Imweru Gold Project

LOCATION

Imweru is located in the Lake Victoria Goldfields region of northern Tanzania and forms part of the Imweru Licence Portfolio owned by Reef Miners Ltd, a 100% Tanzanian registered subsidiary of Katoro Gold Ltd. It is approximately 120 km directly southwest of the city of Mwanza in northern Tanzania (approximately 160 km west-southwest by road) and the towns of Geita and Katoro lie respectively 33 km to the east and 13 km to the south.

Mineral Resources

The total Mineral Resources stated for Imweru, established in accordance with the JORC (2012) Code, consist of 11.607 Mt at grade of 1.38 g/t for a Mineral Resource of 515,110 oz Au at a mineral resource pay limit of 0.4 g/t for the open-pittatble material and 1.3 g/t for the underground material, which is within Prospecting Licence PL6284/2009.

The Mineral Resources for the Imweru Gold Project as calculated by Minxcon as at 2017 are presented in the table below.

Imweru Gold Project Mineral Resources as at 10 March 2017

AreaMaterialMineral Resource
Category
(Total)
Tonnes
(Mt)
Density
(t/m3)
Au
(g/t)
Au
(kg)
Au
(koz)
CentralLateriteIndicated-----
SaproliteIndicated0.6542.51.621,06034.09
SulphideIndicated1.7132.891.031,76456.71
EastSulphideIndicated-----
Total Indicated2.3672.71.192,82490.8
CentralLateriteInferred0.4132.52.91,19938.54
SulphideInferred0.562.51.6894230.27
SulphideInferred7.6152.891.188,952287.83
EastSulphideInferred0.6522.73.232,10567.66
Total Inferred9.242.721.4313,197424.31
Total11.6075.42-16,021515.11

DEVELOPMENT

Completed all technical aspects of the pre-feasibility study for its Imweru Gold Project, Tanzania ('Imweru') and continuing engagement with the Tanzanian Ministry of Minerals to determine the next steps with regards to the development of Imweru.