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KEFI Minerals Plc.

Publié le 07 avril 2015

Exploration Update at Hawiah - Saudi Arabia

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Exploration Update at Hawiah - Saudi Arabia


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]

7 April 2015

KEFI Minerals plc

("KEFI" or the "Company")


KEFI Minerals (KEFI), the gold exploration and development company with projects in the Kingdom of Saudi Arabia and the Democratic Republic of Ethiopia, is pleased to report the latest exploration results at its Hawiah site in Saudi Arabia.
A self-potential (SP) geophysical survey was carried out over the southern half of the 6km-long gold mineralised system exposed at the surface (outcropping gossan structure). The aim of the SP survey was to delineate metal- rich bodies directly beneath the gold bearing system at surface.


 The intensity of the SP anomaly suggests the possibility of large metal-bearing body at depth
 The results have identified an intense SP anomaly with a continuous maxima of 350 millivolts (mV), located between 125m and 300m below surface with an 800m strike length
 A parallel SP anomaly, showing similar but less continuous intensity, has been identified 600m further east

Jeff Rayner, Exploration Director of KEFI Minerals, commented:

"We are very pleased with the results of the geophysical survey at Hawiah. The results support the interpretation of a large metal-rich body directly beneath the gold bearing mineralised system at surface. The anomalies identified to date will be further refined by more detailed geophysics to provide vertical depths to targets which will then be drill tested. We look forward to providing an update in due course."
KEFI is the operator and 40% owner of Gold & Minerals LLC Limited ("G&M"), which wholly owns the Hawiah project.

KEFI Minerals plc

Harry Anagnostaras-Adams (Executive Chairman) +357 99457843
Jeffrey Rayner (Exploration Director) +90 533 928 1913

SP Angel Corporate Finance LLP (Nominated Adviser)

Ewan Leggat, Katy Birkin +44 20 3470 0470

Brandon Hill Capital Ltd (Broker)

Oliver Stansfield, Alex Walker, Jonathan Evans +44 207 936 5200

Luther Pendragon (Financial PR)

Harry Chathli, Claire Norbury, Oliver Hibberd +44 207 618 9100
Further information can be viewed on KEFI's website at www.kefi-minerals.com

References in this announcement to exploration results, resources, interpretations and prospects have been approved for release by Mr. Jeffrey Rayner. Mr. Rayner is a geologist and has more than 25 years' relevant experience in the field of activity concerned. He is a Member of the Australasian Institute of Mining and Metallurg y

p.1 of 3 www.kefi-minerals.com

(AusIMM) and has reviewed and consented to the inclusion of the material in the form and context in which it appears.

Hawiah: Self-Potential Geophysical Survey Results

A geophysical self-potential (SP) survey has been completed over the southern half of the outcropping gossans at Hawiah. The SP survey is being performed across a grid pattern which, when completed, will be comprised of a total of 65 lines, oriented east-west, with a variable length ranging from 1.2 to 2km and a dipole width of 25m.
The SP lines acquired to date cover 45% of the planned survey area and is being performed using a "Gradient" (leapfrog) configuration. The electric field is measured, across the 25m dipoles, using a couple of non-polarisable electrodes and a high-impedance voltmeter accurate in the millivolt range. The scope of the survey is to highlight, and potentially model, metallic mineral (sulphides) concentrations of economic interest within a depth range from surface to at least 300m below ground level.
The data quality of the SP survey to date has been high and the preliminary survey results clearly define the zones of most intense mineralisation along the main gossan structure. Parallel SP anomalies detected 200m east led to the extension eastwards of the SP survey and have assisted the identification of another larger, parallel SP anomaly 600m east of the gossan.
Accordingly, two large SP anomalies in the southern part of the Hawiah site have been identified:
i) An intense anomaly (up to 400mV peak to peak) for a longitudinal extent of 800m and for which preliminary inverse modelling indicates a substantial (>300m) vertical continuity with a steep westerly dip. This anomaly is located directly below the gold bearing gossans. The intensity of the SP anomaly is consistent with the presence of a massive sulphide source or with a high and contiguous concentration of disseminated sulphides at depth.
ii) A separate north-south trending anomaly, named Eastern Corridor, located 600m to the East. The anomaly on the eastern corridor has the same amplitude ("maxima" around 250-300 mV) and wavelength of the main anomaly, but is less continuous and dips steeply to the east.
Once the SP survey is completed, the final interpretation will allow the optimal positioning and planning of further geophysical surveys, either Induced Polarisation (IP) or Advance Tellurics, to directly define drill targets. The IP survey is designed to test for electrical conductors (i.e. massive sulphides) and will provide vertical depths to the target, and will be tested by reverse circulation and diamond drilling.
The Bureau De Recherches Geologiques et Minieres ("BRGM") performed similar SP surveys in the 1980s over other gossans to the south of Hawiah in the Wadi Bidah VHMS belt. Limited follow-up drilling was performed, but at some prospects up to 10m at 2% Cu was intersected in drill core over SP targets.

