StruckGold
7 years ago
Kilo Gokd Zombie is coming back to life see recent acquisition of 10%+ KGL.V common shares news
Sergei Stetsenko Announces Purchase of Shares in Kilo Goldmines Ltd.
January 08, 2018 16:36 ET | Source: Sergei Stetsenko
TORONTO, Jan. 08, 2018 (GLOBE NEWSWIRE) -- Sergei Stetsenko (the “Purchaser”) announces his direct and indirect acquisition of shares of Kilo Goldmines Ltd., (“Kilo Goldmines” or the “Corporation”).
The Corporation’s head office is located at 141 Adelaide Street West, Suite 1200, Toronto, Ontario M5H 3L5. The common shares of the Corporation (the “Common Shares”) are listed on the TSX Venture Exchange under the symbol KGL.
Mr. Stetsenko is the Chief Executive Officer and beneficial owner of CRG Finance AG (“CRG Finance”), an investment company based out of Zug, Switzerland. Between December 28, 2017 and January 5, 2018, CRG Finance purchased, through market transactions on the TSX Venture Exchange, 3,737,000 Common Shares of the Corporation representing approximately 2.2% of the Corporation’s outstanding Common Shares. The Common Shares were purchased at an average price of $0.041 per Common Share for total proceeds of $153,425.00.
Prior to this sale, the Purchaser directly owned and controlled an aggregate of 10,043,000 Common Shares, while CRG Finance directly owned and controlled an aggregate of 3,025,000 Common Shares. In addition, the Purchaser owns and controls, directly or indirectly, an aggregate of 2,300,000 Common Share purchase warrants of the Corporation (each a “Warrant”), with an aggregate of 2,000,000 Warrants held directly and 300,000 Warrants held by CRG Finance. Each Warrant entitles the holder to purchase one additional Common Share at a price of $0.135 per Common Share. These holdings represented approximately 7.7% of the then issued and outstanding Common Shares on a non-diluted basis and 9.1% on a partially diluted basis assuming exercise of the Warrants.
Following this sale the Purchaser, directly, and through CRG Finance, owns and controls an aggregate of 16,805,000 common shares and 2,300,000 Warrants, representing approximately 9.9% of the outstanding common shares on a non-diluted basis and 11.3% on a partially diluted basis assuming exercise of the Warrants.
The Common Shares were purchased for investment purposes. The Purchaser has a long-term view of the investment and may acquire additional shares either on the open market or through private acquisitions or sell the shares either on the open market or through private dispositions in the future depending on market conditions, reformulation of plans and/or other relevant factors.
A copy of the early warning report with respect to the foregoing will appear with Kilo Goldmines’ profile on the System for Electronic Document Analysis and Retrieval at www.sedar.com and may also be obtained by contacting:
Sergei Stetsenko
Telephone: +41793183937
E-mail: s.serge@gmail.com
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drbio45
13 years ago
Steele Resources SELR Market Cap 9 million
Mine report http://www.steeleresources.com/store/mhtr.pdf
Steele Resources Corp. Begins Production Drift at Mineral Hill
Companies:
STEELE RESOURCES COR
Press Release Source: Steele Resources Corporation On Wednesday October 19, 2011, 5:03 pm EDT
CAMERON PARK, Calif. Oct. 19, 2011 /PRNewswire/ -- Steele Resources Corporation (the "Company") (OTCBB:SELR.ob - News) announced today that it has begun the development of an underground drift at its Mineral Hill Project near Pony, MT. This development work is anticipated to have the Company on mineralized structure by the end of the year. Upon completion of the infrastructure, the Company is planning to begin mining activity with a targeted minimum average grade of .2 ounces per ton/ day of gold. The mined material will be shipped to a third party for processing. The Company is using a third party contractor for the development, anticipated mining, shipping, and processing. It believes that its total production cost per ton will be approximately $138.00.
CEO Scott Dockter commented saying, "Moving the Mineral Hill Project from the exploration phase to the development phase with anticipated mining in the near future is huge for Steele Resources and its shareholders. Once active gold mining commences at this project, our Company will be set apart from the array of exploration companies. Developing this portal and moving towards mining demonstrates we have the wherewithal to execute on our commitments, and it is our belief that the continued development of this project will translate into value for the shareholders and investors."
Steele Resources recently completed the removal of stockpiled material from the Mineral Hill Project. This material was moved to a transfer site where it is being crushed and shipped to a third party for processing.
