TORONTO, March 11, 2019 (GLOBE NEWSWIRE) -- Kilo Goldmines Ltd. (“Kilo” or the “Company”) (TSX VENTURE: KGL) announced today that Mr. John Welborn has resigned as a director of the Company. On behalf of the Board, the Chairman, Mr. David Netherway, expressed his thanks to Mr. Welborn for his contributions to the Company during his tenure. Following Mr. Welborn’s resignation, the Board is comprised of three directors, being David Netherway (Chair), James Mustard and Louden Owen, and there are no immediate plans to fill the vacancy created by Mr. Welborn’s resignation.
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 2,417 km² 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 (2,056 km²), for gold and associated minerals only. The JV is managed by Randgold and financed by it to 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. Certain areas which have been deemed of no interest to Randgold have been 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.
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