|By Marketwired .||
|August 11, 2014 11:15 AM EDT||
BELIZE CITY, BELIZE -- (Marketwired) -- 08/11/14 -- Kilimanjaro Capital (OTC PINK: KIMJF) -
Kilimanjaro Capital has come out with a number of recent initiatives in North America and Africa; how serious is the commitment to consummating these deals?
Kilimanjaro aims to fulfill the terms of these opportunities. The Long Coulee agreement with Verity Energy is a longer term project but we have the goal of eventually acquiring that property. North American gas and oil will balance our assets and provide good shareholder value. Today, we are announcing that we are moving ahead with the Sika Resources agreement in Tanzania. This deal can close very quickly due to outstanding cooperation from Sika Resources. The proposed work plan for the gold deposits will be announced soon and funding mechanisms are under negotiation.
What happened in Somalia and why did Kilimanjaro suspend its operations there?
Unfortunately, the Somalia Federal Government has suffered several reversals in recent months at the hands of the Al Shabaab terrorists and the security situation has deteriorated. The majority owner of the ACA Block declared force majeure status making block funding unlikely in the near term. Even though Kilimanjaro made great strides in the region and had signed understandings with two security firms and was in negotiations with logistics, aerial survey, and drilling firms; we had no choice but to suspend operations. Once the situation has stabilized we will return to Somalia.
Is Kilimanjaro still committed to its Future Contingent Assets in Africa?
By all means yes! We are bullish about Cabinda, Biafra, and Southern Cameroons prospects for the long term. The politics in those regions favor eventual self-determination. These assets have minimal carrying costs and a huge upside if successful. We are also observing the situation in Zimbabwe and waiting for opportunities to arise there in the Matabeleland region when the ZANU-PF government of Mugabe finally exits.
The Kilimanjaro share price has taken a hit recently despite all the good news; what is your take on that?
I can't second guess the market but as CEO I believe the stock is undervalued at present. We made the decision to go with the Pink Sheets as our primary market and I do not regret it despite the fluctuations in price. Kilimanjaro however must prove that it can complete deals and move beyond the perception that the payoff is far down the road.
Anything else you want to add?
The deal just concluded with Sika Resources in Tanzania is on the fast track. Sika Resource's CEO Kim Harris is a tremendous resource and with her active input this new alliance is the catalyst that Kilimanjaro needs. Geopolitical issues in Ukraine and the Mid-East have pushed gold over the $1300 an ounce mark making the Tanzania project a priority
Certain statements contained herein constitute forward-looking information. These statements relate to future events or future performance. The use of any of the words "will" and similar expressions and statements relating to matters that are not historical facts are intended to identify forward-looking information and are based on the Corporation's current belief or assumptions as to the outcome and timing of such future events. Actual future results may differ materially. Various assumptions or factors are typically applied in drawing conclusions or making the forecasts or projections set out in forward-looking information. Those assumptions and factors are based on information currently available to the Corporation. The forward-looking information contained in this release is made as of the date hereof and the Corporation is not obligated to update or revise any forward-looking information, whether as a result of new information, future events or otherwise, except as required by applicable securities laws. Because of the risks, uncertainties and assumptions contained herein, investors should not place undue reliance on forward-looking information. The foregoing statements expressly qualify any forward-looking information contained herein.
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