======== ===============
Indicated 0.4 2.77 2,732,000 3,012,000 1.168 103,000
========================================== ======== ============ ============ ============ ======== ===============
Inferred 0.4 2.79 12,222,000 13,473,000 1.137 447,000
========================================== ======== ============ ============ ============ ======== ===============
Imweru Property Combined
Total (inf+ind) 0.4 2.79 14,954,000 16,485,000 1.143 550,000
======================== ================== ======== ============ ============ ============ ======== ===============
*Kibo holds 90% of the Imweru Mineral Resource
* Total estimates are rounded, based on composites capped at 26
g/t gold at Imweru Centraland 25 g/t at Imweru East, the cut-off
grade isbased on a gold price of US$1,200 and a 90% metallurgical
recovery is assumed in calculation of cut-offgrade. A base case of
0.40 g/t has been selected.
** Classification of MineralResources incorporates the terms and
definitions from the Australian Code for Reporting of Exploration
Results, Mineral Resources and Ore Reserves (JORC Code) published
bythe Joint Ore Reserve Committee (JORC)
Lubando Mineral Resource
Table 3 below presents a table showing the Mineral Resource
estimate for the Lubando Project at a base case economic cut-off
grade for the reporting of the resource of 0.5 g/t Au. The table is
taken from an NI 43 101-Compliant Report by EBA Engineering
Consultants Limited (now part Tetra Tech EBA) dated August
2009.
TABLE3: LUBANDO MINERALRESOURCE SUMMARY - BASECASE*
-------------------------------------------------------------------------------------------------------
East Zone East Zone
Category West Zone South East Zone North Total
Mid
--------------------------- -------------- ------------- ------------- ------------- -------------
Measured Resource
--------------------------- -------------- ------------- ------------- ------------- -------------
Measured Resource(t) 107,900 4,880 16,900 54,440 184,150
--------------------------- -------------- ------------- ------------- ------------- -------------
Grade(g/t) 1.69 2.52 1.72 2.48 1.95
--------------------------- -------------- ------------- ------------- ------------- -------------
Total Gold(oz) 5,900 400 950 4,340 11,500
--------------------------- -------------- ------------- ------------- ------------- -------------
Indicated Resource
--------------------------- -------------- ------------- ------------- ------------- -------------
Indicated Resource(t) 280,710 18,330 61,000 149,350 509,420
--------------------------- -------------- ------------- ------------- ------------- -------------
Grade(g/t) 1.61 2.23 1.89 2.73 1.99
--------------------------- -------------- ------------- ------------- ------------- -------------
Total Gold(oz) 14,500 1,300 3,700 13,120 32,600
--------------------------- -------------- ------------- ------------- ------------- -------------
Inferred Resource
--------------------------- -------------- ------------- ------------- ------------- -------------
Total Resource(t) 1,090,000 65,470 209,340 535,330 1,900,140
--------------------------- -------------- ------------- ------------- ------------- -------------
Grade(g/t) 1.27 1.56 3.34 3.13 2.03
--------------------------- -------------- ------------- ------------- ------------- -------------
Total Gold(oz) 44,550 3,300 22,500 53,900 124,200
--------------------------- -------------- ------------- ------------- ------------- -------------
*Kibo holds 90% of the Lubando Mineral Resource
* Numbers are rounded. Composites capped at 10.85g/t gold.
Cut-off grade of 0.5 g/t gold based on a gold price of US$850/oz
and assumed 100% metallurgical recovery.CIM definitions were
followed for Mineral Resources.
Pursuant to the terms of an inherited agreement with Barrick
East Africa Exploration LTD (BEAL), Kibo currently has an effective
90% interest in the Imweru and Lubando Project (and thus a 90%
attributable interest in the Imweru and Lubando Mineral Resources
shown in Table 2 and 3 above), with Barrick having a 10% carried
interest up to a decision to mine at which point they have to
contribute or be diluted to a 2% net smelter royalty. BEAL also has
a first right of refusal pursuant to which they can buy the 90%
interest in the project at an agreed market related value after
completion of a Bankable Feasibility Study. Kibo remains the
operator of the project.
Review by Qualified Persons
The information in this announcement that relates to the Rukwa
Coal Mineral Resource is taken from a report titled "Independent
Technical Report for the Rukwa Coal Project, Mbeya Region, United
Republic of Tanzania" dated 19(th) April 2012 by CD van Niekerk
Director and Principal Geologist with the firm GEMECS (Pty) Ltd. Mr
van Niekerk is a Professional Natural Scientist with the South
African Council for Natural Scientific Professions (SACNASP),
Registration No. 400066/98 and a Fellow Member of the Geological
Society of South Africa. He has relevant experience and technical
qualifications to be a "Qualified Person" for reporting coal
resources to the NI 43-101 Standard
Information in this announcement that relates to the Imweru
Mineral Resource is taken from the report titled "Resource Update
for the Imweru Property Geita Region Northern, Tanzania, JORC
Competent Persons Report" dated February 17(th) 2014 (the
"Report"). The Report states a JORC-compliant Mineral Resource
estimate and was prepared for Kibo Mining plc by James Barr P.Geo.
and Darryn Hitchcock P.Geo. Senior Geologist and Geologist
respectively with TetraTech EBA Ltd. Both Mr. Barr and Mr.
Hitchcock are registered as Certified Professional Geologists with
Association of Professional Engineers and Geoscientists of British
Columbia a recognised professional organisation. Mr Barr as
principal author responsible for the Report has experience in the
evaluation and reporting of Archaean Gold projects and is a
"Qualified Person" for reporting gold resources to the JORC
Standard. He consents to the inclusion in this document of the
matters based on his information in the form and context in which
they appears.
The information in this announcement that relates to the Lubando
Mineral Resources is taken from a report titled "Technical Report
on the Lubando property, Mwanza, Tanzania" dated 31(st) August
2009" (the "Report") The Report is NI 43-101 compliant and was
prepared for Great Basin Gold Rusaf Gold Limited by Nathan Eric
Fier C.P.G., P.Eng. Market Director for EBA Engineering Consultants
Ltd and a Senior Mining Consultant. Mr. Fieris registered as a
Certified Professional Geologist with the American Institute of
Professional Geologists, Registration No 10062, and a professional
Engineer in British Columbia, Canada Registration No. 135165. He
has extensive experience in the evaluation and reporting of
Archaean Gold projects.
The Company's Exploration Director, Noel O'Keeffe has reviewed
the resource reports and the references to them in this
announcement.
Johannesburg
30 December 2014
Corporate and Designated Adviser
River Group
[1] Preliminary base case internal modelling figures for initial
input to Definitive Feasibility Study (Not to be interpreted as
financial forecasts)
This information is provided by RNS
The company news service from the London Stock Exchange
END
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