About Steele Resources Corporation:
Steele Resources Corporation is a precious metals exploration and development company operated by professionals with extensive exploration, mining, and public market experience. The Company is working to become an active gold producer through exploration, acquisitions, mergers, and by developing its existing portfolio of properties. Its current ensemble of exploration properties, held by its subsidiary, Steele Resources, Inc., includes the 1800 acre Mineral Hill Gold Exploration Project.
More information about Steele Resources Corporation can be found at www.steeleresources.com.
Safe Harbor Statement
The matters discussed in this release contain forward-looking statements within the meaning of Section 21E of the Securities Exchange Act of 1934, as amended, and Section 27A of the Securities Act of 1933, as amended that involve risks and uncertainties. Although Steele Resources Corp. believes that the expectations reflected in such forward-looking statements are reasonable, the forward-looking statements are subject to risks and uncertainties that could cause actual results to differ from those projected. Steele Resources Corp. cautions investors that any forward-looking statements made by Steele Resources Corp. are not guarantees of future performance and actual results may differ materially from those in the forward-looking statements. Factors that could cause actual results to differ materially from those reflected in forward-looking statements include, but are not limited to, risks and uncertainties regarding the actual mineralization of Steele Resources Corp.'s mining properties, the unproven nature of and potential changes to Steele Resources Corp.'s business model, the risk that the capital and other resources that Steele Resources Corp. will need to exploit its business model will not be available, and the risks discussed in Steele Resources Corp.'s filings with the Securities and Exchange Commission.
Contact:
Newsletter signup and website: www.steeleresources.com
Email: info@steeleresources.com
Scott Dockter Phone: 530.672.6225
investorwisdom
13 years ago
press release July 25, 2011, 8:31 a.m. EDT
Kilo Announces Appointment of New CEO
TORONTO, ONTARIO, Jul 25, 2011 (MARKETWIRE via COMTEX) -- Kilo Goldmines Ltd. /quotes/zigman/545007 CA:KGL +2.56% (frankfurt:02K)("Kilo" or the "Company") is pleased to announce it has hired Alex van Hoeken to serve as President and Chief Executive Officer (CEO) of Kilo effective September 1, 2011.
Mr. van Hoeken will replace Peter Hooper who is currently serving as Interim CEO. This appointment is subject to regulatory approval. Mr Hooper will remain as an advisor to the Company for a six month period and will not be standing for re-election at the Annual General Meeting of the Company to be held on September 1, 2011.
Mr. van Hoeken is a Dutch citizen and obtained a B.Sc. in Mining Engineering from the Colorado School of Mines in 1991. His early career included positions in the maritime construction industry in Nigeria, Malaysia, Qatar, and several European countries, after which he was involved in the establishment of gold and copper exploration and mining ventures in Indonesia, Mexico, and Oman.
He has been active in the mining industry in various management and consulting positions in the Democratic Republic of Congo (DRC) in the gold, diamond, and copper sectors since 1999 and has extensive experience with remote operations. Mr. van Hoeken has been a director and managing director of several private companies and subsidiaries of listed companies since 1996. He is fluent in French, and is a Fellow of the UK Institute of Materials, Minerals, and Mining as well as a UK Chartered Engineer, and a Professional Member of the US Society of Mining Engineers.
Mr van Hoeken is currently spending a lot of his time in the DRC.
Mr. David Netherway, the Chairman of Kilo commented: "We are extremely pleased to welcome Alex as CEO. He brings with him a wealth of experience of working in the DRC and his mining and corporate background will be invaluable to taking Kilo forward."
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.
Contacts:
Kilo Goldmines Ltd.
David Netherway
Non-executive Chairman
+44 7764 189695
dgnetherway@kilogoldmines.com
Kilo Goldmines Ltd.
Philip Gibbs
Chief Financial Officer
905-467-9126
philip@kilogoldmines.com
www.kilogoldmines.com
SOURCE: KILO Goldmines Ltd.
mailto:dgnetherway@kilogoldmines.com
mailto:philip@kilogoldmines.com
http://www.kilogoldmines.com
investorwisdom
13 years ago
Kilo Announces Changes in Management and Board
Jul. 7, 2011 (Marketwire Canada) --
TORONTO, ONTARIO -- Kilo Goldmines Ltd. (TSX VENTURE:KGL)(FRANKFURT:02K) ("Kilo" or the "Company") announced today that Klaus Eckhof will be stepping down as Chief Executive Officer and Peter Hooper will be stepping down as Executive Chairman. Mr. Hooper has agreed to serve as interim President and Chief Executive Officer until a replacement has been named, expected shortly. Messrs. Eckhof and Hooper will continue to serve as Directors of the Company.
