Katoro Gold Plc (AIM: KAT), the Tanzania focused gold exploration and development company, provides an update on its Imweru Gold Project (‘Imweru’ or ‘the Project’) in Tanzania.
The Company is pleased to confirm that further to its announcement of 20 March 2018, having completed its assessment of the economic feasibility of Imweru, based on the preliminary pre-feasibility results and the new mining legislation and regulations in Tanzania, it is of the opinion that there is still good upside exploration and development potential for the further development of the Project. Furthermore, Tanzania’s new Mining Commission sat for the first-time last week and indicated that it was open to engaging with companies to ensure the economic success of projects within the frame work of the current mining legislation. The Company therefore looks forward to continuing its engagement with the Ministry of Minerals (“MoM”) to determine the next steps with regards to the development of Imweru.
Additionally, the Company has made excellent progress as it seeks to diversify Katoro’s portfolio. It has assessed several projects and drawn up a short-list of projects that fit its investment criteria.
Executive Chairman, Louis Coetzee commented: “We are delighted that the exploration / development upside potential for Imweru remains and hope that following further dialogue with the new Tanzanian Ministry of Minerals, we can take the Project forward and ultimately develop a gold mine. Our optimism is further bolstered by the latest positive outcomes of discussions between the Tanzania Chamber of Mines and the MoM in relation to various contentious matters in the current mining legislation. In tandem with this, we have established a short-list of exciting other potential value-adding projects and look forward to updating shareholders on progress in this regard in the future.”
This announcement contains inside information as stipulated under the Market Abuse Regulations (EU) no. 596/2014.
For further information please visit www.katorogold.com