Stage 1 Exploration Programme Update
Dated: 30 Jan 2012Kibo Mining plc ("Kibo" or the "Company") (AIM: KIBO, AltX: KBO) the mineral exploration and development company focused on gold and nickel projects in Tanzania is pleased to provide shareholders with an operational update on the Company's gold and nickel exploration projects in Tanzania.
Summary Highlights: • Stage 1 Exploration Program nearing completion • Exploration results expected by 2Q 2012 Stage 1 Exploration Program - Tanzania
Stage 1 of Kibo's £5.3 million exploration program has
involved the mobilisation of field teams for a £1.3 million
work program on the Lake Victoria, Haneti and Morogoro
projects in Tanzania.
The individual exploration programs at each location have
targeted the most prospective licenses. Field teams have
prioritised work through a review of geology, proximity to
known existing deposits as well as from analysis of anomalous
geochemical results from previous surveys.
Louis Coetzee, CEO of Kibo Mining, said the Company was
pleased with progress to date across each of the main license
areas.
"The focus has been to make best use of the funds allocated to the overall exploration program by spending time upfront on prioritising individual prospects. As the projects cover a total land area in excess of 18,000 square kilometers, this is a significant consideration," Mr Coetzee said.
Work on all the projects has been advanced in parallel, and a summary of each individual project follows.
Lake Victoria Project