Katoro Gold PLC Imweru Project Update (0660S)
28 September 2017 - 4:45PM
UK Regulatory
TIDMKAT
RNS Number : 0660S
Katoro Gold PLC
28 September 2017
Katoro Gold plc (Incorporated in England and Wales)
(Registration Number: 9306219)
Share code on AIM: KAT
ISIN: GB00BSNBL022
("Katoro" or "the Company")
28 September 2017
Katoro Submits Imweru Mining License Application and Receives
Laboratory Test Results
Katoro Gold plc ("Katoro" or the "Company") (AIM: KAT), the
Tanzania focused gold exploration and development company, is
pleased to announce that it submitted the Imweru Mining License
Application on Monday 25 September 2017 to the Tanzanian Ministry
of Energy and Minerals.
Rapid progress with the execution of the Imweru Resource
Development Program combined with the prior relatively advanced
development status of the Imweru Project, allowed the Company to
submit its Mining License application for the Imweru project three
months ahead of schedule. The application was submitted on 25
September 2017 and made in compliance with the Tanzanian Mining Act
(2010) as amended during 2017.
Excellent progress is in the meantime also being made on
finalizing the updated Mineral Resource Statement for the Imweru
project and laboratory results for all the geological samples that
were collected during the recently completed drill program has
since been received (Two weeks earlier than expected). The
technical team under the guidance of the Competent Person (CP) is
currently in the process of processing data, updating wire frames
and block models to produce an updated resource statement and
Competent Person's Report which also represents the final delivery
of the Resource Development Programme.
The Environmental and Social Impact Assessment ("ESIA") is also
progressing well in parallel to all other work streams. Following
receipt of the Registration Letter for the Imweru ESIA from NEMC
(See RNS dated September 13, 2017), Phase 2 ( Scoping Phase)
commenced immediately and is well under way with the Base Line
Studies Fieldwork programme already completed and the Scoping
Report in and advanced stage of completion.
Louis Coetzee, Executive Chairman of Katoro commented: "We are
extremely pleased with the sustained momentum and progress on the
Imweru project in general. The submission of the Mining License for
the future Imweru Goldmine is a major milestone for the project.
Similarly, the completion of laboratory analyses allows both the
Mineral Resource Update, Pit Optimization and Mine Design to
progress at pace as Katoro continues to deliver milestones for the
development of the Imweru project ahead of schedule and within
budget".
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
-------------- ----------- -------------------- ----------
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
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