Fleurette Group's SMB: Update on Moku-Beverendi Gold Exploration Project - Further Mineralisation Identified

KINSHASA, Democratic Republic of Congo, September 16, 2014 /PRNewswire/ --

Key Points:

• Exploration of the unexplored Northern end of the concession commenced. Early indications are of further high-grade mineralisation.
• Extension of mineralisation identified by geochemical sampling in existing exploration area. Early indications show the mineralisation is larger than previously identified.
  

Fleurette Group (Fleurette) announces that following positive initial mineralisation discoveries, Société Minière de Moku-Beverendi (SMB) Sprl has extended its exploration programme of the Moku-Beverendi licence areas. The Moku-Beverendi areas together cover 1,270 square kilometres in the remote north eastern Democratic Republic of Congo (DRC) and adjoin areas currently being developed as part of the Kibali Gold Project by Randgold and AngloGold Ashanti.

In December 2013, SMB announced the completion of first phase exploration, which identified several mineralised deposits, suitable for open pit and/or underground mining. Initial analysis showed Moku-Beverendi has the potential to contain a world-class deposit just as the Kibali Gold Project does.

Since then, SMB has discovered further mineralisation in the existing exploration areas and analysis indicates mineralisation potential which is larger than initially thought. As part of the expanded exploration programme, SMB has also commissioned exploration activity in the unexplored northern end of the concession in which SMB has discovered new targets with promising high-grade indices.

As a result of these new finds, SMB has recalibrated its targets for the project. It is anticipated SMB will begin an extensive core drilling campaign later this year to confirm the mineral potential in the southern end of the concession, and begin a strategic drilling campaign in the northern end to better identify mineralisation potential. This activity is scheduled to take 12 months.

To date Fleurette has invested $37.5 million in the project, of which $14 million has been spent on Phase 1 exploration activities by SMB. In 2014, it is expected Fleurette will spend a further $4.5 million in exploration work including the renewal of the mining licenses, taking the total Fleurette investment in Moku to $42 million by the end of the year.

SMB is a joint venture between Moku Goldmines AG (majority-owned by Fleurette) and SOKIMO, the DRC state-owned mining company. Moku Goldmines owns 65% of SMB, and SOKIMO 35%. Moku announced it had set up SMB with SOKIMO on April, 16th, 2011 and on April 28th the contract transferring the mining licenses from SOKIMO to SMB was signed.  

SMB continues to invest in a number of social initiatives in the local area as part of Fleurette's commitment to investing in social projects in the DRC. These investments follow the foundation of a local commission to meet with local community representatives to help advise on which projects to invest in.  New projects include providing equipment and furniture to both the local health centre and schools, the drilling of a water borehole for the Gangazou community and repairs to the road and bridges between Watsa and Moku itself.

Karim Robo, CEO of SMB said: 

"It is very clear Moku-Beverendi has the potential to be a world class asset. Our 2013 exploration campaign was a success and we have been very pleased with the additional mineralisation identified both in the southern end of the concession, but also what we now believe to be high grade potential in the northern end which up until now, has been completely unexplored. Challenges remain - this is a remote project in an area with limited infrastructure and access; nonetheless, we are fully committed to our core drilling campaign which we hope will enable us to confirm a JORC compliant resource in due course." 

About Fleurette Group 

The Fleurette Group of Companies ("Fleurette") is a Dutch entrepreneurial business with significant investment in diverse sectors, including natural resources, infrastructure, agriculture and technology. Fleurette has substantial investments and operations in the Democratic Republic of Congo (DRC).  The parent company of the group, Fleurette Properties Limited, a Dutch resident company, is owned by Line Trust Corporation Limited strictly and solely as trustees of the Ashdale Settlement, a trust established in 2006 for the benefit of the family of Dan Gertler. Mr Gertler is a citizen and resident of Israel and the DRC (and honorary counsel to the DRC) and is committed to developing the country's natural resources and infrastructure, while investing in the Congolese people and their communities.

Fleurette has a proven track record of successful co-operation with diverse parties, including the DRC State-owned mining company Gécamines, and to date has brought more than USD $7 billion of investment into the DRC, on top of its USD $2 billion in private investment. As a result, Fleurette's subsidiaries and partnerships support around 30,000 jobs in the DRC and are amongst the DRC's leading taxpayers, contributing significant revenues to the State.

Fleurette is also a major contributor to social development in the DRC through the Gertler Family Foundation (GFF) and through direct investment in social infrastructure. The GFF is the largest charitable organization in the DRC, funding more than 50 programs and projects across the DRC, which help tens of thousands of Congolese every year.  These include rebuilding key hospitals, notably the Kisangini "Hospital du Cinquantenaire"; supporting the Operation Smile campaign in Lubumbashi and Kinshasa; rebuilding Blaise Pascal School in Lubumbashi; and supporting the Lubumbashi Zoo.

Food security is a critical issue for the DRC and in Kinshasa, Fleurette and the GFF are developing 1,482 acres of land into the Kitoko Food Farm in partnership with local and international organizations.

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SOURCE Fleurette Group