Kilo Goldmines Ltd.
TSX VENTURE : KGL
FRANKFURT : 02K

Kilo Goldmines Ltd.

October 08, 2014 16:11 ET

Kilo Announces Appointment of New Interim CEO

TORONTO, ONTARIO--(Marketwired - Oct. 8, 2014) - Kilo Goldmines Ltd. (TSX VENTURE:KGL)(FRANKFURT:02K) ("Kilo" or the "Company") is pleased to announce the appointment of Mr Michael Skead as interim President and Chief Executive Officer (CEO) of the Company.

Mr Skead will take up his appointment on the 8th October, 2014 and will be replacing Mr Alex van Hoeken, who has resigned from his role as CEO and Director. This appointment is subject to regulatory approval.

Mr Skead is the Vice President Project Evaluation with Dundee Resources Limited and is a professional geologist with over 25 years of experience in exploration and project evaluation, with particular emphasis in the east and central Africa regions. As it relates to his appointment to Kilo, Mr Skead has significant experience in the Democratic Republic of the Congo ("DRC") where, from 2004 to 2007, he served as the Vice President of Exploration for Banro Corporation ("Banro"). During his tenure at Banro, Mr Skead oversaw the evaluation of the Twangiza and Namoya projects.

Mr Skead will be assisted in the DRC by our strong in-country team currently working on the Company's projects.

Mr David Netherway, the Chairman of Kilo commented: "We are extremely pleased to welcome Michael as interim CEO. He brings with him a wealth of worldwide geological knowledge and has excellent experience of working in the DRC.

On behalf of the Board, I would also like to thank Alex for his dedication and hard work over the last three years and wish him well for the future."

About Kilo

Kilo Goldmines Ltd. (KGL) is a Canadian gold exploration company, listed on the TSX Venture Exchange under the symbol 'KGL' and on the Frankfurt Exchange under the symbol '02K'. KGL holds exploitation and exploration licences covering some 3000 km2 of favourable Archaen Kabalian Greenstones (the Ngayu belt) in the northeast Democratic Republic of Congo an area historically referred to as the Kilo-Moto region, a historic gold-producing region.

Incorporated within these licences is:

  • the Somituri Project (71.25% owned by KGL), comprising eight non-contiguous licences (606 km2) held by KGL-Somituri SARL; and
  • the KGL Isiro SARL Joint Venture (JV) with Randgold Resources Ltd (2056 km2), for gold and associated minerals only. The JV is managed by Randgold and financed by it to a pre-feasibility (PFS) for a 51% participation interest. Upon completion of the PFS, KGL can participate in funding or Randgold will increase its participation to 65% by completing a Feasibility Study. Areas which may be deemed of no interest to Randgold will be returned to KGL.

Additionally:

  • KGL has retained the rights to explore for and develop any iron ore resources (or other minerals) associated with the licences held by KGL Isiro SARL.
  • KGL has a minority interest in the Hajigak iron ore project in Afghanistan.

DISCLAIMER

This news release may contain forward looking statements concerning future operations of Kilo Goldmines Ltd. All forward looking statements concerning Kilo's future plans and operations, including management's assessment Kilo's project expectations or beliefs may be subject to certain assumptions, risks and uncertainties beyond Kilo's control. Investors are cautioned that any such statements are not guarantees of future performance and that actual performance and exploration and financial results may differ materially from any estimates or projections.

Neither TSX Venture Exchange nor its Regulation Services Provider (as that term is defined in the policies of the TSX Venture Exchange) accepts responsibility for the adequacy or accuracy of this release.

Such statements are not guarantees of future performance and that actual performance and exploration and financial results may differ materially from any estimates or projections.

Neither TSX Venture Exchange nor its Regulation Services Provider (as that term is defined in the policies of the TSX Venture Exchange) accepts responsibility for the adequacy or accuracy of this release.

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