Company Announcement: Kibo Commencess With Work Program on Haneti Nickel JV with Brazilian major Votorantim
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Kibo Mining plc, the Tanzania focused mineral exploration and development company, is pleased to report that all outstanding conditions precedent to the joint venture agreement with Brazilian Votorantim Metaís Participações Ltda, a member of Votorantim Group, to conduct a joint further exploration work program on its Haneti properties prospective for nickel and other base and precious metals have now been fulfilled. First Joint Venture draw down approved, commencement of work program The first drawdown against the GBP 2,7 million funding package to be provided by Votorantim for the agreed work program on the Haneti Project has now been approved, and fieldwork will commence forthwith. It is the intention of the Joint Venture to direct the work program with a view to establishing a JORC compliant mineral resource at Haneti, where after the Joint Venture will consider the further development of the project on the merits of the exploration results achieved.
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