Conditional Completion of Placing

KEFI Minerals plc                               

                           ("KEFI" or the "Company')                           

                                   AIM: KEFI                                   

                       Conditional Completion of Placing                       

                           Notice of General Meeting                           

The Company confirms today that is has conditionally raised £1,300,000 (before
expenses) by way of a placing, by Fox Davies Capital Limited ("Fox Davies") and
WHI Stockbrokers Limited ("WHI Stockbrokers"), of the issue of 26,000,000
ordinary shares ("Placing Shares") at a price of 5p per ordinary share (the
"Placing").

The Placing is conditional, inter alia, on shareholder approval of certain
resolutions to be proposed at a General Meeting of the Company and admission of
the Placing Shares to trading on AIM ("Admission").

Notice of General Meeting

The Company will today dispatch a notice to all shareholders to convene a
General Meeting of the Company at 11am on 21 February 2011 at the offices of
Field Fisher Waterhouse LLP, 35 Vine Street, London EC3N 2PX (the "GM") to
consider, and if thought fit, pass resolutions to, inter alia, authorise the
directors to issue the Placing Shares (the "Resolutions").

This notice will also be available from the Company's website:
www.kefi-minerals.com.

Reasons for the Placing

The funds raised in the Placing will be used to progress the exploration
programmes that the Company is currently working on in Turkey and especially in
the Kingdom of Saudi Arabia where it is targeting gold (and copper equivalent)
discoveries in excess of one million ounces and also in preparing for the
funding of new opportunities which the Company is currently assessing in Turkey
and in Saudi Arabia.

In Saudi Arabia, KEFI has lodged a total of 21 Exploration Licence Applications
("ELAs") covering an area of approximately 2,100km2. The Company awaits the
granting of its first licence and has made significant progress in the
permitting of its remaining ELAs. The Deputy Ministry for Mineral Resources of
Saudi Arabia (the "DMMR") has to date completed site visits at seven of the 21
ELAs, with a further three visits scheduled in February 2011.

A recent, minor change to the requirements in the Exploration Technical Report,
which accompanies the submission of each licence application, has resulted in a
delay in the granting of the Company's first licence. Further to the
announcement made on Friday 28 January 2010, the Company is expecting to
formally receive a notice in the next week advising them of the required
modifications and intends to lodge the modified Technical Report shortly. The
Board will update shareholders once the modified report has been lodged.

Once the changes to the report have been approved by the relevant department,
the Company understands that there will be no need for any other further
approvals and the licence will be issued by the DMMR. Though there are no
guarantees on timing, the Company has been advised that this procedure may be
finalised in a matter of weeks and the Board will provide a further update at
the time of the GM.

The Company expects to be progressing work on the ground immediately upon
granting of the first licence and funds raised pursuant to the Placing will be
used to quickly progress exploration on the licence, commence geophysical
surveys, identify drill targets and commence drilling programmes.

The Company expects to update shareholders with respect to the assay results at
the completion of each drill programme.

Placing Shares

Application has been made to London Stock Exchange plc for the Placing Shares
to be admitted to trading on AIM and it is expected that, subject to the
passing of the Resolutions at the General Meeting, Admission will become
effective and that dealings will commence in the Placing Shares on 22 February
2011.

Warrants

In connection with the Placing the Company has granted, conditional on
Admission, warrants to each of Fox Davies and WHI Stockbrokers to subscribe for
up to 780,000 Ordinary Shares at 5p per share, representing three per cent. of
the total number of Placing Shares. Fox Davies has been granted with warrants
over 495,000 Ordinary Shares and WHI Stockbrokers has been granted with
warrants over 285,000 Ordinary Shares. Such warrants will be exercisable for
five years following Admission.

Enquiries:

KEFI Minerals plc www.kefi-minerals.com

Jeffrey Rayner [phone]


WH Ireland Limited

Katy Mitchell [phone]


Fox Davis Capital Limited

Simon Leathers [phone]


Bishopgate Communications

Michael Kinirons [phone]