Imweru gold project ready to start

KIBO Mining said yesterday that development work has officially begun on the Imweru gold project in Tanzania. The Imweru gold project is the most advanced project within Kibo’s regional Lake Victoria Project mineral licence portfolio in the gold prospective region where a number of operating gold mines are in production. Imweru comprises at least an estimated 515 110 ounces of gold reserves which are compliant to Australian mineral resources stipulations. Kibo is on a development path to put Imweru into production and realise early cash flow for which the results of high level economic modelling to date have been positive. But the company has agreed to sell the project to Katoro Gold. The Tanzania focused mineral exploration and development company said operational teams were deployed to site over the past week and the first drill rig is expected to arrive today. Kibo said drilling would commence immediately once the rig arrives on site. – ANA