Exploration Update

KEFI Minerals plc                               

                           ("KEFI" or the "Company")                           

                              Exploration Update                               

Further to the announcement made by the Company on 9 April 2008, the Company
confirms that is has now entered into a 90 day exclusivity period, with a third
party, by way of a letter of intent.

The third party and KEFI are formulating the terms of a potential joint venture
which, if successful, would lead to the parties entering into a exploration
joint venture agreement in respect of the Company's 100% owned Artvin project.

Further updates will be provided in due course.

Enquiries

KEFI Minerals plc     WH              Bishopsgate              
                      Ireland Limited Communications           
                                                               
Jeffrey Rayner        Laurie Beevers  Maxine Barnes            
                                                               
                      Katy Mitchell   Nick Rome                
                                                               
[phone]     [phone]     [phone]         
                      2174                                     
                                                               
www.kefi-minerals.com