Subject to regulatory approval, David Netherway will join the Board of Directors as Non-Executive Chairman. Mr Netherway is currently the Chairman of African Aura Mining Inc. (TSX & AIM), GMA Resources plc (AIM) and Altus Strategies Ltd. and a non-executive director of Gryphon Minerals Ltd (ASX) and Altus Resource Capital Ltd (LSE). In connection with Mr. Netherway's appointment and subject to regulatory approval, Kilo has granted Mr. Netherway options to acquire 5,000,000 common shares under the Company's stock option plan exercisable for a period of three years at an exercise price of $0.20 per share.
A candidate for the CEO position with mining and exploration experience in Africa, including the DRC, has been identified and discussions with this individual are continuing. Further details will be provided as appropriate.
In less than two years as a public company Kilo has successfully delineated over 2 million ounces of gold in an NI 43-101 inferred resource statement (see March 2, 2011 press release). This achievement places Kilo as an industry leader in terms of exploration efficiency. With a well-established camp, a recently completed $10 million financing (see May 12, 2011 press release), and further exploration underway at the Somituri Project (see June 28, 2011 press release), Kilo is well positioned to delineate additional ounces in the near term. Two diamond drill rigs are currently turning on gold targets surrounding the Adumbi Deposit and a steady flow of additional results are expected in the coming weeks.
Rio Tinto is engaged in an earn-in option with Kilo for iron ore in the DRC. The KGL ERW project shows compelling mineralization characteristics and has the potential to prove up large tonnages of direct shipping haematite. Under this earn-in agreement Rio Tinto is financing, managing and conducting all iron ore exploration activities.
Peter Hooper stated, "Despite the success of Kilo's exploration program our stock continues to experience downward pressure. Klaus and I felt that it was in the best interest of shareholders to change the composition of the Board and management team. We would like to wish continued success to the new Board of Directors, management, and Kilo shareholders."
About Kilo
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 7,000 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 and a 75% interest in the DRC entity that holds the ERW Exploration Permits.
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.
Kilo Goldmines Ltd.
+1 416-312-4550
peter@kilogoldmines.com or info@kilogoldmines.com
www.kilogoldmines.com/facebook
www.kilogoldmines.com
dimckll
13 years ago
New news . . .
Press Release Source: KILO Goldmines Ltd. On Thursday June 30, 2011, 7:35 am
TORONTO, ONTARIO--(Marketwire - June 30, 2011) - Kilo Goldmines Ltd. ("Kilo" or the "Company") (TSX VENTURE:KGL - News; FRANKFURT:02K - News) is pleased to announce that 31.70 metres grading 4.39 g/t gold has been obtained in a trench on the Manzako Prospect of the Somituri Project in north-eastern Democratic Republic of Congo ("DRC"). A 13.60 metre interval in this trench returned 8.99 g/t gold; moreover, the trench has not traversed the entire mineralized zone.
The Manzako Prospect is characterized by a series of parallel gold bearing quartz veins hosted within tuffaceous metasediments and mafic volcanic tuffs over a 2.5 kilometre strike length and a width in the order of 500 metres. An initial trenching program on the Manzako Prospect consisted of six short trenches totalling 235.10 metres to evaluate six separate areas of current and/or historical gold exploitation as illustrated on Figure 1. A summary of the Manzako trenches and weighted average gold intersections is listed in Table 1.
Table 1. Manzako trenches and gold intersections.
Length From To Interval Gold
Trench (m) Azimuth (m) (m) (m) (g/t)
SMTR001 19.40 230 5.30 12.40 7.10 0.52
SMTR002 57.10 040 17.80 18.80 1.00 0.47
56.30 57.10 0.80 0.44
SMTR003 31.70 040 0.00 31.70 31.70(i) 4.39
Includes 8.60 22.20 13.60 8.99
SMTR004 38.10 040 21.20 22.30 1.10 0.43
SMTR005 44.50 224 5.00 6.00 1.00 0.44
9.00 10.00 1.00 5.03
SMTR006 44.30 220 no elevated gold values
Note: (i) includes 1 m that was not sampled.
Peter Hooper, Executive Chairman of Kilo, commenting on the Manzako Prospect trench results stated; "The wide gold zone delineated by trench SMTR0003 was unexpected on a prospect that to date has only returned high gold values over narrow widths, consistent with the historical data.
These new results are very encouraging and indicate that detailed exploration may discover additional wide zone(s) of high grade gold."
