Business
Update re Gold Projects
Update re Gold Projects.
About this update from Focus Xplore Plc
[{"type":"text","content":"\n \nRNS Number : 9442G Katoro Gold PLC 29 July 2019 \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 \nDated: 29 July 2019\n \nKatoro Gold PLC ('Katoro' or the 'Company')\n \nUpdate re Gold Projects\n \nKatoro Gold PLC (AIM: KAT), the Tanzanian focused exploration and development company, is pleased to provide an update in respect of the Company's portfolio of two gold projects in the Lake Victoria Goldfields, Tanzania.\n \nIn addition to the Company's Haneti nickel project in Tanzania, Kataro holds a 100% interest in the Imweru gold project (\"Imweru\") and the Lubando gold project (\"Lubando\") in the Lake Victoria Goldfields of northern Tanzania (together the \"Projects\"). The Projects have a combined JORC compliant gold resource of 754,980 ounces of gold (the \"Resource\").\n \nHighlights:\n· An internal review completed by the Company over recent months has confirmed the exploration upside potential, across both the Imweru and Lubando gold projects;\n· The Company has received expressions of interest with regard to the acquisition or joint venture of the Projects, and although to date no suitable agreement has been reached, there is a clear appreciation of the inherent value of the Projects;\n· Given the strengthening of the current gold price of approximately US$1,400, and the interest being shown in the Projects, the Company has decided to investigate the scope and cost for further exploration work programmes at Imweru and Lubando that could, if successfully executed, increase the Recourse to an initial one million ounce resource target;\n· The Company believes the best opportunity to create near term value is to build the Projects' resource inventory, with an initial target of one million ounces, which represents a modest 32% increase in the existing Resource;\n· The Imweru gold project is more advanced and the initial focus will be to identify the most expeditious, low-cost route to adding ounces to the existing Resource, notably to quantify gold ...