JOHANNESBURG (miningweekly.com) – The proposed sale of dual-listed Kibo Mining’s northern Tanzania-based gold assets, Imweru and Lubando, to London-listed Opera Investment, is one step closer to completion, after the projects’ resources were upgraded.
The two companies in September signed a heads of agreement for the unloading of Kibo’s wholly-owned UK subsidiary Sloane Developments for 61-million Opera shares of 1p issued at a price of 6p apiece.
Opera then commissioned Minxcon to undertake a competent person's report on the projects, which included an evaluation of the geological assets.
The evaluation showed that Imweru hosted 2.36-million tonnes of indicated resource, at 1.19 g/t and 90 800 oz, while its inferred resource measured 9.24-million tonnes, at 1.43 g/t and 424 310 oz for a total resource of 515 110 oz.
At Lubando, the study confirmed 6.78-million tonnes, grading 1.10 g/t and containing 293 870 oz.