Zambian focused manganese company Kaboko Mining Limited (ASX:KAB) (Kaboko or the Company) is pleased to confirm that its exploration program is currently underway at its Northern Zambian manganese project at Mansa with 17 holes (870m) drilled to date as part of a 1,200m program. The indicative results from initial drilling are very encouraging and the Company intends to expand the program by drilling additional deeper holes targeting confirmation of the known mineralisation area and potential extension of this area. Further details of drilling results will be provided once available. These drilling results will be used to in conjunction with the recent scoping study to prepare a JORC compliant resource statement at the Mansa Project.
On 4 September 2013 the Company announced the allotment of 170,440,000 new options exercisable at $0.012 on or before 31 August 2016 in accordance with the Entitlement Issue Prospectus dated 2 August 2013. The Company confirms the completion of the option rights issue shortfall of 121,975,898 attaching new options exercisable at $0.012 on or before 31 August 2013. Funds raised from the Option Rights Issue totalled $292,415 before costs.
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