Kilo Goldmines Ltd. to Issue Shares to Satisfy SIHU Property Payment Obligation
06.09.2011 | Marketwire
TORONTO, ONTARIO -- (Marketwire - Sept. 6, 2011) - Kilo Goldmines Ltd. (TSX VENTURE: KGL) (FRANKFURT: 02K) (“Kilo“ or the “Company“) announced today that amended terms have been agreed to for the final payment for the assignment of the 12 exploration licences in the north-eastern Democratic Republic of Congo (“DRC“) comprising the Company's SIHU property. The Company owns an indirect 99% interest in the DRC company that will receive the assignment of the SIHU exploration licences. The original agreement provided for cash payments totaling US$470,000 (of which US$179,000 has been paid to date). The parties have agreed that, subject to regulatory approval, the remaining balance of US$291,000 will be satisfied by the issuance of 1,265,217 common shares of the Company at a deemed price of C$0.23, instead of payment in cash.About Kilo
Kilo Goldmines Ltd. is a Canadian gold exploration company operating in the Democratic Republic of Congo (DRC). The Company has over 7,000 square km of favourable Archaean Kabalian greenstone in the Kilo-Moto area in north-eastern DRC. Kilo recently announced an inferred resource on the Adumbi Deposit of the Somituri Project of which the Company owns a 71.25% interest in the DRC entity that holds the Somituri Project Exploitation Permits.
The Company is also working on a number of other prospective areas which contain historical workings in the same region. It also has a joint venture with Rio Tinto Ltd. on potential iron ore licences in north-eastern DRC.
This news release may contain forward looking statements concerning future operations of Kilo Goldmines Ltd. All forward looking statements concerning the Company's future plans and operations, including management's assessment of the Company's project expectations or beliefs may be subject to certain assumptions, risks and uncertainties beyond the Company'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.
Contact Information
Kilo Goldmines Ltd.
Alex van Hoeken
President and CEO
+1-416-360-3415
avh@kilogoldmines.com
KILO GOLDMINES LTD.
Suite 1200, 141 Adelaide Street West
Toronto, Ontario M5H 3L5
Website: www.kilogoldmines.com
Facebook: www.kilogoldmines.com/facebook
Twitter: www.twitter.com/kilogoldmines