Katoro Gold PLC Comment on Proposed Legislative Change in Tanzania (0070K)
04 July 2017 - 4:00PM
UK Regulatory
TIDMKAT TIDMKIBO
RNS Number : 0070K
Katoro Gold PLC
04 July 2017
Katoro Gold plc (Incorporated in England and Wales)
(Registration Number: 9306219)
Share code on AIM: KAT
ISIN: GB00BSNBL022
("Katoro" or "the Company")
4 July 2017
Katoro Gold plc
Comment on Proposed Legislative Changes to Tanzanian Mining
Act
Katoro Gold plc ("Katoro" or the "Company") (AIM: KAT), the
Tanzania focused mineral exploration and development Company, notes
the submission of proposed legislation to the Tanzanian Parliament
which recommends material changes to the legal framework concerning
the natural resources sector in Tanzania. The Company understands
that the changes are to be debated by the Tanzanian Parliament this
week.
Katoro is currently reviewing the proposed legislation to assess
the impact of the proposed changes, if enacted, on the Company. The
Company will continue to monitor the situation closely and update
the market when appropriate.
Contacts
Louis Coetzee +27 (0) 83 Katoro Gold plc Executive
2606126 Chairman
--------------- ----------- -------------------- -----------
Jon Belliss +44 (0) 20 Beaufort Securities Broker
7382 8300 Limited
--------------- ----------- -------------------- -----------
Richard +44 (0) 20 Strand Hanson Nominated
Tulloch 7409 3494 Limited Adviser
Ritchie
Balmer
Frederick
Twist
--------------- ----------- -------------------- -----------
Liz Morley +44 (0) 20 Bell Pottinger Investor
Molly Stewart 3772 2500 and Media
Relations
--------------- ----------- -------------------- -----------
Katoro Gold - Notes to editors
In May 2017 Katoro acquired the Imweru and Lubando Gold Projects
in Tanzania from Kibo Mining plc for a total consideration of
GBP3.66 million and was admitted to trading on AIM.
Following the acquisition, Katoro owns 100% of the Imweru and
Lubando Projects, which both have Mineral Resources established in
accordance with the JORC (2012) Code. The total Mineral Resources
stated for Imweru consist of 11.607 Mt at grade of 1.38 g/t for a
Mineral Resource of 515,110 oz Au at a resource pay limit of 0.4
g/t for the open pittable material and 1.3 g/t for the underground
material, while the Lubando Mineral Resources equate to 6.78 Mt at
grade of 1.10 g/t for 239,870 oz Au at a pay limit of 0.4 g/t to a
depth of 200 m and 1.3 g/t below the 200 m depth cut-off. The
respective projects also include the earlier stage Sheba (within
the Imweru Licence Portfolio and Imweru Option Portfolio), Pamba
and Busolwa (both within the Lubando Licence Portfolio and Lubando
Option Portfolio) projects. The JORC Code compliant Competent
Person's Report for each of Imweru and Lubando are available on
Katoro's website www.katorogold.com.
The Company's primary focus is on advancing and developing
Imweru through a work programme which will include, inter alia, a
feasibility study and a drilling programme, with the aim, subject
to funding, to commence production with an initial target of 50,000
oz gold per annum within 18-24 months from admission to AIM.
Updates on the Katoro's activities will be posted on its website
www.katorogold.com.
This announcement contains inside information as stipulated
under the Market Abuse Regulations (EU) no. 596/2014 ("MAR").
This information is provided by RNS
The company news service from the London Stock Exchange
END
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