Joint Venture of Artvin Project, Turkey

23 October 2008

AIM: KEFI

                               KEFI Minerals Plc                               

                      ("KEFI Minerals" or the "Company")                       

                    Joint Venture of Artvin Project, Turkey                    

KEFI Minerals, the AIM-quoted gold and copper exploration company,is pleased to
announce that it has entered into a Joint Venture Agreement ("Joint Venture
Agreement") in respect of its 100%-owned Artvin Project ("the Project") with
Centerra Gold (KB) Inc ("Centerra"), a wholly-owned subsidiary of Centerra Gold
Inc., a Canadian-based gold mining and exploration company which is listed on
the Toronto Stock Exchange. The Artvin project is a discovery that KEFI
Minerals has made since its admission to AIM less than two years ago and is in
a prolific mining district in north-east Turkey.

Under the terms of the Joint Venture Agreement, the licences relating to the
Project area are to be transferred to a new KEFI group subsidiary ("JVCo") and
Centerra has the exclusive right to earn up to a 70% shareholding in this
subsidiary. In order to acquire the initial 50% shareholding in JVCo Centerra
must spend US$3.0 million over three years with a minimum expenditure of US$0.5
million in the first year. Centerra may then elect to earn an additional 20%
shareholding through the expenditure of a further US$3.0 million over the next
two years. The joint venture is in respect of a one-kilometre area of interest
which extends from the outer boundary of the Project area.

KEFI Minerals will initially be the manager of the Project and Centerra has the
right to become manager at any time. Once Centerra has earned its 50% or 70%
shareholding in JVCo, KEFI and Centerra will fund their respective percentage
interests of future expenditure subject to dilution for non-participation in
such expenditure. If either party's interest is diluted to less than 10%, that
party's interest will automatically be converted to a 3% net smelter return
royalty, in which case the other party has the right to purchase half of the
royalty (1.5%) for US$1.5 million.

The Joint Venture Agreement contains certain warranties given by KEFI and its
group companies in respect of the Project and while KEFI is the Manager of the
Project and majority shareholder in the JVCo any advances made by Centerra
which are not expended on the Project are repayable in certain circumstances.
The Joint Venture Agreement also contains a number of matters concerning the
business of JVCo for which Centerra's consent must be obtained.

The Artvin Project is located in the Artvin Province of north eastern Turkey
and comprises 15 tenements, which cover approximately 254km2 within the eastern
portion of the Eastern Pontide Belt. The Eastern Pontide Belt is a major
metallogenic province in the eastern Black Sea coastal region and is
prospective for volcanic-hosted massive sulphide (VHMS) deposits, porphyry
copper-gold deposits and epithermal gold-silver mineralisation.

KEFI Minerals' Managing Director, Jeff Rayner, commented:

"We are very pleased to announce details of this Joint Venture with Centerra
and look forward to a successful association. Centerra's strong technical
background and financial capabilities will provide the impetus to assess the
copper-gold porphyry potential of the highly prospective Artvin Project. KEFI
Minerals has an effective, low-cost approach to value-adding in minerals
exploration and development and this joint venture will allow KEFI to progress
this prospect. The current turmoil in world financial markets serves to
highlight the importance of the Company's alliances with major shareholder EMED
Mining and now with Project joint venturer Centerra."

For the purposes of schedule 4 to the AIM Rules, the Company confirms that the
Artvin licences currently generate no profit and no book value is shown for the
licences in its accounts.

Enquiries

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

About Artvin

Exploration activities by KEFI Minerals at the Artvin Prospect in 2007-2008
include ASTER analysis, stream sediment sampling, rock chip and channel chip
sampling, soil sampling, induced polarisation (IP) surveying, geological
mapping and petrographic analysis. Anomalous copper values (>100ppm copper)
from the stream sediment sampling focussed exploration to a 25km2 area which
was found to contain old workings, clay-pyrite alteration with base metal
sulphide veining, and stratigraphically controlled silicification at the Uzumlu
Prospect. Rock chip assays up to 0.48g/t gold, 104g/t silver and 1.43% copper
have been returned from the old Uzumlu copper mine.

