16th Sep 2013 13:40
LONDON (Alliance News) - Kibo Mining PLC Monday said it has received positive test results from sampling carried out at its Morogoro North project in Tanzania.
The mineral exploration and development mining company with operations in Tanzania said results from three out of four of its prospecting licenses at the site showed strong gold mineralisation at a number of locations.
The company said gold values from 18 samples ranged from 0.05 parts per million to 0.108 parts per million.
The find brings company expectations for gold values in Morogoro back up to initial levels after its Stage 1 and Stage 2 sampling programmes had came back with lower gold values than previously expected.
"With the next field season now entering its planning phase, the company finds itself in a position where it can confidently plan progressive work programs for 2014, based on the positive results and continuous progress reported on all its projects over the past few months," Chief Executive Louis Coetzee said in a statement.
Kibo Mining shares were flat at 5.12 pence Monday.
By Tom McIvor; [email protected]; @TomMcIvor1
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