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or Name
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Kilo Goldmines Ltd (2)
Symbol KGL
Shares Issued 169,699,855
Close 2017-03-16 C$ 0.08
Market Cap C$ 13,575,988
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Kilo Goldmines appoints Welborn to board

2017-03-16 16:22 ET - News Release

Mr. Philip Gibbs reports

KILO GOLDMINES ANNOUNCES APPOINTMENT TO THE BOARD OF DIRECTORS

Kilo Goldmines Ltd. has appointed John Welborn to its board of directors, subject to regulatory approval.

Mr. Welborn is the managing director and chief executive officer of Resolute Mining Ltd., a leading Australian gold miner with more than 20 years of successful exploration, development and operation of African-based gold mines. Resolute is currently Kilo's largest shareholder holding 46,568,000 common shares and 24.7 million common share purchase warrants of Kilo, representing 36.6 per cent of the current issued and outstanding common shares on a partially diluted basis.

Mr. Welborn is a chartered accountant and former investment banker with a passion for responsible and sustainable mining development in West and Central Africa. He is currently listed by MiningMx as one of the 100 most influential people in Africa's mining industry.

David Netherway, chairman of Kilo, commented: "We are delighted to have Mr. Welborn join the board. Mr. Welborn's extensive financial and mining expertise will be invaluable as Kilo continues its program of exploration and potential future development, and his appointment reflects the close working co-operation between Kilo and Resolute, our largest shareholder."

Mr. Welborn commented: "It is pleasing to join the board of Kilo at this exciting time. The company's large landholding in the Ngayu greenstone belt of the Democratic Republic of Congo is highly prospective, and I share Kilo management's enthusiasm to explore the potential for further gold deposits. The current drilling program testing new targets in and around the Adumbi prospect is focused on identifying opportunities with the potential to add to the company's existing resource base, and I look forward to future exploration results."

About Kilo Goldmines Ltd.

The company holds about 2,417 square kilometres of prospective Archean Kibalian greenstone in the Kilo-Moto area in the Democratic Republic of the Congo.

Incorporated within these licences is:

  • The Somituri project (71.25 per cent owned by Kilo), comprising six contiguous licences (361km Superscript 2) held by KGL-Somituri SARL;
  • The KGL Isiro SARL joint venture (JV) with Randgold Resources Ltd. (2,056 square kilometres) for gold and associated minerals only. The JV is managed by Randgold and financed by it to a prefeasibility study for a 51-per-cent participation interest. Upon completion of the prefeasibility study, Kilo can participate in financing or Randgold will increase its participation to 65 per cent by completing a feasibility study. Areas which may be deemed of no interest to Randgold will be returned to Kilo.

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