Kilo Goldmines Shareholders Vote Against Somituri Joint Venture
TORONTO, ONTARIO--(Marketwired - Mar 10, 2016) - Kilo Goldmines Ltd. ("Kilo" or "KGL" or the "Company") (TSX VENTURE:KGL)(FRANKFURT:02K) announced that shareholders of the Company, at the annual and special meeting of shareholders held in Toronto earlier today, did not approve by the required majority the previously announced proposed joint venture with Randgold Resources (DRC) Limited in respect of the Company's Somituri gold project in northeast Democratic Republic of Congo. Accordingly, the proposed joint venture will not be proceeding and the Company will pursue other means to advance the project. All other matters at the annual and special meeting were approved as proposed by management.
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 holds about 2,418 square kilometres of prospective Archaean Kibalian greenstone in the Kilo-Moto area in the Democratic Republic of the Congo.
Incorporated within these licences is:
- the Somituri project (71.25% owned by KGL), comprising six contiguous licences (361km2) 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 (PFS) for a 51% participation interest. 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.
KGL has retained the rights to explore for and develop iron ore resources and other minerals associated with the licences held by KGL Isiro SARL.
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
Philip Gibbs
Interim CEO
+1 416 360 3406
philip.gibbs@kilogoldmines.com
www.kilogoldmines.com
