TORONTO, ONTARIO--(Marketwired - March 16, 2017) - Kilo Goldmines Ltd. ("Kilo" or "KGL" or the "Company") (TSX VENTURE:KGL)(FRANKFURT:02K) is pleased to announce the appointment of Mr. John Welborn to the Board of Directors, subject to regulatory approval.
Mr. Welborn is the Managing Director and CEO of Resolute Mining Limited ("Resolute") a leading Australian gold miner with more than 20 years of successful exploration, development, and operation of African-based gold mines. Resolute is currently Kilo's largest shareholder holding 46,568,000 Common Shares and 24,700,000 common share purchase warrants of Kilo, representing 36.6% of the current issued and outstanding Common Shares on a partially-diluted basis.
Mr. Welborn is a Chartered Accountant and former investment banker with a passion for responsible and sustainable mining development in West and Central Africa. He is currently listed by MiningMx as one of the 100 Most Influential People in Africa's Mining Industry.
David Netherway, Chairman of Kilo, commented: "We are delighted to have Mr. Welborn join the Board. Mr. Welborn's extensive financial and mining expertise will be invaluable as Kilo continues its program of exploration and potential future development, and his appointment reflects the close working co-operation between Kilo and Resolute, our largest shareholder."
Mr Welborn commented: "It is pleasing to join the Board of Kilo at this exciting time. The Company's large landholding in the Ngayu greenstone belt of the Democratic Republic of Congo is highly prospective and I share Kilo management's enthusiasm to explore the potential for further gold deposits. The current drilling program testing new targets in and around the Adumbi prospect is focused on identifying opportunities with the potential to add to the Company's existing resource base and I look forward to future exploration results."
Resolute is a successful gold miner and experienced explorer, developer, and operator having owned nine gold mines across Australia and Africa which have produced in excess of 7 million ounces of gold. The Company currently operates two mines, the Syama Gold Mine in Mali and the Ravenswood Gold Mine in Australia with FY17 guidance of 300,000 ounces of gold production at All-In Sustaining Costs of A$1,280/oz (US$934/oz).
Kilo Goldmines Ltd. is a Canadian gold exploration company that is listed on the TSX Venture Exchange under the symbol 'KGL' and on the Frankfurt Exchange under the symbol '02K'. The Company holds about 2,417 km² of prospective Archaean Kibalian greenstone in the Kilo-Moto area in the Democratic Republic of the Congo.
Incorporated within these licences is:
- the Somituri project (71.25% owned by KGL), comprising six contiguous licences (361km²) held by KGL-Somituri SARL
- the KGL Isiro SARL Joint Venture (JV) with Randgold Resources Ltd (2,056 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.
KGL has retained the rights to explore for and develop iron ore resources and other minerals associated with the licences held by KGL Isiro SARL.
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, 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.