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

Kilo Goldmines Ltd.

September 08, 2010 16:55 ET

Kilo Provides Update on Private Placement

TORONTO, ONTARIO--(Marketwire - Sept. 8, 2010) -

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Kilo Goldmines Ltd. (TSX VENTURE:KGL)(FRANKFURT:02K) ("Kilo" or the "Company") announced today it has extended the final date for completion of further tranches of its previously announced brokered private placement to October 7, 2010. As announced on August 5 and 25, 2010, Kilo has completed two tranches of the placement to date raising gross proceeds of C$1,337,060. M Partners Inc. and Vicarage Capital Ltd. are acting as the Company's agents in connection with the offering and are continuing to market the balance of the offering with a view to raising up to $5.0 million in the aggregate, inclusive of the tranches already completed. Each unit is priced at C$0.20 and consists of one common share and one–half of one common share purchase warrant, with each whole warrant entitling the holder to acquire one common share of Kilo at a price of C$0.30 for a period of 24 months from the date of issue.

About Kilo Goldmines Ltd.

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 has approximately 16,000 square kilometres of favourable Archaean Kabalian greenstone in the Kilo-Moto area in the Democratic Republic of the Congo. Kilo's principal focus is to advance its projects from exploration through feasibility to project development and ultimately to full production in a socially and environmentally responsible manner. 

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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