Kilo Goldmines Reports on Various Corporate Matters
TORONTO, ONTARIO -- (Marketwired) -- 03/14/14 -- Kilo Goldmines Ltd.
("Kilo" or the "Company") (TSX VENTURE: KGL)(FRANKFURT: 02K) is
pleased to report that the resolution authorizing directors to
proceed, at their discretion, with the consolidation of the common
shares on an up to 1 for 10 basis, has been approved by shareholders
at its annual and special meeting held on March 6, 2014.
Messrs. David Netherway, Alex Van Hoeken, James Mustard and Loudon
Owen were re-elected as directors and the incumbent auditors, Collins
Barrow Toronto LLP, were also reappointed.
Further, the Company is pleased to announce that following its press
release dated January 30, 2014, it has filed on SEDAR, its Canadian
National Instrument ("NI") 43-101 Mineral Resources Estimate ("MRE")
updating the MRE for the Adumbi gold deposit and providing maiden
Inferred Mineral Resources estimates for the Kitenge and Mazanko
deposits (Somituri Project). The NI 43-101 MRE was prepared by Roscoe
Postle Associates Inc.
The Company also announced that it has refiled its management's
discussion and analysis for the three months ended December 31, 2013
to add disclosure regarding a claim that has been received
challenging the title to certain DRC mineral claims held by KGL-Isiro
Sarl. Based on legal advice received, the Company believes this claim
to be completely without merit.
Kilo Goldmines Ltd. 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'. Kilo holds exploitation and
exploration licences covering some approx. 2,700 km2 of iron and gold
favourable Archaen Kabalian Greenstones in the northeast Democratic
Republic of Congo.
Incorporated within these licences are:
- the Somituri Project (71.25% owned by Kilo), comprising eight
non-contiguous licences (606 km2) held by KGL-Somituri Sarl.
- 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 Study (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.
Kilo 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 previously in a JV with Rio
Tinto, who has since withdrawn.
In addition, Kilo has a minority interest in the Hajigak iron ore
project in Afghanistan.
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, 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.
Kilo Goldmines Ltd.
Alex van Hoeken
Chief Executive Officer & President
+1 416 360 3406
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