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.