Imweru gold project ready to start

The Star Early Edition - - COMPANIES -

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

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