During the course of following up anomalous stream sediment samples, a
quartz-sericite-pyrite altered zone hosting vein-style and disseminated
gold-base metal mineralisation was discovered at the Yanikli Prospect. Channel
chip sampling returned 44m at 0.5g/t gold at (including 1m at 8.20g/t gold, 1m
at 1.38g/t gold and 1m at 1.04g/t gold), 45m at 1202ppm lead, and 36m at
1840ppm zinc. Prospect scale rock chip sampling and soil sampling has outlined
a series of gold-in-soil anomalies within a 1.75km x 1.50km area. Within this
area, maximum soil values of 2.36g/t gold, 117g/t silver, 4010ppm lead and
3690ppm zinc, and maximum rock chip values of 5.09g/t gold, 42.3g/t silver,
6600ppm lead and 4790ppm zinc have been returned.

In mid 2008, a dipole-dipole IP survey was undertaken over the zone of mapped
alteration and anomalous geochemistry at the Yanikli Prospect to aid in drill
targeting. Modelling of the IP data is currently being finalised.

The vein-style and disseminated gold-base metal mineralisation at the Yanikli
Prospect is hosted in altered felsic and mafic volcanic tuffs. Vein-style and
disseminated galena and sphalerite generally occurs peripheral to the pyrite
envelope of typical porphyry copper deposits. The highly anomalous lead and
zinc ± copper ± gold mineralisation encountered at the Yanikli Prospect within
structurally-controlled silica-clay alteration zones is indicative of the
distal portions of a porphyry system.

About Kefi Minerals

KEFI Minerals was formed on 24 October 2006 for the purposes of holding EMED
Mining's exploration interests in Turkey and Bulgaria with a view to creating
shareholder value through the discovery and exploitation of gold and copper
deposits.

KEFI Minerals commenced trading on AIM on 18 December 2006, following the
successful placing of 46,666,667 shares at 3p to raise £1.4 million.

In Turkey, KEFI Minerals currently has nine exploration projects:

 1. At Derinin Tepe, in the Western Anatolia Region, low-sulphidation
    epithermal quartz veins have been identified with gold and silver
    mineralisation.
   
 2. At Artvin, in northeastern Turkey, extensive hydrothermal alteration and
    gold and base metal mineralisation have been recognised in the project
    area, as well as historical workings indicating potential for economic
    mineralisation.
   
 3. Bakir Tepe, in southwestern Turkey, is prospective for VMS polymetallic
    deposits.
   
 4. At Gumushane, in eastern Turkey, areas of extensive hydrothermal alteration
    have been recognised in the project area, as well as coincident areas of
    interest identified through interpretation of Aster data.
   
 5. Hasancelebi, in central Turkey, is prospective for high-sulphidation
    epithermal gold mineralisation and Iron-Oxide Copper-Gold ("IOCG")
    mineralisation.
   
 6. At Karalar, in Central Anatolia, highly anomalous gold in stream sediments
    have been identified in an area of historic base metal mines.
   
 7. Muratdag, in the Western Anatolia Region, is prospective for Carlin-style
    epithermal gold mineralisation.
   
 8. Meyvali, in the Western Anatolia Region, is prospective for epithermal and
    skarn related mineralisation.
   
 9. At Yatik, in the Western Anatolia Region, low-sulphidation epithermal
    quartz veins with gold and silver mineralisation have been identified.
   
KEFI Minerals also has an extensive exploration database which contains
information about approximately 100 further prospective sites in Turkey. This
database provides the Company with a competitive advantage to identify
prospective areas for project generation in Turkey. Monitoring of the
exploration licence status of geologically prospective areas will be carried
out on an ongoing basis so that KEFI Minerals can acquire further exploration
opportunities as soon as they become available.

EMED Mining has agreed to provide technical and administrative systems and
personnel to KEFI Minerals on a cost-recovery basis, thus enabling KEFI
Minerals to reduce overheads and spend more on exploring Turkey and Bulgaria.

KEFI Minerals' Board of Directors is comprised of Mr. Harry Anagnostaras-Adams
(Chairman), Mr. Jeffrey Rayner (Managing Director), Professor Ian Plimer
(Deputy Chairman) and John Leach (Finance Director).

Further information on KEFI Minerals is available at www.kefi-minerals.com and
the Company's AIM code is "KEFI".

References in this announcement to exploration results and potential have been
approved for release by Mr Malcolm Stallman, B.App.Sc.Mr Stallmanis a geologist
and has more than 20 years' relevant experience in the field of activity
concerned. He is a Member of the Australasian Institute of Mining and
Metallurgy (AusIMM) and has consented to the inclusion of the material in the
form and context in which it appears.

                                    -Ends-