Saudi Arabia drill results

AIM: KEFI

                                                            24th September 2012

                               KEFI Minerals Plc                               

                      ("KEFI Minerals" or the "Company")                       

                      EXPLORATION UPDATE SAUDI ARABIA JV                       

KEFI Minerals, an AIM-listed gold and copper exploration company with projects
in the Kingdom of Saudi Arabia, is pleased to announce diamond drill results
from the initial drilling programme at Selib North and results from continued
surface trenching at the Jibal Qutman Licence for the Company's 40%-owned Gold
& Minerals Joint Venture ("G&M").

KEFI Minerals is the operator of G&M in the Kingdom of Saudi Arabia, of which
60% is owned by partner Abdul Rahman Saad Al-Rashid & Sons Company Limited
("ARTAR"). To date, G&M has been granted 4 Exploration Licences and holds
another 19 Exploration Licence Applications ("ELAs").

SELIB NORTH

Diamond drilling commenced in early July 2012 at the Selib North Licence. The
initial phase of drilling targeted the recently discovered gold-bearing dykes
at the Camel Hill Prospect. A total of 8 holes were drilled for 928m. Drilling
was carried out on 4 sections spaced 50m apart and down to 100m vertically
below surface.

Best drill intercepts from Selib North include:

Hole No          From (m)   To (m)   Interval    Au g/t 
                                        (m)             
                                                        
SND 2               72        76         4        2.66  
                                                        
SND 3               34        36         2        3.16  
                                                        
            and     40        41         1        2.40  
                                                        
            and     69        80        11        3.11  
                                                        
SND 6               20        21         1       38.66  
                                                        
SND 8              108       118        10        1.99  

These drill results appear to confirm management's view that the gold is hosted
in a series of steeply-dipping pyritic dykes. Numerous dykes, that were not
evident at surface, were intersected by the drilling. The dykes may potentially
converge to a larger parent stock at depth.

Coarse grains (1-3mm) of visible gold were present in some of drill cores,
increasing the risk of a "nugget" effect and potentially the under estimation
of gold in the analytical process.

A follow up IP geophysical survey is planned to commence in early October 2012
to define drill targets at depth below the current drilling and further to the
north, where the potential strike continuation of the dykes would be buried
under a wide blanket of thin, 1-3m alluvial cover.

JIBAL QUTMAN

Rock chip channel sampling results from the on-going trenching programme
confirm the high grade gold and silver contained in quartz veins, as previously
reported in July 2012. The massive quartz veins are generally 2-5m thick and
together with the footwall and hangingwall stockworks the mineralised zones
range up to 23m in width.

On-going mapping has extended the main veins at Jibal Qutman to a series of
parallel veins hosted along a 3km zone. Discrete vein structures are shown in
trenches to continue for up to 500m along strike.

To date, a total of 64 trenches, spaced 25m apart, have been excavated in 5
areas over a 2.3km north-south zone.

Best new trench results include:

Trench     Interval (m)    Au g/t      Ag g/t   
                                                
JQT069          3.1         3.66        3.28    
                                                
JQT075          2.0         3.15        1.00    
                                                
JQT087         19.0         2.00        1.90    
                                                
JQT090         23.2         1.45        2.02    
                                                
JQT091          7.8         1.19     Negligible 
                                                
JQT111          3.0         7.44        67.83   
                                                
       and      5.0         4.50        12.46   
                                                
JQT114          3.5         5.95        34.83   
                                                
JQT 119        11.0         3.08        1.71    
                                                
JQT123          2.0         3.08        2.30    
                                                
JQT125          2.0         7.22        58.1    
                                                
JQT126          1.0         14.84       23.33   
                                                
JQT127         14.5         1.72        4.00    

(*due to the grid configuration, trench numbering starts at JQT 064)

Diamond drilling is to be conducted on an initial 100m x 25m and on some
sections to 50m x 25m grids. This initial 20 drill hole programme for 4000m
commenced at Jibal Qutman on the 8 September. An additional drill rig is being
sought to speed up the drilling.

Further information will be issued in due course, including details of drill
hole interpretation and geological sections.

KEFI Minerals' Managing Director, Jeff Rayner, commented:

"The initial drill results confirm a promising new discovery at Selib North. To
our knowledge, this style of gold mineralisation has not been documented in the
Arabian Shield before and could be potentially part of a large intrusive
system.

"At Jibal Qutman the results from trench sampling and mapping continue to
support the existence of both narrow high grade and broader lower grade quartz
vein field, which is looking promising for open cut mining. Diamond drilling
has already commenced, we will increase our drill capacity on the prospect, and
we look to update shareholders in due course."

KEFI Minerals' Strategic Plan in the Kingdom of Saudi Arabia

Ä°n 2009, KEFI Minerals formed the Gold and Minerals Joint Venture ("G&M") in
Saudi Arabia with local Saudi partner Abdul Rahman Saad Al-Rashid & Sons
Company Limited ("ARTAR"), to explore for gold and associated metals in the
Arabian Shield. To date, the G&M has conducted preliminary regional
reconnaissance and lodged 23 Exploration Licence Applications (ELAs), of which
4 have been granted.

The ELAs were initially applied for and granted to ARTAR. Incorporation of G&M
is now complete and granted Licences will be transferred into G&M in due
course.

The Kingdom of Saudi Arabia has instituted policies to encourage minerals
exploration and development and KEFI Minerals supports this priority by serving
as the technical partner within G&M. ARTAR also serves this Government policy
as the major partner in G&M, which is one of the early movers in the modern
resurgence of the Kingdom's minerals sector.

                                    -Ends-                                     

Enquiries

                                                                               

KEFI Minerals

Jeffrey Rayner [phone]

Fox-Davies Capital

Simon Leathers [phone]

Bishopsgate Communications

Nick Rome [phone]

References in this announcement to exploration results and potential have been
approved for release by Mr. Jeffrey Rayner. Mr Rayner is a geologist and has
more than 25 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.

Further information on KEFI Minerals is available at www.kefi-minerals.com