Thursday, Nov 28, 2013
LONDON--KEFI Minerals PLC (KEFI.LN), an AIM-quoted gold and copper exploration and development company with projects in the Kingdom of Saudi Arabia, Thursday reports an upgraded JORC compliant total indicated and inferred resource of 17.7 million tons at 0.84g/t Au for 480,000oz Au at its Jibal Qutman prospect.
MAIN FACTS:
-Company continues its drilling program at the Jibal Qutman License with two reverse circulation, or RC, and one diamond drill rig and continues to expand the mineralized system, which is yet to be closed off.
-Approximately 77% of the total resource, by volume has been upgraded to an indicated resource category, 13.6 million tons at 0.87g/t Au for 383,000 oz Au, and 4 million tons is in the Inferred Resource category at 0.74g/t Au for 97,500 oz Au.
-Second phase RC drilling program is on-going with mineralization remaining open along strike at the South, 3K Hill and 4K Prospects.
-A new area of mineralization has been discovered, called the East Zone and is currently being drill tested.
-Pre feasibility studies are underway to accompany a Mining License Application planned for Q1 2014.
-Kefi Minerals is the operator of the project under the Company's 40%-owned Gold & Minerals Joint Venture.
-Shares at 0910 GMT up 2.08% at 2 pence valuing the company at 12.52 million pounds.
-Write to Ian Walker at ian.walker@wsj.com
(END) Dow Jones Newswires
28-11-13 0915GMT