p.2 www.kefi-minerals.com


KEFI is the operator of two advanced gold development projects within the highly prospective Arabian-Nubian Shield, with an attributable 2.0M ounces (95% of Tulu Kapi's 1.9M ounces and 40% of Jibal Qutman's 0.6M ounces) 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 LLC 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, with 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 G&M and is the operating partner. To date, G&M has conducted preliminary regional reconnaissance and 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.

p.3 www.kefi-minerals.com

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KEFI Minerals Plc.

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KEFI est une société d’exploration minière d'or et de cuivre basée au Royaume-Uni.

Son principal projet en exploration est ARTVIN en Turquie.

KEFI est cotée au Royaume-Uni. Sa capitalisation boursière aujourd'hui est 222,9 millions GBX (266,7 millions US$, 233,6 millions €).

La valeur de son action a atteint son plus haut niveau récent le 21 janvier 2011 à 9,85 GBX, et son plus bas niveau récent le 06 septembre 2019 à 0,19 GBX.

KEFI possède 332 702 973 actions en circulation.

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Rapports annuels de KEFI Minerals Plc.
Annual Report 2007
Financements de KEFI Minerals Plc.
27/07/2016has raised Euro 3.8 million
Rapports Financiers de KEFI Minerals Plc.
31/12/2015Fourth Quarter 2015 Operational Update
19/10/2015Third Quarter 2015 Operational Update
28/09/2015Tulu Kapi Funding Update and Interim Results for the Half-Ye...
Projets de KEFI Minerals Plc.
03/06/2011exploration property sales and final results
Communiqués de Presse de KEFI Minerals Plc.
10/08/2017Reduced Funding Requirement
19/09/2016Investor Briefings
29/07/2016Total Voting Rights
13/07/2016Restructure For Develpment of Tulu Kapi
30/06/2016Result of AGM
07/06/2016Kefi Minerals 2015 Annual Report
07/06/2016Kefi Minerals Notice of AGM
07/06/2016KEFI Minerals Proxy
07/06/2016Appointment of Preferred EPC Contractor
02/06/2016Reduced Tulu Kapi Funding Requirements Replacement
25/04/2016KEFI at UK Investor Show
14/04/2016Electronic Communication
14/04/2016Letter to Shareholders re Electronic Communications
08/04/2016Holding(s) in Company
31/03/2016Total Voting Rights
31/12/2015Happy New Year 2016
30/12/2015Fourth Quarter 2015 Operational Update
14/12/2015Holding(s) in Company
19/10/2015Holding in Company
14/10/2015Appointment of Tulu Kapi Mine Contractor
05/10/2015Progress at Jibal Qutman, Saudi Arabia
28/09/2015Tulu Kapi Funding Update and Interim Results for the Half-Ye...
09/09/2015Update on Tulu Kapi Gold Project Financing
28/08/2015KEFI Presenting at Africa Down Under Conference
17/08/2015Contracting and Financing on Schedule, Tulu Kapi Gold Projec...
27/07/2015Director Dealing
17/07/2015Final Bidding Triggered for Project Contractors, Tulu Kapi G...
03/07/2015Director Share Purchase
01/07/2015Total Voting Rights
01/07/2015Second Quarter 2015 Operational Update
29/06/2015KEFI Presenting At Mining Capital Conference
24/06/2015Completion Of 2015 DFS & Development Funding Plan
19/06/2015New Investment – Kefi Minerals Plc
16/06/2015Conditional Placing to Raise £2.9 Million
16/06/2015Result of AGM
15/06/2015Chairman’s AGM Statement
22/04/2015Tulu Kapi Ore Reserve Statement
13/04/2015KEFI Granted Mining Licence
09/04/2015KEFI - Webinar and UK Investor Show
07/04/2015Exploration Update at Hawiah - Saudi Arabia
01/04/2015First Quarter 2015 Operational Update
23/03/2015Grant of Share Options
18/03/2015Director Share Purchase
17/03/2015Financing Update
16/03/2015Tulu Kapi Update
26/02/2015Update on final tranche of placing
25/02/2015Appointment of Head of Operations
10/02/2015KEFI Presenting at Mining Indaba
10/02/2015Tulu Kapi Resource Update
10/02/2015Quarterly Update
27/03/201427 March 2014 Share Option Scheme Approved
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