The initial and last sample in trench SMTR003 returned 0.43 g/t Au and 3.23 g/t Au respectively indicative that the limits of the mineralized zone have not been determined. The trench will be extended in both directions. Given that the samples were collected horizontally over the length of the trench the true width of the gold zone reported on herein is considered to be 100%. The gold bearing zone in SMTR003 is tentatively interpreted to dip steeply towards the northeast. To further evaluate this new gold discovery a diamond drill hole will be collared to the northeast of the trench and drilled southwest to undercut this gold zone. Soil sampling is currently being carried out over the entire Manzako Prospect at 20 metre intervals on lines spaced 160 metres apart and oriented normal to the lithological strike direction. The objective of the soil sampling survey is to define the distribution of gold mineralization on the Manzako Prospect and provide guidance to the continuing trenching and drilling programs.
Trench SMTR002 will be extended to the northeast as the last sample returned an elevated value of 0.44 g/t Au.
Illustrated on Figure 1, in addition to the trenches are the 2010 diamond drill holes. Drill hole SADD0001, collared to the northwest of trench SMTR003, is interpreted to have drilled beneath, or within the footwall, of the northerly dipping gold zone intersected in trench SMTR003.
The trenches were manually excavated into weathered in-situ rock. Continuous horizontal chip-channel samples were collected from one wall of the trench over the entire length of the trench. Sample lengths were 1.0 metre or less in length with the exception of the first sample which was 1.5 metres long.
About the Somituri Project
The Somituru project consists of eight Exploitation Licenses, valid until 2039, within the Ngayu Greenstone Belt, Oriental Province. The 2010 drilling on the Adumbi gold deposit delineated a gold zone with an NI43-101 compliant inferred resource estimate of 2.03 million ounces grading 1.37 g/t Au at a cut-off grade of 0.50 g/t Au (see Press Release dated March 2, 2010).
Historical exploitation on the Adumbi gold deposit was carried out from surface to the water table, or about 120 vertical metres and focused on a high-grade quartz vein situated in close proximity to the footwall limits of the 2010 delineated gold mineralization. Records from the colonial era, unverified by the Company, indicate that during the 1940s until its closure in 1958 the combined gold production from the Adumbi and Bagbaie (Adumbi North) gold mines produced about 200,000 ounces of gold from approximately 500,000 tonnes quartz vein ore that averaged 11 g/t gold.
According to historical records, unverified by the Company, the Kitenge and Manzako mines produced about 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 Kilo
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 7,000 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 trench program, and results, disclosed in this press release were planned by Kilo geologists under the supervision of 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.
Figure 1, is a compilation map of the portion of PE9691 explored by the Company to date: http://www.kilogold.net/pr30jun2011
Facebook: www.kilogoldmines.com/facebook
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.
Contact:
Peter Hooper
Kilo Goldmines Ltd.
Executive Chairman
(416) 360-3402
info@kilogoldmines.com
www.kilogoldmines.com
dimckll
13 years ago
THIS is what I was looking for last week . . .
Press Release Source: Kilo Goldmines Ltd. On Tuesday June 28, 2011, 8:00 am EDT
TORONTO, ONTARIO--(Marketwire - June 28, 2011) - Kilo Goldmines Ltd. ("Kilo" or the "Company") (TSX VENTURE:KGL - News; FRANKFURT:02K - News) is pleased to announce that an exploration program of trenching, soil sampling and drilling with two diamond drills is currently underway on selected targets on the Somituri Project in north-eastern Democratic Republic of Congo ("DRC"). The corporate objective in the short term is to improve the geological understanding of a number of gold bearing exploration targets on Exploitation Permit PE9691. The gold targets are all situated within a 10 kilometre radius of a possible central processing facility where material could be blended. In addition, exploration is being carried out on PE9692, 35 km to the west northwest of PE9691 and an initial evaluation of the gold potential on the other six licences of the Somituri project is planned.
PE9692
During 2011 the Company carried out an initial exploration program of geological mapping, rock sampling, trenching and sampling, on the southern portion of PE9692. Two areas, about 300 metres apart, are the focus of work where quartz veins are hosted in sheared sericite schist. The lithological units strike northwest and the sericite schist unit is flanked to the southwest by the BIF unit.
The Company plans to carry out a detailed soil sampling survey to define areas for trenching and ultimately diamond drilling. Historical workings, considered to be from the colonial-era, were observed within the vicinity.
