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

KILO Goldmines Ltd.

February 03, 2012 07:00 ET

Registration Completed for Kilo's Somituri Property

TORONTO, ONTARIO--(Marketwire - Feb. 3, 2012) - Kilo Goldmines Ltd. (TSX VENTURE:KGL)(FRANKFURT:02K) ("Kilo" or the "Company") is pleased to announce that registration of the exploitation licenses comprising the Somituri Property has now been completed. The registration had been pending and the exploitation licenses are now officially registered in the Democratic Republic of Congo (DRC) in the name of Kilo's 75% owned subsidiary, KGL Somituri SPRL. The exploitation licenses are valid until 2039.

Under DRC mining law, 5% of any project is assigned to the DRC state, resulting in net ownership by KGL in the project of 71.25%. The registration triggers a final payment to the minority shareholders of KGL - Somituri SPRL of 250,000 euros which, subject to regulatory approval, will be satisfied by cash payments of 30,000 euros and the issuance of 1,405,777 common shares of the Company at a deemed price of $0.203321 per share.

Alex van Hoeken, President and CEO of Kilo, commented, "We are pleased that the registration, which has been pending for some time, has now been completed as it provides the Company with the highest degree of legal tenure in the DRC for the Somituri exploitation licences."

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.

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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