The Board of Directors of Kaboko Mining Ltd (“Company” or “Kaboko”) is pleased to announce that it has secured the rights to a joint venture arrangement with Genet South Africa (Pty) Ltd (“Genet”) in respect of the Kareepan Manganese Project in the Northern Cape, South Africa (“Kareepan Manganese Project”).
The Kareepan Project is located in the Postmasburg Manganese Field in the Northern Cape province of South Africa. The Postmasburg Manganese Field was discovered in 1922 and was mined predominantly by Assmag and Billiton from 1960 until the early 1980's. Production ceased due to the discovery of the higher grade (+44%Mn) Kalahari Manganese Field. Increased demand for medium grade manganese ore (34-44%Mn) over the past five years has lead to renewed exploration activity in the Postmasburg Manganese Field with several companies either commencing production or reviewing project potential. Neighbouring farms are mined by Assmang and Mittal. This project allows Kaboko to participate in the lucrative South African, Northern Cape manganese and iron ore environment with an established operator as its partner.
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