TORONTO, ONTARIO--(Marketwired - July 14, 2016) - Kilo Goldmines Ltd. ("Kilo" or "KGL" or the "Company") (TSX VENTURE:KGL)(FRANKFURT:02K) announced that the Democratic Republic of Congo ("DRC") Court of Commerce has dismissed an action initiated in 2014 by LA SOCIETE MINIERE DE L'ITURI SPRL claiming title to Kilo's Isiro properties located in north-eastern DRC. The Isiro properties have been the subject of a joint venture since December 2012 (see below), and further information on the properties and joint venture may be found on the Company's website, (www.Kilogoldmines.com) and under the Company's profile on SEDAR.
Mr David Netherway, Chairman, commented: "We're are pleased that the Court has finally ruled on this matter, which we have always viewed to be without merit, and it is encouraging to see the DRC Mining Code upheld by the legal system."
Kilo also announced that it has published an updated Corporate Presentation on its website and on SEDAR.
About Kilo
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 square kilometres of prospective Archaean Kibalian greenstone in the Kilo-Moto area in the Democratic Republic of the Congo.
Incorporated within these licences are:
| • | 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.
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.
Contact Information:
Philip Gibbs
Interim CEO
+1 416 360 3406
philip.gibbs@kilogoldmines.com
www.kilogoldmines.com