Press Release
September 1, 2011 17:18 ET
Kilo Announces CEO Transition and Grant of Stock Options
Toronto, Canada, September 1, 2011 - Kilo Goldmines Ltd. (TSXV-KGL & FRANKFURT-02K) ("Kilo" or the "Company") is pleased to announce that, further to the Company's press release of July 25, 2011, effective today Alex van Hoeken has commenced serving as the new President and Chief Executive Officer of Kilo. Mr. van Hoeken replaces Peter Hooper in that position who was serving as Interim CEO.
In connection with Mr. van Hoeken's appointment and subject to regulatory approval, Kilo has granted Mr. van Hoeken options to acquire 5,000,000 common shares under the Company's stock option plan exercisable for a period of five years at an exercise price of $0.20 per share. The options granted vest as to 1,000,000 options immediately and a further one-third of the remaining balance on each of the 12, 24 and 36 month anniversaries of the date of grant.
The Chairman, David Netherway said: "We warmly welcome Alex to Kilo. Alex has been operating for many years in the DRC which is a huge asset to Kilo and with his experience and enthusiasm, we are in a very strong position to build on the excellent geological potential of the current 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 sq.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 in the DRC entity that holds the Somituri Project Exploitation Permits.
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.
For more information, please contact:
Kilo Goldmines Ltd.Alex van Hoeken
President and CEO
+1-416-360-3415
[email protected]
www.kilogoldmines.com
