Monday, Dec 08, 2014
LONDON--Kefi Minerals PLC (KEFI.LN) has received confirmation that the Hawiah Exploration License had been granted to KEFI's partner, Abdul Rahman Saad Al-Rashid & Sons Company Ltd (ARTAR), on behalf of the KEFI-operated Gold and Minerals Joint Venture Company (G&M).
Kefi said Monday that exploration work has now commenced and initial focus will be on a large Volcanogenic Hosted Massive Sulphide target.
Jeff Rayner, Exploration Director said the potential at Hawiah is huge as it is considered to be comparable to some large copper and copper-zinc deposits in the Arabian-Nubian Shield, with ancient gold workings in the oxidized zones at surface.
"This program is a great complement to the Tulu Kapi development project within the ANS in Ethiopia. We look forward to reporting progress on all our projects shortly," Mr. Rayner added.
Kefi Minerals is an emerging gold miner with projects in the Kingdom of Saudi Arabia and Democratic Republic of Ethiopia.
Shares at 0912 GMT up 4.2%, at 1 pence, valuing the company at GBP14.1 million.
-Write to Razak Musah Baba at razak.baba@wsj.com; Twitter: @Raztweet
(END) Dow Jones Newswires
08-12-14 0914GMT
