KEFI Minerals Plc (LON:KEFI), the gold exploration and development company with projects in the Kingdom of Saudi Arabia and the Federal Democratic Republic of Ethiopia, is pleased to announce the receipt of confirmation from the Ethiopian Government (Ministry of Mines, Petroleum and Natural Gas) that the Tulu Kapi District area proposed to be explored by KEFI has been set aside with the intention of being granted to the KEFI group upon commencement of development at Tulu Kapi Gold Project.
Project development plans have been adjusted to incorporate an extra 25% ore processing capacity, to accommodate anticipated increased production. In addition, the funding of the planned exploration has been built into the Project finance plans.
The relevant Exploration Licence Application (“ELA”) has been submitted by the Company (via its wholly-owned subsidiary, KEFI Minerals (Ethiopia) Limited (“KME”) and covers the following:
· an area of approximately 70km by 15km (c. 1,000 km2) covering known prospects within c. 50km2 of Tulu Kapi, which is considered an economic trucking distance to the planned processing plant
· known mineralised shear zones including the Guji-Komto Belt with known gold deposits and the Kata area with several known Volcanic Hosted Massive Sulphide (VHMS) belts containing gold and base metals
Commenting KEFI Minerals plc Executive Chairman, Harry Anagnostaras-Adams, said: “The exploration area reserved for KEFI covers numerous prospects in highly prospective structural corridors, such as shallow gold mineralisation west of Tulu Kapi and high-grade gold-copper mineralisation north of Tulu Kapi – the common denominator being that all are within trucking distance of the planned Tulu Kapi processing infratsructure.
“It is in all stakeholders’ interests for KEFI to fully explore the Tulu Kapi District in order to maximise the scale and longevity of the operation. KEFI is confident that its focused exploration programs will yield further economic discoveries in the district.
“KEFI looks forward to drilling many priority targets during the construction at Tulu Kapi.”
