http://www.kibomining.com/

Just bought these as a pure punt @ 3.12

Minesite
April 28, 2010

Kibo Mining Makes A Solid Debut On Aim, Heralding The Return Of Good Old Fashioned Exploration To The Market
By Alastair Ford



Shares in Kibo Mining debuted on Londons Aim market on Tuesday 27th April, and closed at a very satisfactory 3.25p. That price represented a nice result for all those who came in before the listing when the company raised 1.25 million at 1.5p per share, but chief executive Noel OKeeffe is convinced that the instant premium is justified, on the basis of the potential of Kibos Tanzanian gold, nickel and platinum assets. He also points out that some of the companys other, less recent, fundraisings, were done at much higher levels, on the basis of independent valuations of those same assets. Kibo raised no money on listing, so given that its Irish-based and that there werent any UK brokers getting a nice percentage, the coverage in London was fairly thin. Kibo did, however, put in an appearance at the Master Investor Show, which was held in the Business Design Centre in Islington the previous weekend, and there was plenty of interest from the retail investment audience that the show delivered.
And thats not surprising when you consider that Kibo has many of the classic ingredients that go to making up a successful exploration company experienced management, good looking grass roots prospects, and enough ounces in the ground already to build a viable mining operation around. The experienced management comes in the shape of non-executive chairman Chris Schaffalitzky, well-known in London for his role in the discovery of the Lisheen zinc mine in Ireland, and Noel OKeeffe, who worked in Tanzania during the 1990s for a company well-known to Minesite readers: Ormonde Mining. Ormondes moved on a bit since then, but talking of Minesite favourites, one company thats still on the ground in Tanzania is African Eagle, and as a legacy from a former deal African Eagle is on the register and duly locked in. The directors, all of whom have experience in Tanzania, save the finance director, are all also locked in, for two years. With nearly 10 per cent of the shares Chris Schaffalitzky is the second largest shareholder behind Sunvest, one of investment vehicles of serial mining investor Bruce Rowan, while Noel OKeeffe holds nearly 3.7 per cent of the shares. No question that the management interest will be aligned with the other shareholders for the foreseeable future.

Listing on Aims not cheap, and now that the companys shares have arrived on Aim its sobering to note that having raised well over 1 million as recently as March, theres now just 629,000 in the kitty. That should be enough to allow the company to have a fair crack at its assets though. The lead prospect is Itetemia, a mere five kilometres away from Barricks Bulyanhulu mine in the prolific Lake Victoria Goldfields region, and which already boasts a JORC resource of 422,000 ounces. This, says Noel OKeefe, shows good potential for an open pit mine.

The plan is to undertake infill drilling to move the resource ounces up into the measured and indicated categories, and to try to make the project as attractive to Barrick as possible. Failing that, small mines are quite the thing these days, what with gold at US$1,170 or thereabouts. Plans are afoot for a preliminary mine engineering study to follow in the wake of an assessment by consultants at CSA Global which demonstrated the potential for an open pit mine to mine out the shallower resources.

Next up after Itetamia is Luhala, which already boast a non-JORC compliant resource just shy of 112,000 ounces, and where the next round of drilling will attempt to establish the extent of a shallowly dipping gold zone called Kisunge East. After that the plan is to pore over historic geophysics with a view to generating new targets, both at Luhala, and at Itetamia. At Luhala, new geophysical surveys will also be undertaken. Noel OKeeffe reckons that such surveys could eventually lead to additional new resources such that Kibo could go past a resource base of a million ounces.

In the background sits the Haneti platinum-nickel prospect, which hasnt yet been the subject of any drilling. This could provide the real blue sky for the company, as Noel OKeeffe makes no bones about it: There are good targets there, he says. You might think so, given that the Haneti licence comprises 7,100 square kilometres of ground. One area, Mwaka Hill, will be drill tested this year, while its hoped that other targets will be identified by geochemistry and geophysics as the year progresses. This is exploration good and proper, and that pure play explorers are at last making it on to Aim after a hiatus of two years or so is a development to be welcome. The bad times may just be over.

Trades being shown as red are all buys.

aldwickk, can you put a chart in the header please, makes it easier to follow.
cheers BB.

There is no chart for KIBO yet on moneyam , this is only the 2nd day of trading. but i have a chart from another souce that i will try to post to the header.

thanks.

All buys this morning and offer price as moved up 0.25 to 3.5 , having looked again not sure what are buys and what are sells.

Times 28thApril
Tiddler to watch

Kibo Mining made a muscular debut on AIM yesterday. Alexander David Securities and Daniel Stewart placed the shares at 1p each with investors. They closed at 2p after retail investors tucked in. Kibo, which is looking for gold and nickel in Tanzania, will use the 1.2 million raised to develop three prospects in the East African country.

Kibo up 21.72 % on what looks like a 175,000 buy , but showing up as a sold trade

nice spread.... 1.75--2.50!

The spread has always been a problem, due to the low volume of trades.

aldwick can you confirm that is a buy? i had a limit order for 1.8p that hasn't been filled.

Alex

They are all buys today, you would have to pay 2.05 to 2.25 to buy up to 150,000 the trouble with a limit order is if the bid price is showing 2.00 the broker would not buy them even if you could buy them at best for 1.8

at open bid was 1.5 and offer 2.0[at least on L1 info] was only after 5k to down average so not too fussed

someones bought 44 shares , how much will they be worth after commision and stamp duty ? offer price 2.25 deal struck at 2.0

Supreme optimist no doubt.
2517

roly - mm mumbo jumbo most likely......believe me

TFC , AFE have a holding in these

Why would anybody want to buy a lump of poo like this?

If I want to throw my money away I can always open the window and do so.

spread is something of a deterrant here Roly .-in saying that AFE spread is much the same .........but do you think KIBO have enough cash to last beyond next week ?...................will no doubt be out with begging bowls soon