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KEFI Minerals plc Tulu Kapi Project Update

KEFI and TKGM Chairman, Mr Harry Anagnostaras-Adams, commented: “After consultations with the community, the authorities and our Ethiopian partners, we have informed the authorities of our plan to proceed with the first stages of Project development when the community and local administration are ready. This weekend’s events took place a considerable distance from the Tulu Kapi site and we expect no impact on operations or the development timetable of the Tulu Kapi Project.  Nonetheless, KEFI has immediately elevated security procedures and will continue to ensure all stakeholders proceed with the utmost vigilance with respect to safety and operations, as has always been the case.”

KEFI Minerals plc (LON:KEFI), the gold exploration and development company with projects in the Federal Democratic Republic of Ethiopia and the Kingdom of Saudi Arabia, noted recent media commentary relating to a localised foiled coup attempt in one of Ethiopia’s nine regions.  The incident was in Bahir Dar, the capital of the Amhara Region, approximately 500 kilometres from the Company’s flagship Tulu Kapi Gold Project (the “Project”).  As a precautionary measure the Company has imposed a heightened duty of care on its activities and has elevated security procedures.  Otherwise this incident has no impact on KEFI’s current or planned activities and there were no such attempts in the remaining provinces, including Oromia, where the Project is located.

Operationally, following the recent receipt of the last outstanding Federal policy approval required to trigger development of the Project, as announced on 6 June, 2019, the KEFI-Ethiopian joint venture Project company Tulu Kapi Gold Mines Share Company (“TKGM”), has informed the authorities of the plan to proceed with the first stages of development upon the completion of agreed preparations with the local community and Government administration.

The overall Project timetable remains unchanged from the most recent guidance.  We have re-sequenced site activities to provide more time for community consultations and other local preparations for the first resettlement phase of only sixty households, and the Ethiopian roads and power authorities are continuing their work in the district to deliver electricity and improve the roads to Tulu Kapi and its surrounding community.