PE9691
A compilation of the 2010 exploration data, coupled with historical data has, to date, defined seven areas that warrant further evaluation through exploration as illustrated on Figure 1. During 2010 some 1041 soil samples were collected from widely spaced lines. A number of the soil samples returned statistically anomalous values equal to, or greater than, 0.20 g/t Au. Only those soil sample sites with values equal to or greater than 200 ppb (0.20 g/t) are illustrated on Figure 1; gold values for samples that returned 300 ppb or higher (0.30 g/t) are indicated on Figure 1. A brief summary of the characteristics of each exploration target are presented below.
Kitenge Prospect
Gold bearing quartz veins hosted in tuffaceous metasediments on the Kitenge Prospect were exploited during the colonial era by open pit and underground methods. Diamond drilling of five holes in 2010 intersected high grade gold values hosted in narrow quartz veins. Gold-in-soil anomalies with values up to 0.60 g/t Au were delineated immediately to the south of the area drilled in 2010. Trench SKTR002 completed over a length of 206.8 metres in 2011, was excavated on the interpreted strike of the gold-in-soil anomaly; it intersected gold values over a combined width of 56 metres normal to the regional strike, from southeast to northwest, as follows;
From (m) To (m) Interval (m) Gold (g/t)
99.00 107.20 8.20 1.15
118.10 134.20 16.10 0.55
162.90 193.00 32.10 0.70
Includes 177.30 193.00 15.70 1.00
The Company has completed two diamond drill holes undercutting the gold values obtained in trench SKTR002. Both of these drill holes intersected shear zones typified by metasediments altered to sericite schist hosting finely disseminated pyrite. An artisanal mining site was also undercut by one of these diamond drill holes. A trench being excavated 80 metres to the northwest has intersected the sercite schist shear zone.
The sampled drill core has been dispatched to ALS Chemex for sample preparation and analysis. Assay results will be announced once the Company receives the data. Additional sites along the projected northwest strike have been prepared for diamond drilling. In addition, the gridded area is currently being expanded for soil sampling.
Adumbi Gold Deposit
The 2010 drilling on the Adumbi gold deposit delineated a gold zone with an NI43-101 compliant inferred resource estimate of 2.03 million ounces grading 1.37 g/t Au at a cut-off grade of 0.50 g/t Au (see Press Release dated March 2, 2010). The Adumbi gold deposit is hosted within banded iron formation ("BIF") and quartz veins with true widths that range from 20 to 140 metres wide. The BIF defines a prominent hill that rises some 130 metres above the base elevation of the surrounding area. The strike extensions of the Adumbi gold deposit remain open and it is open to depth beyond the limits of the NI43-101 compliant estimated resource.
To date, in 2011 the company has completed three diamond drill holes in selected areas on the Adumbi gold prospect; all of these drill holes intersected mineralized BIF and quartz veins. Assay results will be announced once the Company receives the data. Additional drilling is planned.
Canal Prospect
The Canal Prospect, hosted in BIF, is considered to be a southeast trending splay off of the Adumbi gold deposit. This prospect consists of gold hosted within BIF and quartz veins over an interpreted 1.5 kilometre strike length towards the southeast; a series of trenches excavated in 2011 confirms geological continuity over approximately 700 metres and additional trenches are planned. One diamond drill hole was collared on this prospect in 2010 and it returned 11.45 m grading 3.33 g/t Au.
The first 2011 diamond drill hole collared on the Canal Prospect intersected an alternating sequence of BIF and tuffaceous metasediments over a core length of about 30 metres followed by a quartz vein for 14 metres. The second 2011 drill hole intersected the BIF unit beneath the 2010 intersection. One diamond drill hole is in progress and additional drill holes will be collared at a spacing of 160 metre intervals along strike. Assay results will be announced once the Company receives the data.
Vatican Prospect
The Vatican Prospect is typified by a series of parallel gold bearing quartz veins over a strike length of about 1.0 kilometre and a width in the order of 250 metres hosted within tuffaceous metasediments. In addition thin intervals of BIF were observed within artisanal workings in close proximity to quartz veins. The Vatican Prospect, first exploited in the colonial-era, is currently the focus of intense artisanal exploitation whereby historical tailings are being reworked through the assistance of high pressure water.
One diamond drill hole has been completed, one is in progress and a third is planned; metasedimentary rocks with some quartz veining as well as narrow intervals of BIF have been intersected.
