Joint venture of Bakir Tepe project, Turkey

AIM: KEFI 10th November 2009

                               KEFI Minerals Plc                               

                      ("KEFI Minerals" or the "Company")                       

                  JOINT VENTURE OF BAKIR TEPE PROJECT, TURKEY                  

KEFI Minerals, the AIM-quoted gold and copper exploration company with projects
in Turkey and the Kingdom of Saudi Arabia, is pleased to announce that it has
entered into a Letter of Intent ("LOI") with TSX listed Centerra Gold Inc.
("Centerra") for a joint venture in the 100%-owned Bakir Tepe Project in
southwestern Turkey.

Bakir Tepe is prospective for volcanic-hosted massive sulphide ("VHMS")
polymetallic deposits and a drilling programme is planned to commence soon.

Under the terms of the LOI, Centerra earns a 51% interest in the Bakir Tepe
Project upon contributing US$750,000 to the joint venture over 2 years with a
minimum expenditure of US$350,000 in the first year. There is a 45 day
exclusivity period in which to execute a final agreement.

Once Centerra has earned its 51% interest, each party shall fund their
respective percentage interests 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 2.0% net smelter return
royalty.

KEFI Minerals will be the manager of the Project and Centerra has the right to
become manager if they so elect and have met certain milestones.

The Bakir Tepe Licences cover a 78 km2area and were granted to KEFI Minerals in
June 2008. As reported previously, initial surface grab and channel samples
have returned values of up to 3.6% copper, 4.6g/t gold, 67g/t silver and 1,070g
/t zinc from mineralised alteration zones at Bakir Tepe. The alteration
sequence observed at Bakir Tepe is typical of the peripheral alteration "apron"
zones that form around the core of a massive sulphide deposit.

A geophysical survey has defined two moderately strong induced polarisation
("IP") chargeability anomalies indicative of massive sulphides, located in what
is interpreted to be a very favourable setting for VHMS copper-gold style of
mineralisation.

A 900m drilling programme is planned to commence soon at Bakir Tepe and
comprise three diamond drillholes.

KEFI Minerals' Managing Director, Jeff Rayner, commented:

"Just over a year ago we announced our initial joint venture with Centerra in
relation to the Artvin Project. We are pleased that Centerra has agreed to
expand our strategic relationship by forming a second joint venture for Bakir
Tepe. This approach not only spreads risk and is cost effective, but also
enables the complementary skills from both companies to increase the
opportunities of a successful exploration effort.

"Bakir Tepe has now been systematically advanced to the drilling stage. Our
team recognised this prospect as having all the ingredients of a classic
geological setting for VHMS deposits. The high gold and copper grades in our
initial sampling, combined with the conductivity anomalies and alteration
sequences already observed, suggest the presence of copper-zinc-gold-silver in
a nearby massive sulphide body.

"We now look forward to the commencement of the drilling phase at the Bakir
Tepe prospect."

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

Enquiries

KEFI Minerals           Fox-Davies           WH Ireland       Bishopsgate      
                        Capital                               Communications   
                                                                               
Jeffrey Rayner          Oliver Stansfield    Katy Mitchell    Nick Rome         
                                                                               
                                                              Michael Kinirons 
                                                                               
[phone]       [phone]     [phone] [phone] 
                                                                               

www.kefi-minerals.com                                                          

References in this announcement to exploration results and potential have been
approved for release by Mr Malcolm Stallman, B.App.Sc. Mr Stallman is 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.

About KEFI Minerals

KEFI Minerals commenced trading on AIM in December 2006 and was formed with the
aim of creating shareholder value through the discovery and exploitation of
gold and copper deposits.

In Turkey, KEFI Minerals currently has the following 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. Artvin is a joint venture operated by KEFI Minerals and
    funded by Centerra Gold Inc, who has the right to earn up to 70% interest
    in the property by spending USD$6 million.
   
 3. Bakir Tepe, in southwestern Turkey, is prospective for VHMS polymetallic
    deposits. High-grade gold and copper crop out on the peripheries of a
    shallowly buried geophysical chargeability anomaly.
   
 4. At Yatik, in the Western Anatolia Region, low-sulphidation epithermal
    quartz veins with gold and silver mineralisation have been identified.
   
 5. 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.
   
 6. Hasancelebi, in central Turkey, is prospective for high-sulphidation
    epithermal gold mineralisation and Iron-Oxide Copper-Gold ("IOCG")
    mineralisation.
   
 7. Muratdag, in the Western Anatolia Region, is prospective for Carlin-style
    epithermal gold mineralisation.
   
In the Kingdom of Saudi Arabia, KEFI Minerals has a minerals exploration joint
venture with leading Saudi construction and investment group Abdul Rahman Saad
Al-Rashid & Sons Company Limited ("ARTAR"). KEFI Minerals is the operating
partner with a 40% interest and the joint venture's primary target is the
discovery and development of a >1 million ounce gold deposit in the under
explored Precambrian Shield in Saudi Arabia.

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 exploration.

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".

                                    -Ends-