KEFI Minerals (LON:KEFI) has given a fourth quarter operational update for the period from 1 October to 31 December which is describes as a transformational period.
Highlights:
Tulu Kapi gold project, Ethiopia (wholly-owned by KEFI; Government entitled to 5% free carried interest)
· Mining licence application reactivated - following receipt of requisite independent verifications - and remains on-track for approval in Q1 2015
· Successfully overhauled project plans:
- Updated JORC compliant Mineral Resource and Ore Reserve reporting of total Probable Ore Reserves of 12.9Mt at 2.41 g/t Au for 1.002 Moz Au
- All-in-Costs estimated at $844/oz - well below global industry averages
· Received headline indicative terms for project finance from several financial institutions, which are now being progressed by financial advisers
Gold & Minerals Ltd joint venture (G&M), Saudi Arabia (40%-owned by the Company with KEFI as operator)
· Increased Inferred Mineral Resource at Jibal Qutman, as a result of continued exploration, to 22.0Mt at 0.90 g/t Au for 633,461 contained gold ounces at a cut-off grade of 0.2 g/t Au
· Expanded resources include a significant portion of material that is expected to be amenable to heap leach processing - with potential for lowering capital requirements and speeding up development timetable
· Granted second major Exploration Licence in December 2014 in Saudi Arabia at Hawiah (the "Hawiah EL"), covering an area of 95km2, and commenced testing large exposed zone of mineralisation
Corporate:
· Raised £4.9 million in equity via a three-stage fund raise:
- Directors of KEFI and certain existing shareholders participated in the first two-stages of placing of a total of £1.9 million at placing price of 1p
- New proposed strategic investor, Goldfields Resources Fund, a new sub-fund of Perth Global Funds plc, conditionally committed £3 million at a price range of 1.3p-2.0p, expected to close by 27 February 2015
Executive chairman Harry Anagnostaras-Adams said: "This has been a transformational period for KEFI with progress achieved across both of our key projects as well as with new exploration targets. Most significantly, we reactivated the MLA for Tulu Kapi and continue to work closely with the Ethiopian Government for its grant in the current quarter. At the same time, we were delighted to welcome the Goldfields Resources Fund as a proposed new strategic investor and are also thankful for the continued support from existing shareholders, particularly with our successful fund raise. As a result, we remain on track for gold production in 2017 and generating significant value for shareholders."
http://www.iii.co.uk/stockmarketwire/218046/mining-roundup -----------
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