19th Nov 2013 13:34
LONDON (Alliance News) - Kibo Mining PLC Tuesday said its Imweru drill programme is running 20% ahead of schedule and nearing completion in Tanzania.
The gold, nickel, coal and uranium producer, operating in Africa, said the average daily drilling at Imweru stands at 109 metres, well above the 75 metres originally planned and it has now completed 65% of the programme.
The company said that at the current rate it is estimated that the project will reach completion during the first week of December 2013 and that final results for the entire project are expected during the second week of January 2014.
Kibo Mining also said that a topographical study of its Rukwa Coal Resource, also in Tanzania, was completed November 15 and results of this survey will be used in the preparation of a new resource statement for Rukwa.
The company said the new resource statement is expected early in the first quarter 2014.
Kibo Mining shares were trading down 9.5% at 4.3 pence Tuesday.
By Tom McIvor; [email protected]; @TomMcIvor1
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