Joint Venture update
16 October 2008 - 7:00PM
UK Regulatory
RNS Number : 9779F
Kiwara PLC
16 October 2008
JSE - KWR
AIM - KIW
ISIN - GB0007702953
16 October 2008
Kiwara plc
("Kiwara" or the "Company")
Kiwara increases holding in the Joint Venture Company, Kalumbila Minerals Ltd, to 80%
Kiwara is pleased to announce that under the terms of its Joint Venture (JV) agreement with LM Engineering Ltd on Prospecting Licence
267 and following expenditure in excess of US$2.2million on exploration, the Company has exercised its option to increase its shareholding
in the Joint Venture company, Kalumbila Minerals Ltd by 5% to an 80% holding in the Zambian based subsidiary.
Key Points:
* The JV required Kiwara to spend US$2.2 million within three years from November 2006, in order to earn an additional 5%
* Kiwara's latest management accounts to 30 September 2008 show cumulative exploration expenditure on Licence 267 of US$3.3 million
* Additional 5% of Kalumbila Minerals Ltd shares now issued to Kiwara
* Kiwara Resources (Zambia) Ltd now holds 80% of Kalumbila Minerals Ltd
Colin Bird (Chairman) said: "The early completion of the earn-in demonstrates the Company's confidence in the assets of the Joint
Venture, which has been fully supported by the exploration results obtained to date."
About Kiwara:
Kiwara is an exploration company with a focus on base metals in the Republic of Zambia, which is a major copper producing country.
Kiwara, through its majority owned subsidiary, Kalumbila Minerals, holds Prospecting Licence 267 which is within the Kabompo Dome in
North Western Zambia, a geologically complex antiformal feature, which contains a number of base metal and uranium targets including
Kalumbila, Kawako and Kawanga. This is within the area considered to be the western extension of the Copperbelt, an increasingly significant
mining area that contains the recently developed Kansanshi and Lumwana copper mines.
For further information, please contact:
Kiwara Plc Tel: +44 (0)207 581 4477
Colin Bird, Chairman
Peter Vivian-Neal, Chief Executive Officer Tel: +260 (0) 211 293899
Investec Bank, Johannesburg
Robert Smith / Gavin Hall Tel: +27 (0) 11 286 7326
Investec Bank (UK) Limited Tel: +44 (0) 20 7597 5000
Gerard Kisbey-Green / Jan Bosch
Bishopsgate Communications Ltd Tel: +44 (0)20 7562 3366
Nick Rome
This information is provided by RNS
The company news service from the London Stock Exchange
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