Press Release
January 28, 2011 08:04 ET
Kilo Engages 'The Mineral Corporation' to Prepare a Resource Estimate on the Adumbi Prospect, Somituri Project, DRC
TORONTO, ONTARIO--(Marketwire - Jan. 28, 2011) - Kilo Goldmines Ltd. ("Kilo" or the "Company") (TSX VENTURE:KGL)(FRANKFURT:02K) is pleased to announce that they have engaged 'The Mineral Corporation' to prepare a resource estimate for the Adumbi Prospect of the Somituri Project. The report will also include results of all other aspects of the 2010 exploration program on the Somitui Project in north-eastern Democratic Republic of Congo ("DRC").
The estimate is expected to commence in early February utilizing data available at that time. An initial report is expected to be received and announced towards the end of February 2011 with the final NI 43-101 compliant resource report posted on SEDAR within 45 days of the initial report estimate.
Klaus Eckhof, President and CEO of Kilo stated "The 2010 exploration program returned sufficiently favourable results over a 2km strike length of the Adumbi Prospect to warrant the completion of an independent gold resource estimate."
The final NI 43-101 compliant resource calculation is expected to capture the analytical results from 28 diamond drill holes (including 3 short abandoned holes), 4 adits and 12 trenches on the Adumbi Prospect. As of the date of this press release (January 28, 2011) Kilo has received complete assay data for 16 diamond drill holes (including one abandoned drill hole), 4 adits, and 7 trenches and partial assay data for 1 additional diamond drill hole.
One diamond drill hole that traversed the entire gold bearing chemical metasedimentary rocks (oxide and fresh rock), as well as the hanging wall and footwall tuffaceous metasedimentary rocks and meta-greywake, has been submitted to ALS Chemex for bulk density determinations. The chemical metasedimentary rocks are sub-vertical and characterized by intervals of chert, chert banded with magnetite and/or haematite iron formation (BIF), as well as minor intervals of chert banded with black shale and several narrow intervals of black shale; quartz veins occur throughout the chemical metasedimentary rocks.
Summary of 2010 Exploration on the Somituri Project
During the period from late January to December 31st 2010 Kilo carried out an initial exploration program on one of eight Exploitation Licenses that constitutes the Somituri Project. Completed during 2010 were 9,745.6 metres of diamond drilling, 592.5 metres of adit sampling, 733.65 metres of trenching, and the collection of 1,233 soil samples (includes QC samples) on four target areas of the Somituri Project.
The Company explored a 2,058 metre strike length of the Adumbi Prospect with 31 drill holes (including 6 re-drilled abandoned holes) on 17 section lines. In addition, the Adumbi Prospect was explored by the sampling of 4 adits and excavation and sampling of 12 trenches. Records from the colonial era, unverified by the Company, indicate that during the 1940s until its closure in 1958 the combined production from the Adumbi and Bagbaie (about 1 kilometre northwest of Adumbi) mines totaled approximately 200,000 ounces of gold. The gold exploited from the Adumbi mine was reported to be hosted in quartz vein ore that averaged 11 g/t gold.
The past producing Kitenge gold mine and its northwest strike extension was explored over a 2 km strike length with five drill holes, three trenches and three lines of soil sampling. Manzako, a former gold producer from surface and underground was targeted over a 1,360 metre strike length by three drill holes. An artisanal working, locally known as Monde Arabe, which may be the northwest strike extension of the Kitenge gold bearing structure, was tested with one drill hole. According to historical records, unverified by the Company, the Kitenge and Manzako mines produced approximately 100,000 ounces of gold prior to about 1942.
QC and Analytical Procedures
Quality control of analytical results is monitored by the Company with the insertion of commercial standards and blanks in every batch of samples submitted for analysis. For additional details the reader is referred to Kilo's previously announced (see May 4, 2010 press release) quality control and analytical procedures.
About The Mineral Corporation
The Mineral Corporation is based in Bryanston, Sandton (Johannesburg) South Africa and is a leading senior advisor to the African and International minerals business offering a broad range of services related to mineral exploration, mine development, and mine optimization across a diverse range of commodities and geographies.
About Kilo Goldmines
Kilo Goldmines Ltd. is a Canadian gold exploration company that is listed on the TSX Venture Exchange under the symbol 'KGL' and on the Frankfurt Exchange under the symbol '02K'. The Company has over 16,000 square kilometres of favourable Archaean Kabalian greenstone in the Kilo-Moto area in the Democratic Republic of the Congo. Kilo's principal focus is to advance its projects from exploration through feasibility to project development and ultimately to full production in a socially and environmentally responsible manner. The Company owns a 71.25% interest in the DRC entity that holds the Somituri Project Exploitation Permits.
Qualified Person
The exploration program disclosed in this press release was planned and supervised by the Company's geological consultant Stanley Robinson. Stanley Robinson, M.Sc., P.Geo is also the 'qualified person' (as that term is defined under National Instrument 43-101) of the Company who has reviewed the scientific and technical information contained in this release.
Upcoming Events
Kilo will be attending the Mining Indaba 2011 Conference in Cape Town, South Africa from February 7 to 10 (booth #101) and PDAC 2011 Conference in Toronto, Canada from March 6 to 9 (booth #2833). Kilo's management team will be available to meet with investors at both events.
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.Peter Hooper
Executive Chairman
+1-416-360-3415
[email protected]
www.kilogoldmines.com
