Kibo Mining has signed a memorandum of understanding (MoU) to consolidate its Imweru gold project with Lake Victoria Gold’s Imwelo project into a new company called NEWCO.

The Imweru and Imwelo gold projects are in the gold prolific Lake Victoria Goldfield of northern Tanzania and their combination is expected to provide benefits for development of a new gold mine.

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The amalgamation will also provide the potential to achieve a 100,000oz production target per annum.

It is aimed at fast-tracking the development of a gold mine on the project based on the combined existing stated resource base of around 755,000oz.

"Amalgamation of the two projects will establish a project with a significant gold resource with the added strategic advantage of an existing mining right."

Kibo Mining CEO Louis Coetzee said: "The past two years’ steady work on the Imweru DFS advanced the Imweru project to a level where we could come to an arrangement with Lake Victoria Gold, which will see the amalgamation of the respective projects on a like for like basis, to create a project with critical mass and a clear path to near-term production.

"Amalgamation of the two projects will establish a project with a significant gold resource with the added strategic advantage of an existing mining right and the opportunity to pursue near-term production."

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Kibo acquired the Imweru project in 2013 and later carried out additional resource drilling.

Lake Victoria’s Imwelo gold project is contiguous with Kibo’s Imweru project and forms an extension of the Imweru east mineralised zone.

Kibo’s Imweru and Lake Victoria’s Imwelo mineral resource represent an amalgamated resource of about 755,200oz at a grade of 1.5g/t.

The new project is expected to have a production target of 100,000oz per annum.