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

KILO Goldmines Ltd.

March 09, 2012 14:30 ET

Kilo Goldmines Announces Election of New Director

TORONTO, ONTARIO--(Marketwire - March 9, 2012) - Kilo Goldmines Ltd. (TSX VENTURE:KGL)(FRANKFURT:02K) ("Kilo" or the "Company") announced that at its annual meeting of shareholders held earlier today David Netherway, James Mustard, Alex van Hoeken and Jim Williams were re-elected as directors. In addition, Mr. Loudon Owen of Toronto, Canada, who recently agreed to join the board as an additional independent director, was nominated from the floor of the meeting and was also elected to the board of directors.

A lawyer by training, Mr. Owen co-founded and currently manages McLean Watson Capital, a private Toronto-based venture capital firm funding high-growth entrepreneurial ventures in the technology sector. Mr. Owen currently serves on the board of directors/trustees of a number of public, private and non-profit corporations and organizations including Hanfeng Evergreen Inc. (Chairman-TSX), Ntegrator International Ltd. (Singapore Stock Exchange) and Posera-HDX Limited (TSX).

David Netherway, the Chairman of Kilo Goldmines, commented, "Loudon's experience in investment banking, capital markets and corporate governance will be a valuable asset to Kilo to help it grow to its potential."

In conjunction with Mr. Owen's appointment and subject to regulatory approval, Kilo has granted him stock options to acquire 300,000 common shares of the Company exercisable for a three year period at a price of $0.22 per share.

About Kilo

Kilo Goldmines Ltd. is a Canadian gold exploration company operating in the Democratic Republic of Congo (DRC). The Company has over 7,000 square km of favourable Archaean Kabalian greenstone in the Kilo-Moto area in north-eastern DRC. Kilo recently announced an inferred resource on the Adumbi Deposit of the Somituri Project of which the Company owns a 71.25% interest in the DRC entity that holds the Somituri Project Exploitation Permits.

The Company is also working on a number of other prospective areas which contain historical workings in the same region. It also has a joint venture with Rio Tinto Ltd. on potential iron ore licences in north-eastern DRC.

This news release may contain forward looking statements concerning future operations of Kilo Goldmines Ltd. All forward looking statements concerning the Company's future plans and operations, including management's assessment of the Company's project expectations or beliefs may be subject to certain assumptions, risks and uncertainties beyond the Company'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.

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