Katoro Gold plc (AIM: KAT), the gold and nickel focussed exploration and development company, is pleased to confirm that, further to its announcement of 30 January 2020 (‘the Announcement’) regarding the Agreement with Blyvoor and Target to form the JV to exploit potentially viable deposits of gold and any other minerals from six gold tailings dams owned by Blyvoor in South Africa, the Company has, in accordance with the terms of the Agreement:
· transferred the Initial Tranche of ZAR5.0 million (approximately £263,000); and
· confirmed to Blyvoor that it has completed a corporate, legal and technical due diligence investigation in respect of Blyvoor and the Tailings and Rights.
The Initial Tranche will allow the JV Partners to now continue and accelerate work on the confirmatory test work to optimise the financial projections and conceptual designs for the processing plant as the Company seeks to secure the requisite funding for the Project.
Further details on the Agreement, the JV and the Tailings are set out in the Announcement, which can be viewed at the following link:
Unless otherwise defined herein, capitalised terms used in this announcement shall have the same meaning as those used in the Announcement.
Louis Coetzee, Executive Chairman of Katoro, said: “I am pleased to confirm that we are now underway with the JV and the start of what Katoro are aiming to be a highly exciting journey into near term gold production.
“I would encourage shareholders and investors generally to read the announcement of 30 January 2020, which provides full details on this significant gold production opportunity for the Company, the transactional terms around this together with the key risk factors.
“This is a substantial opportunity for Katoro. The size and scale of the project means we have lots of work to do and I look forward to keeping shareholders updated on our progress.”
This announcement contains inside information as stipulated under the Market Abuse Regulations (EU) no. 596/2014.
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