Kibo Begins Work at Pinewood Uranium Project in Tanzania

Kibo Mining (LSE:KIBO), along with its joint venture partner Metal Tiger Plc (LSE:MTR), announced that work has begun at its Pinewood uranium project in Tanzania. Kibo also announced the issue of shares for cash in respect of geological services rendered to the company.
As quoted in the press release:

• JV partners Kibo Mining and Metal Tiger plc recognise a positive shift in Uranium sector dynamics, reflecting the anticipated forward demand/supply profile of the commodity;
• The Pinewood JV has now commenced work and will initially focus on updating a 2009 study and report on regional prospectivity and exploration potential in Tanzania, including the Pinewood Uranium licence portfolio;
• Further consideration now being given to supplement the existing joint venture with additional Uranium assets under JV partner review;
• Strategic aim of the JV is to build a low cost, but highly strategic Uranium portfolio providing JV partner shareholders with considerable potential upside from an anticipated recovery in the Uranium sector.

Louis Coetzee, CEO of Kibo Mining, commented:

The information provided in the original 2009 report proved extremely useful in the identification of strategic Uranium opportunities in Tanzania and we anticipate this updated report will prove equally valuable. We have long recognized the potential for a resurgence of interest in the Uranium sector and full benefit from any such return to favour requires the JV to be well positioned in advance. By taking the strategic decision to build the JV’s Uranium exposure we are acting in readiness for a Uranium sector revival with all the potential upside that offers to our shareholders.

Click here to read the full Kibo Mining (LSE:KIBO) press release.