Katoro Gold PLC Work on Imweru Gold Project Commences (6544G)
31 May 2017 - 4:00PM
UK Regulatory
TIDMKAT TIDMKIBO
RNS Number : 6544G
Katoro Gold PLC
31 May 2017
Katoro Gold plc (Incorporated in England and Wales)
(Registration Number: 9306219)
Share code on AIM: KAT
ISIN: GB00BSNBL022
("Katoro" or "the Company")
31 May 2017
Work on Imweru Gold Project Commences
Katoro Gold plc ("Katoro" or the "Company") (AIM: KAT), the
Tanzania focused gold exploration and development company, is
pleased to announce that development work on the Imweru gold
project in Tanzania has officially commenced. Operational teams
were deployed to site over the past week and the first drill rig is
expected to arrive on 1 June 2017. With the site and drill pad
preparation already complete, drilling will commence immediately
once the rig arrives on site.
Louis Coetzee, Executive Chairman of Katoro commented: "We are
extremely pleased with the successful and rapid start of work on
the Imweru project. As a result, we are now two months ahead of our
previous work programme schedule which initially indicated that
drilling would commence in Q3 2017. With this, the capability and
capacity of the project team who are responsible for executing the
Imweru work program, is also clearly demonstrated."
Enquiries
Katoro Gold plc +27 (0) 83 2606126
Louis Coetzee
Beaufort Securities Limited +44 (0) 20 7382 8300
Jon Belliss
Strand Hanson Limited +44 (0) 20 7409 3494
Richard Tulloch
Ritchie Balmer
Frederick Twist
Bell Pottinger +44 (0) 20 3772 2500
Liz Morley
Molly Stewart
Katoro Gold - Notes to editors
In May 2017 Katoro Gold 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 Gold'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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