kimberley metals ltd (KBL) Snapshot

KBL Mining Limited announced that John Richards has retired as a Director due to increasing other commitments.

KBL Mining Limited announced that they will report Q2, 2013 results on Feb 28, 2013

KBL Mining Limited is now focused on production from an underground Cu-Au Resource inventory, totaling 1.13Mt of high-grade ore. Targets include the Red Terror Southwest, ESOZ, SOZ Au and SOZ Cu-Au Lodes. The GD140 lode is located approximately 150m north of the current underground mining operation and 150m east of the historical Eastern Ore Zone development. The GD140 lodes have a target size of 120,000 to 130,000t of ore, grading 0.2­0.3% Cu and 3.3­3.7 g/t Au. This is based on the interpretation of geological and assay data from 18 historical drill holes. Reed Leyton Consulting was engaged to produce a Resource model for the Red Terror Southern Lode ore block. Overall, the Resource within the ore block is reported as 84% Measured, with the balance regarded as Indicated. Material already extracted by development on 1185RL has been removed from the estimate. High-grade Cu ore is currently being mined at Red Terror by stoping on the upper level (1185RL). Decline access to a second stoping level (1165RL) level is currently under development. Ongoing underground diamond drilling is currently targeting westerly extensions of the mineralisation and interpreted parallel lodes to the north. The next phase of drilling will enable calculation of a global Red Terror Resource, including the DDD and Central lodes, which are excluded from the initial Resource estimate. The Red Terror mineralisation, currently interpreted as three main parallel lodes, has a target size of 150,000 to 250,000t ore, averaging grades of 2.0-2.5% Cu and 1.5-2.0g/t Au. The system remains open along strike and at depth towards the east. In addition to testing the lower stoping levels and extensions of the Southwest Lode, underground drilling is currently targeting parallel Cu-Au vein systems immediately to the north. These typically have lower copper, but higher gold grades. Previously reported intersections of 10.9m @ 2.0% Cu and 15.3 g/t Au (hole KUPH025); and 15m @ 1.1% Cu and 2.7g/t Au (hole KUPH028) demonstrate the gold-rich nature of veins north of the Southwest Lode resource. The intervals are apparent thicknesses only as the holes were drilled at a low angle to east-west trending veins later intersected in development.