Business
Project Update
Project Update.
About this update from Focus Xplore Plc
[{"type":"text","content":"\n \nRNS Number : 2134I Katoro Gold PLC 20 March 2018 \n\n \nKatoro Gold plc (Incorporated in England and Wales)\n(Registration Number: 9306219)\nShare code on AIM: KAT\nISIN: GB00BSNBL022\n(\"Katoro\" or \"the Company\")\n \n \nDated: 20 March 2018\n \nKatoro Gold Plc ('Katoro' or the 'Company')\nProject Update\n \nKatoro Gold Plc (AIM: KAT), the Tanzania focused gold exploration and development company, is pleased to provide an update on its Imweru Gold Project (\"Imweru\") in Tanzania.\n \nAs per the Project Update announcement dated 9 March 2018, the Company is currently assessing the economic feasibility of Imweru, based on the preliminary pre-feasibility results and the new mining legislation and regulations in Tanzania. An integral part of the Company's assessment will amongst others include: \n· Consideration of a further exploration work programme to enhance and expand the current resource, by exploring some of the previously identified exploration targets that form part of the Imweru / Lubando gold project (To date only about 50% of the Imweru and Lubando project areas have been explored); and\n· Engagement with the Tanzanian Ministry of Minerals to seek to agree the mining licence application for Imweru, to ensure its economic feasibility based on the new mining legislation and regulations.\n \nThe Company expects to complete the assessment referred to above by the end of Q2 / early Q3 2018. The Company has decided to suspend all ongoing feasibility work on the Imweru project until it has reached a final decision on the economic viability and further development of Imweru.\n \nThe Company has employed a sensible financial policy, ensuring that expenditure remained low and substantial savings over the original budget have been realised over the past 12 months. Accordingly, the Company currently has a strong cash position of approximately £540k that enables it to continue with the execution of its strategy and work programmes.\n \nAdditionally, the Board has decided to seek to diversify Katoro's portfolio and has approved a specific strategy and programme for the identification and evaluation of new / additional projects. \n \nExecutive Chairman, Louis Coetzee comm...