KEFI UPDATE 31 JAN 07
KEFI Minerals Plc
27-28 Eastcastle Street London W1W 8DH United Kingdom
Tel: +90 232 381 9431
Fax: +90 232 381 9071
Email: [email protected]
9 April 2015
KEFI Minerals Plc
('KEFI' or the 'Company')
KEFI to present at UK Investor Show 2015 and host live webinar
KEFI Minerals (AIM: KEFI), the gold exploration and development company with projects in the Kingdom of Saudi Arabia and the Democratic Republic of Ethiopia, is pleased to announce that Harry Anagnostaras-Adams, Executive Chairman, will be presenting at the UK Investor Show 2015 in London where the Company will also be exhibiting.
The event is taking place on Saturday 18 April 2015 at the Queen Elizabeth II Centre, Broad Sanctuary, Westminster, London from 9.00am to 5.15pm BST. Mr Anagnostaras-Adams will be presenting at 2.15pm BST in the Whittle Seminar Theatre D-15.
KEFI's senior management team, consisting of Exploration Director, Jeff Rayner, and Head of Operations and Managing Director KEFI Minerals (Ethiopia) Limited, Wayne Nicoletto, will also be available throughout the day at the Company's exhibition stand (F24). Further information about the show can be found at:https://www.ukinvestorshow.com/.
Prior to the event, Mr Anagnostaras-Adams will be hosting a live webinar at 12.00pm BST on Thursday 16 April 2015 to provide shareholders and interested parties with an update on KEFI's progress. Listeners are encouraged to participate and submit questions. To view the webinar or ask a question, please follow the linkhttp://webcasting.brrmedia.co.uk/broadcast/137116and click on the 'Ask a Question' button at the foot of the page. You will be asked to insert your email address before submitting your question. The webinar can be subsequently viewed on the Company's website athttp://www.kefi-minerals.com/news/videos.
Enquiries
KEFI Minerals plc
Harry Anagnostaras-Adams (Executive Chairman) +357 99457843
SP Angel Corporate Finance LLP (Nominated
Adviser)
Ewan Leggat, Katy Birkin +44 20 3470 0470
Brandon Hill Capital Ltd (Joint Broker)
Oliver Stansfield, Jonathan Evans +44 20 3463 5000
Luther Pendragon Ltd (Financial PR)
Harry Chathli, Claire Norbury, Oli Hibberd +44 207 618 9100
www.kefi-minerals.com
NOTES TO EDITOR KEFI Minerals plc
KEFI is the operator of two advanced gold development projects within the highly prospective Arabian-Nubian Shield, with an attributable 2 Moz (95% of Tulu Kapi's 1.9 Moz and 40% of Jibal Qutman's 0.6 Moz) Au Mineral Resources (JORC 2012) plus significant resource growth potential. KEFI is targeting for production at these projects to generate cash flows for further exploration and expansion as warranted, recoupment of development costs and, when appropriate, dividends to shareholders.
Expected milestones for the remainder of 2015 at Tulu Kapi include:
· Mining Licence for Tulu Kapi, comprising all major permits for construction and operation
· Independently refined and verified mine plan
· Independently verified capex, opex & closure costs
· Independently verified Ore Reserves
· Independently updated Definitive Feasibility Study for banking purposes
· Formalisation of bank syndicate, agreement of final terms for project finance
· Full development funding and commencement of construction
In addition, during 2015 KEFI anticipates submitting a Mining Licence Application for Jibal
Qutman in Saudi Arabia through its joint venture company, Gold & Minerals Ltd ('G&M').
KEFI in Ethiopia
KEFI has 100% ownership of the Tulu Kapi licence in western Ethiopia and is at an advanced stage in refining the development plan for the project, aimed at reducing the previously planned capital and operating expenditure.
At the end of 2013, the Ethiopian Government improved the fiscal regime applying to the gold sector, and Tulu Kapi in particular. This included lowering the income tax rate for mining (to
25% from 35%); settling of repayment schedule for inherited VAT liability (over three years rather than up-front); the removal of VAT on future exploration drilling expenditure; lowering royalty on gold mining (to 7% from 8%); accelerating the depreciation of historical and future
capital expenditure (over four years); and clarifying the workings of the Government's 5% free- carried interest so that it does not impede conventional project financing terms.
KEFI in the Kingdom of Saudi Arabia
In 2009, KEFI formed G&M in Saudi Arabia with local Saudi partner Abdul Rahman Saad Al- Rashid & Sons Company Limited ('ARTAR'), to explore for gold and associated metals in the Arabian Shield. KEFI has a 40% interest in the G&M and is the operating partner. To date, the G&M has conducted preliminary regional reconnaissance and has had five Exploration Licences ('EL') granted, including Jibal Qutman and the recently granted Hawiah EL that contains over 5km of outcropping gossans potentially developed over VHMS massive sulphide deposits.
G&M holds 23 EL Applications that cover an area of approximately 1,484km2. ELs are renewable for up to three years and bestow the exclusive right to explore and to obtain a 30- year exploitation (mining) lease within the area.
The Kingdom of Saudi Arabia has instituted policies to encourage minerals exploration and development, and KEFI Minerals supports this priority by serving as the technical partner within G&M. ARTAR also serves this government policy as the major partner in G&M, which is one of the early movers in the modern resurgence of the Kingdom's minerals sector.
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