2nd Sep 2014 07:55
LONDON (Alliance News) - Kibo Mining PLC Tuesday said its review at the Imweru project in Tanzania demonstrated sufficient gold resources at the site to support production and said it has the potential to start producing gold from the site in the near term.
Kibo shares were up 11% on the news early Tuesday, quoted at 2.08 pence.
Tanzania-focused Kibo said Imweru has sufficient joint ore resources committee (JORC) gold resources to support production, adding it has a high degree of confidence that additional exploration will be added to the resource inventory and will both supplement existing resources and extend the prospective mine life.
Kibo said the mineralisation at the site appears to be suitable for traditional processing methods and said the feed ore will be suitable for a number of processing options.
Subject to feasibility work being undertaken at the site, it may be possible to produce gold from Imweru in the near term, Kibo said.
"The board are delighted with the review findings and notably that this resource potentially could be accelerated into early production, with the significant value generation that this would deliver to the company and its shareholders," said Kibo Chief Executive Louis Coetzee.
By Sam Unsted; [email protected]; @SamUAtAlliance
Copyright 2014 Alliance News Limited. All Rights Reserved.
Related Shares:
Kibo Energy