Kilo Goldmines Ltd.: Cost Cutting Implementation

Kilo Goldmines Ltd.: Cost Cutting Implementation 
TORONTO, ONTARIO -- (Marketwired) -- 09/30/13 -- Kilo Goldmines Ltd.
("KGL" or the "Company") (TSX VENTURE:KGL) (FRANKFURT:02K) is pleased
to announce that it has implemented a series of cost cutting measures
to enhance cash retention. 
Following the completion of the 2103 drilling program on August 6,
the company is implementing the following: 


 
--  All senior staff and board members are taking a 20% salary and fee cut
    effective October 1st 
    
--  DRC staff has been reduced to care and maintenance level only 
    
--  Exploration support contractors (helicopter, sample laboratory
    operation, security) are being suspended or reduced according to current
    needs 
    
--  Jim Williams has resigned from the board effective 30 September 
    
--  The Randgold Joint Venture continues using some Kilo personnel &
    equipment 

 
The DRC staff has been reduced to a minimum level sufficient for
keeping the exploration camp in good standing, and security staff
with the security contactor has been reduced accordingly. Other
contractors are being demobilized until further notice.  
The Company is awaiting final assay results from the ALS laboratory
in Johannesburg for final interpretation. As announced on August 15,
the Company has retained Roscoe Postle Associates for the review of
the data with the objective of the establishment of a mineral
resource on the Kitenge and Manzako prospects, and this work is
ongoing pending the final assay results. It is expected that a report
will be available during Q4. Furthermore, the Company is conducting
an extensive review of its data with specialist consultants such as
geochemistry experts to assess additional exploration targets on its
properties. 
The joint venture between Kilo Goldmines and Randgold Resources
Limited is proceeding as scheduled. Randgold is hiring some of the
Company's equipment and utilizing some of its personnel. 
David Netherway, Chairman of KGL stated: "The company's portfolio is
highly prospective which warrants continued development, and the
company is exercising prudent financial management to ensure its long
term success considering the state of the mining industry in the
short term. It is a tribute to our personnel and their belief in the
upside of the project that they have been exceptionally receptive to
these cost cutting measures to enhance the long term success of the
company. In particular I would like to thank Jim Williams for his
service and his voluntary resignation to assist in this cost-cutting
exercise." 
ABOUT KILO 
Kilo Goldmines Ltd. (KGL) is a Canadian gold exploration company,
listed on the TSX Venture Exchange under the symbol 'KGL' and on the
Frankfurt Exchange under the symbol '02K'. KGL holds exploitation and
exploration licences covering some"3000 km2 of favourable Archaen
Kabalian Greenstones(the Ngayu belt) in the northeast Democratic
Republic of Congo an area historically referred to as the Kilo-Moto
region, a historic gold-producing region (11 Moz, Mineweb).
Incorporated within these licences is: 


 
--  the Somituri Project (71.25% owned by KGL), comprising eight non-
    contiguous licences (606 km2) 
--  the KGL Isiro SARL Joint Venture (JV) with Randgold Resources Ltd (2056
    km2), for gold and associated minerals only. The JV is managed by
    Randgold and financed by it to a pre-feasibility (PFS). 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. 

 
Additionally: 


 
--  KGL has retained the rights to explore for and develop any iron ore
    resources(or other minerals) associated with the licences held by KGL
    Isiro SARL. These licences were in a JV with Rio Tinto who have now
    withdrawn. 
--  KGL has a minority interest in the Hajigak iron ore project in
    Afghanistan.

 
DISCLAIMER 
This news release may contain forward looking statements concerning
future operations of Kilo Goldmines Ltd. All forward looking
statements concerning Kilo's future plans and operations, including
management's assessment KGL's project expectations or beliefs may be
subject to certain assumptions, risks and uncertainties beyond Kilo'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. 
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.
Contacts:
Kilo Goldmines Ltd.
Alex van Hoeken
Chief Executive Officer (CEO) & President
+1 416 360 3406
info@kilogoldmines.com
www.kilogoldmines.com
 
 
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