Kibaran Resources Limited: Epanko Metallurgical Update

ASX ANNOUNCEMENT
13 April 2014
Epanko Metallurgical Update

Kibaran Resources Ltd. (ASX:KNL) is pleased to provide the following technical update from the ongoing variability testwork being carried out as part of the Bankable Feasibility Study (BFS) on its Epanko Graphite Project in Tanzania. The variability flotation testwork was focussed on evaluating whether any differences in metallurgical performance occur across the different mineralized bodies within the Epanko graphite deposit. Testwork carried out to date has confirmed that Epanko flake size distribution is consistent across:

- Grade boundaries ranging from 5% to 20.3% total graphite carbon ("TGC") - Weathered, Transition and Fresh Rock Zones - Variable geological and mineralogical units

The variability flotation testwork results are summarised in Table 1 below.

Figures rounded to 1 decimal point. Micron (?m) and Millimetre (mm). 1mm = 1000?m and graphite carbon content determined by loss of ignition method (LOI) and by drying at temperatures in the range of 400 °C

The figures below show the cumulative % retained charts which emphasise the higher percent retained at each size fraction and also show a slightly improved liberation on the higher grade East Zone Weathered sample (EO1). The testwork shows that significant proportions of large flake graphite are retained and these factors will be incorporated into the BFS.

The results are significant as the BFS mining plan can be optimised and these units scheduled from the current Mineral Resource model to deliver the highest value mill feed possible early in the mine life.

The metallurgical testwork samples were selected from the 7 diamond holes drilled as part of the BFS diamond drilling programme (refer announcement dated 30 September 2015). Western Zone samples (WF1 and WO2) are centred at E904301 and N9035298 and Eastern Zone samples (EO1) samples are centred at N9035689 and E905038

Company Secretary
Robert Hodby
Kibaran Resources
P: + 61 8 6380 1003

Media Relations
Rebecca Lawson
M&C Partners
P: +61 2 8916 6124
E: rebecca.lawson@mcpartners.com.au

About Kibaran Resources Limited and 3D Graphtech Industries:

Kibaran Resources Ltd. (ASX: KNL or "Kibaran") is graphite focused resource company with world class graphite quality projects located in Tanzania. Kibaran is also a 50% shareholder in 3D Graphtech Industries. The Company's primary focus is to develop its 100%-owned Epanko Graphite Project, located within the Mahenge Graphite Province. Epanko, currently undergoing a Bankable Feasibility Study, has a total Indicated and Inferred Mineral Resource Estimate of 22.7Mt, grading 9.8% TGC, for 2.2Mt of contained graphite, defined in accordance with the JORC Code. This initial estimate covers only 20% of the project area. Metallurgy has found Epanko graphite to be large flake, expandable, ultra-high purity and premium quality from a global perspective.
Kibaran believes its 100% owned Merelani East Graphite Project, located in the north-east of Tanzania also hosts commercially viable and saleable graphite given recent metallurgical results. Merelani East provides significant support and depth to the Company's ability to broaden its product supply base and in particular to produce additional Super Jumbo + 35mesh (+500 micron) graphite which may have additional uses in the manufacture of batteries. Graphite is regarded as a critical material for future global industrial growth, destined for industrial and technology applications including nuclear reactors, lithium-ion battery manufacturing and a source of graphene.
TanzGraphiteTM is a registered trademark of Kibaran and will be the global brand name used for marketing both the company's natural large flake graphite originating from Tanzania and all its downstream products. TanzGraphiteTM trade mark represents premium quality graphite that has an unrivalled melting point and purity, making it suitable for every known industrial application. Epanko's carbon purity is the highest reported among its peer group and will provide significant advantages to the requirements of the emerging battery market. 3D Graphtec Industries is a 50/50 partnership with 333D Pty Ltd (formerly 3D Group) which is transacting as Oz Brewing (ASX:OZB) and is focused on the development of graphite inks for 3D printing. In addition, Kibaran has the Kagera Nickel Project which remains underexplored and is located along strike of the Kabanga nickel deposit, owned by the Glencore - Barrick Gold Joint Venture, which is considered to be the largest undeveloped, high grade nickel sulphide deposit in the world. Kibaran is currently seeking a partner to progress exploration of its highly prospective nickel properties.

The information in this report that relates to Exploration Results, Mineral Resources or Ore Reserves is based on information compiled by Mr Andrew Spinks, who is a Member of The Australasian Institute of Mining and Metallurgy included in a list promulgated by the ASX from time to time. Andrew Spinks is a director of Kibaran Resources Ltd. and has sufficient experience which is relevant to the style of mineralisation and type of deposit under consideration and to the activity which he is undertaking to qualify as a Competent Person as defined in the 2012 Edition of the "Australasian Code for Reporting of Exploration Results, Mineral Resources and Ore Reserves". Andrew Spinks consents to the inclusion in the report of the matters based on his information in the form and context in which it appears.

The information in this report that relates to Exploration Results and Mineral Resources is based on information compiled by Mr David Williams, who is a Member of The Australasian Institute of Mining and Metallurgy included in a list promulgated by the ASX from time to time. David Williams is employed by CSA Global Pty Ltd and has sufficient experience which is relevant to the style of mineralisation and type of deposit under consideration and to the activity which he is undertaking to qualify as a Competent Person as defined in the 2012 Edition of the "Australasian Code for Reporting of Exploration Results, Mineral Resources and Ore Reserves". David Williams consents to the inclusion in the report of the matters based on his information in the form and context in which it appears.