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Imweru Gold Project Transaction Update

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RNS Number : 8471R
Katoro Gold PLC
01 November 2019
 

Katoro Gold plc (Incorporated in England and Wales)

(Registration Number: 9306219)

Share code on AIM: KAT

ISIN: GB00BSNBL022

("Katoro" or "the Company")

 

 

 

1 November 2019

 

Katoro Gold plc ('Katoro' or the 'Company')

 

Imweru Gold Project Transaction Update

 

Katoro Gold plc (AIM:KAT), the Tanzania focused exploration and development company provides an update to its announcement of 30 September 2019, regarding the proposed acquisition of the Imweru gold project ('Imweru' or 'the Project') by Lake Victoria Gold Limited ('LVG').

 

Katoro have been working closely with the LVG team to finalise the proposed Imweru acquisition.  The proposed acquisition, on completion, will combine two strategic gold assets in LVG, increasing the project footprint and in-situ gold resource, which the Board of Katoro ('Board') believes will allow a considerably faster route to gold production.

 

As the deadline for completion of the proposed acquisition was 31 October 2019, LVG has requested an extension to finalise the acquisition and for the payment of the first tranche of monies due to Katoro under the term sheet of US$50,000 and the Board is considering the request.  Notwithstanding this request, the Board believes that seeking to complete the disposal of Imweru to LVG is in the Company's best interests at this time.

 

The Company further notes that there has recently been interest expressed in Katoro's Lake Victoria gold interests by other third parties.  Whilst the Company's focus for now remains on working with LVG, the Board will consider other proposals should they be appropriate.

 

Further announcements will be made as appropriate.

 

Louis Coetzee, Executive Chairman of Katoro Gold, said: "The operating environment for gold companies in Tanzania is experiencing some recovery and investor sentiment toward the gold sector in-country is improving.  We note that Barrick Gold recently announced its return to operations in Tanzania following an amicable settlement of its dispute with the Tanzanian Government.

 

This improved sentiment is evident through the level of interest shown by other gold mining companies in Katoro's Tanzanian gold projects.  We are encouraged by the emerging optionality that the increasing interest in our gold interests provides.  So, whilst we would like to see the LVG acquisition complete, and we expect that to occur, there are possible alternative value generative routes available.  In addition, the current gold price has moved in the Company's favour, at US$1,495/oz, the gold price is up 17% year-to-date, its best performance since 2010.

 

I look forward to providing further updates on the LVG acquisition at the appropriate time in due course."

 

This announcement contains inside information as stipulated under the Market Abuse Regulations (EU) no. 596/2014.

 

**ENDS**

 

For further information please visit www.katorogold.com or contact:

 

Louis Coetzee

 

[email protected]

Katoro Gold plc

Executive Chairman

Richard Tulloch

Ritchie Balmer

Georgia Langoulant

 

+44 (0) 20 7409 3494

Strand Hanson Limited

Nominated Adviser

Nick Emmerson

Sam Lomanto

 

+44 (0) 1483 413 500

 

SI Capital Ltd

 

Broker

 

Isabel de Salis

Beth Melluish

+44 (0) 20 7236 1177

St Brides Partners Ltd

Investor and Media Relations Adviser

 


This information is provided by RNS, the news service of the London Stock Exchange. RNS is approved by the Financial Conduct Authority to act as a Primary Information Provider in the United Kingdom. Terms and conditions relating to the use and distribution of this information may apply. For further information, please contact [email protected] or visit www.rns.com.
 
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Price: 0.95

Market: AIM
Market Cap: £1.71 m
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