Kibo raises £750 950, Phase 2 Imeru drilling to kick off

31st March 2014

By: Natasha Odendaal

Creamer Media Senior Deputy Editor

  

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JOHANNESBURG (miningweekly.com) – Aim- and AltX-listed Kibo Mining on Monday said it was set to kick off the final phase of a two-phase drilling programme at its Imweru gold exploration property, in Tanzania, after raising £750 950 through share placing.

“We will now be able to continue advancing our Imweru gold project with a view to early commissioning of preliminary economic studies and assessment of the project,” CEO Louis Coetzee said in a statement, adding that the funds would also contribute to working capital.

The Phase 1 drilling programme, completed in December, lifted Imweru’s total estimated indicated and inferred gold resource to 550 000 oz of contained gold or 15-million tonnes at 1.14 g/t of gold.

The results of the company’s 21-hole, 3 265 m reverse circulation and diamond drilling programme had highlighted the “significant” potential to increase the quantity and quality of the resource.

The funds were committed through a share placing of just over 30-million new ordinary shares, with admission to trading on the Aim and AltX markets from April 7, bringing Kibo’s shares in issue to 171.15-million.

“We are pleased that the latest placing allows Kibo to maintain the significant momentum we have generated on all our projects over the last eight months,” Coetzee concluded.

Edited by Creamer Media Reporter

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