28th Oct 2013 10:15
LONDON (Alliance News) - Kibo Mining PLC Monday said it has began its 3,000 metre drill programme at its Imweru project in Northern Tanzania.
The gold, nickel, coal and uranium producer, operating in Africa, said the project, which is located in the gold prolific Lake Victoria Goldfield and is close to AngloGold Ashanti's Geita gold mining deposits in the region, was started in order to better define the resource and mineralised zones identified by previous operators at the site.
Kibo Mining said that based on previous drilling, a compliant inferred gold resource of 629,000 ounces of gold lies at the site.
The company said its drill programme is expected to be completed within two months and that the results will allow it to produce an improved resource estimate.
Kibo Mining shares were trading flat at 5.00 pence on Monday.
By Tom McIvor; [email protected]; @TomMcIvor1
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