|By Marketwired .||
|March 14, 2014 06:00 PM EDT||
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.