Kibo exploration moving into second phase

By AGENCIES

ALTX- and London-listed mining exploration and development company Kibo Mining is moving its field work in Tanzania into its second phase, after its initial exploration programme yielded positive results.

Kibo focuses on gold, nickel, coal and uranium projects in the east African country.

According to the company, results from the an initial exploration programme at its projects in Lake Victoria, Haneti and Morogoro, supported the programme’s objective of identifying targets for near-term drilling.

"All the objectives set for stage 1 of Kibo's two stage exploration programme have been achieved; that is technical, cost and time. With regard to cost and time it is worth noting that the company completed stage 1 two months ahead of schedule and within the approved budget," said Louis Coetzee CEO of Kibo.

The areas identified for initial work represented about 5% of the total ground area available to the company and covered prospecting licences which have been recently issued from the large portfolio of applications, renewals and offers that were in the pipeline.

Kibo however, did not receive all of the exploration licences from the Tanzanian regulators, resulting in just GBP600,000 being spent from the budgeted GBP1.3m.

The company now intends to carry the remaining balance forward as part of the second stage of its field work once more prospecting licences became available.