Manzako Prospect
Exploitation on the Manzako Prospect was carried out from surface and underground during the colonial era; the ore was processed together with ore from the Kitenge Prospect. The Manzako Prospect is characterized by a series of parallel gold bearing quartz veins hosted within tuffaceous metasediments and mafic volcanic tuffs over a 2.5 kilometre strike length and a width in the order of 500 metres. Gold-in-soil values up to 1.50 g/t Au were obtained. The 2010 diamond drilling intersected multiple gold bearing intervals in two widely spaced drill holes evaluating separate gold bearing quartz veins. Gold intersections in SMDD002 included 3.90m @ 2.63 g/t Au and 4.70m @ 9.37 g/t Au, and in SMDD003 2.40m @ 2.63 g/t Au and 6.50m @ 7.76 g/t Au.
Soil sampling is currently being carried out over the Manzako Prospect at a density of 20 metres x 160 metres.
Libreville - Monde Arabe Prospect
The Libreville - Monde Arabe Prospect is defined by an intermittent series of historical and current exploitation workings coupled with anomalous gold-in-soil anomalies over a northwest - southeast strike length in the order of 3 kilometres and a width of about 0.5 kilometres. The gold bearing quartz veins are hosted within tuffaceous metasediments and localized occurrences of sericite schist. Infill soil sampling will be carried out over this prospect to further define targets for trenching and follow-up diamond drilling.
Adumbi North Prospect
The Adumbi North Prospect, referenced as Bagbaie during the colonial era, was mined from surface and underground. The mined area consists of quartz veins hosted in sheared tuffaceous meatasediments over a strike length of about 500 metres. A gold-in-soil anomaly, about 500 metres wide oriented normal to strike with values up to 3.61 g/t Au was defined. The immediate exploration objective is to further evaluate this area through trenching, mapping and drilling.
Peter Hooper, Executive Chairman of Kilo, commenting on the 2011 exploration program stated; "Historical data coupled with results of the 2010 exploration activities has confirmed that a number of highly prospective Adumbi size targets may occur on PE9691. The main focus of the 2011 program will be to i) infill drill the Adumbi Deposit in the high grade areas to both increase the total resource and convert inferred ounces to indicate ounces, and ii) define new NI43-101 compliant resources bydrill testing each of the other high priority exploration prospects. In addition, surface work consisting of further soil sampling and trenching will be carried out beyond the defined limits of the known zones with the objective of delineating additional drill targets. The initial exploration success on PE9692 is particularly encouraging and the Company plans to carry out follow-up exploration as well as continue with preliminary exploration over selected areas of the remaining seven Exploitation Licences of the Somituri Project."
The size of each Prospect is summarized in Table 1; the Adumbi Gold Deposit is highlighted.
Table 1. Size of the Exploration Prospects.
----------------------------------------------------------------------------
Strike
Length Width Target Area
Target (km) (km) (Square km)
----------------------------------------------------------------------------
Adumbi North Prospect 0.50 0.50 0.25
----------------------------------------------------------------------------
Adumbi Gold Deposit 1.2 0.20 0.24
----------------------------------------------------------------------------
Canal Prospect 1.5 0.10 0.15
----------------------------------------------------------------------------
Libreville - Monde Arabe Prospect 3.0 0.75 2.25
----------------------------------------------------------------------------
Vatican Prospect 1.0 0.75 0.75
----------------------------------------------------------------------------
Kitenge Prospect 1.2 0.80 0.96
----------------------------------------------------------------------------
Manzako prospect 2.5 0.50 1.25
----------------------------------------------------------------------------
About the Somituri Project
The Somituru project consists of eight Exploitation Licenses, valid until 2039, within the Ngayu Greenstone Belt, Oriental Province.
Historical exploitation on the Adumbi gold deposit was carried out from surface to the water table, or about 120 vertical metres and focused on a high-grade quartz vein situated in close proximity to the footwall limits of the 2010 delineated gold mineralization. Records from the colonial era, unverified by the Company, indicate that during the 1940s until its closure in 1958 the combined gold production from the Adumbiand Bagbaie (Adumbi North) gold mines produced about 200,000 ounces of gold from approximately 500,000 tonnes quartz vein ore that averaged 11 g/t gold.
According to historical records, unverified by the Company, the Kitenge and Manzako mines produced about 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 Kilo
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 7,000 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 drilling 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.
Figure 1, is a compilation map of the portion of PE9691 explored by the Company to date: http://www.kilogold.net/pr28jun2011
Facebook: www.kilogoldmines.com/facebook
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.
Contact:
Peter Hooper
Kilo Goldmines Ltd.
Executive Chairman
(416) 360-3402
info@kilogoldmines.com
www.kilogoldmines.com
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