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KBL Mining Ltd, $12.5 Million R&D Claim

The Company advises it is lodging a claim under R&D Tax Incentive provisions of the Income Tax Legislation in respect of the 2011-12 financial year. The claim is for a cash amount of some $12.5 million arising from the cost of R&D activities in process development associated with Parkers Hill ores and other R&D activities associated with the Pearse gold silver project.

Previously, KBL has received cash reimbursement of R&D claims for the 2010 and 2011 financial years of some $1.1 million. The activities the subject of the 2011-12 claim are a continuation of the activities conducted during the 2010 and 2011 years.

Eligibility for the rebate is subject to the Company meeting all relevant taxation eligibility criteria for obtaining a refundable tax offset and the claim may be reviewed by either the Australian Taxation Office or Innovation Australia. The timing of receipt of these funds is uncertain but the Company is aware of analogous claims of a similar quantum having been already paid in respect of the 2011-12 year.

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