Kibo Mining - Re: KIBO Stream Log - A full internal review of...

A full internal review of historic exploration data from mineral asset explorer and developer Kibo Mining’s flagship Imweru project, in Tanzania, has confirmed the potential viability of early gold production. The review had demonstrated that Mweru – which had a resource of 550 000 oz – held sufficient existing Joint Ore Reserves Committee-compliant gold resources to support production and that there was a “high degree” of confidence that additional exploration would add to the resource inventory. Mineralisation appeared suitable for traditional processing methodologies, while feed ore would be suitable for a variety of processing options. In addition, the review noted that significant localised infrastructure was available, recognising the considerable quantity of gold exploration and mining activities already undertaken in the region. “Subject to necessary feasibility work and mine planning, it may be possible to produce gold from Imweru in the near term,” Kibo said in a statement. The company added that it recognised that the market, and those with a commercial interest in the type of project that Imweru represented, were keen to see the project developed “in a manner that enables the earliest effective commercialisation”. “Consistent with the company’s strategy, Kibo is also keen to see commercial development of its projects, whether by way of the company owning and operating producing assets, or by disposal of assets on favourable terms. “We also recognise that, whether the ultimate direction is production or sale, commercialisation of interests moves Kibo toward self-financing status, thus reducing reliance on the market for financing of [its] activities,” it stated. CEO Louis Coetzee said the board was “delighted” with the review findings and, notably, that this resource could potentially be accelerated into early production. “We intend to report regularly on continuing developments at Imweru, alongside news from our Rukwa project, in Tanzania, as we move to value crystallisation at the coal-to-power project,” he commented.