Business
Update on Tanzanian Assets
Update on Tanzanian Assets.
About this update from Focus Xplore Plc
[{"type":"text","content":"\n \nRNS Number : 9800C Katoro Gold PLC 14 February 2020 \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 \n14 February 2020\n \nKatoro Gold plc ('Katoro' or the 'Company')\n \nUPDATE ON TANZANIAN ASSETS\n \nKatoro Gold plc (AIM: KAT), the gold and nickel exploration and development focused company, has recently provided updates in respect of its Blyvoor gold production joint venture ('the Blyvoor JV') where good progress has been made to date and where multiple work streams are underway at present. Further updates in respect of the Blyvoor JV will be provided as material developments occur.\n \nWe would like to take this opportunity to update shareholders, with regard to the Company's primary Tanzanian assets, being its interests in the Imweru Gold Project and Haneti Polymetalic Project.\n \nIMWERU GOLD PROJECT\n· On 22 August 2019, the Company announced that it had agreed a term sheet for the potential disposal of the Company's 100% owned subsidiary Reef Miners Limited, which holds 100% of the Imweru and Lubando gold projects in northern Tanzania in a transaction with Lake Victoria Goldfields Limited ('LVG') for a total staged cash consideration of up to US$1.0 million and a 1.5% net smelter royalty (the 'Transaction');\n· As previously announced, the Company granted various extensions to LVG to complete the Transaction, with Katoro receiving 700,000 LVG shares with a value of AUS$70,000 (approximately US$47,230) in recognition of the extensions;\n· On 1 November 2019, the Company announced that LVG had not yet completed on the Transaction and that the Company had decided to not grant a formal extension to the exclusivity period, though it agreed to continue working with LVG whilst also considering potential interest from other third parties;\n· The Company is pleased to confirm that good progress has been made with LVG and that, whilst there is no guarantee, the board of Katoro ('Board') hopes to be able to conclude the Transaction; and\n· &nbs...