Kilo Goldmines Ltd.: Exploration Activities Update
23 June 2014 - 11:00PM
Marketwired
Kilo Goldmines Ltd.: Exploration Activities Update
TORONTO, ONTARIO--(Marketwired - Jun 23, 2014) - Kilo Goldmines
Ltd. ("KGL" or the "Company") (TSX-VENTURE:KGL) (FRANKFURT:02K) is
pleased to announce an update on its exploration activities.
Since closing the
recent $6 million financing on May 2nd, 2014, the Company has
recruited several geologists to reinforce its exploration efforts.
The four senior members of this exploration team have over
100 year's combined experience, and have worked on exploration
projects in western, central, and eastern Africa that have yielded
resources of over 35 million ounces Au.
The enhanced team
has focused its efforts on reviewing the entire existing database,
as well as re- logging all the existing drill core. The ultimate
aim is to generate integrated geological models for the three main
prospects, utilising lithological, structural, alteration and
mineralization data. The revised models will be used for planning
infill and extension drilling programmes, as well as elevating the
confidence of mineral resources from the current inferred category
to the indicated category.
The review of the
Adumbi data has been completed and geological modelling is in
progress. The team is now assessing all data and core for the
Manzako and Kitenge prospects, and the programme is expected to be
complete by the end of August 2014.
The joint venture
between Kilo Goldmines and Randgold Resources Limited is proceeding
as scheduled. Infill soil sampling, pitting, and trenching is being
undertaken on the various anomalies identified in the Ngayu block
of licenses, whilst first pass sampling on the Isiro block of
licenses is still in progress. Randgold is hiring some of
the Company's equipment and utilizing some of its personnel.
Alex van Hoeken,
President and CEO of KGL stated: "We are pleased with the progress
of the review and are confident that its conclusion will improve
the modelling of the project. The Company remains focused on
increasing asset and shareholder value by continuing to execute
work programs with these aims.".
QUALIFIED PERSON
The data review
disclosed in this press release was supervised by Howard Fall.
Howard Fall, B.Sc.Ph.D., MAusIMM CP (Geo) is also the 'qualified
person' (as that term is defined under National Instrument 43-101)
retained by the Company who has reviewed the scientific and
technical information contained in this release.
ABOUT KILO
Kilo Goldmines Ltd.
(KGL) is a Canadian gold exploration company, listed on the TSX
Venture Exchange under the symbol 'KGL' and on the Frankfurt
Exchange under the symbol '02K'. KGL holds exploitation and
exploration licences covering some ยป3000 km2 of favourable Archaen
Kabalian Greenstones(the Ngayu belt) in the northeast Democratic
Republic of Congo an area historically referred to as the Kilo-Moto
region, a historic gold-producing region (11 Moz, Mineweb).
Incorporated within
these licences is:
- the Somituri Project (71.25% owned by KGL), comprising eight
non-contiguous licences (606 km2)
- the KGL Isiro SARL Joint Venture (JV) with Randgold Resources
Ltd (2056 km2), for gold and associated minerals only. The JV is
managed by Randgold and financed by it to a pre-feasibility (PFS).
Upon completion of the PFS, KGL can participate in funding or
Randgold will increase its participation to 65% by completing a
Feasibility Study. Areas which may be deemed of no interest to
Randgold will be returned to KGL.
Additionally:
- KGL has retained the rights to explore for and develop any iron
ore resources(or other minerals) associated with the licences held
by KGL Isiro SARL. These licences were in a JV with Rio Tinto who
have now withdrawn.
- KGL has a minority interest in the Hajigak iron ore project in
Afghanistan.
DISCLAIMER
This news
release may contain forward looking statements concerning future
operations of Kilo Goldmines Ltd. All forward looking statements
concerning Kilo's future plans and operations, including
management's assessment KGL's project expectations or beliefs may
be subject to certain assumptions, risks and uncertainties beyond
Kilo's control. Investors are cautioned that any such statements
are not guarantees of future performance and that actual
performance and exploration and financial results may differ
materially from any estimates or projections.
Neither TSX
Venture Exchange nor its Regulation Services Provider (as that term
is defined in the policies of the TSX Venture Exchange) accepts
responsibility for the adequacy or accuracy of this
release.
Such statements
are not guarantees of future performance and that actual
performance and exploration and financial results may differ
materially from any estimates or projections.
Neither TSX
Venture Exchange nor its Regulation Services Provider (as that term
is defined in the policies of the TSX Venture Exchange) accepts
responsibility for the adequacy or accuracy of this
release.
Kilo Goldmines Ltd.Alex van HoekenChief Executive Officer (CEO)
& President+1 416 360
3406info@kilogoldmines.comwww.kilogoldmines.com
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