10th Feb 2015 09:27
LONDON (Alliance News) - Kibo Mining PLC said Tuesday that a definitive feasibility study will now begin at its Lake Victoria Goldfields Imweru gold project in Tanzania, following results from its preliminary economic assessment of the project.
The Tanzania-focused exploration and development company said the assessment has established a workable base case for accelerated development of the project.
An initial project plan has been developed to establish and implement a mining operation at Imweru with an initial life of mine of over seven to ten years.
An exploration plan also has been devised to expand the Imweru mineral resource and extend the life of mine by a further six years, it said.
"Receipt of this report not only puts us in the position to take the decision to proceed with an accelerated development of the Imweru project, but also provides crucial base data that is needed when conducting discussions with third parties, in respect of this project opportunity," said Chief Executive Officer Louis Coetzee in a statement.
Discussions are underway over the potential project development or disposal opportunities, it said.
Shares in Kibo are trading down 6.1% at 5.75 pence Tuesday morning.
By Hana Stewart-Smith; [email protected]; @HanaSSAllNews
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