Saudi Arabia Joint Venture

AIM: KEFI                                                           28 May 2009

                               KEFI Minerals Plc                               

                      ("KEFI Minerals" or the "Company")                       

                          Saudi Arabia Joint Venture                           

KEFI Minerals Plc is pleased to announce the formation of its new minerals
exploration joint venture - Gemco Limited ("GEMCO") - 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 per cent
shareholding of GEMCO with ARTAR holding the other 60 per cent.

ARTAR is a conglomerate investing in different sectors in Saudi Arabia such as
construction, real-estate, agriculture and health care in the Kingdom of Saudi
Arabia and abroad.

GEMCO's primary target will be the discovery and development of a 1 million
plus ounce gold deposit in the under explored Precambrian Shield in The Kingdom
of Saudi Arabia. The Saudi Arabian Government recently amended the mining
investment regulations to attract foreign exploration companies to further
develop its mining and mineral industry.

KEFI Minerals and its 32% shareholder EMED Mining have been examining the
mineral potential of the Arabian Shield over the past 3 years. In the past 12
months the KEFI Minerals team has compiled a large database of mineral
occurrences and historic workings, geological maps, geophysical aeromagnetic
imagery and remote sensing data for this region. In addition, KEFI Minerals and
ARTAR have, over the past year, conducted initial field reconnaissance and
lodged pre-emptive applications for approximately 1000 km2 of exploration
licences. A field office is now being established in Jeddah.

It is agreed that KEFI will provide to GEMCO such technical advice and
assistance, including personnel to manage and supervise all exploration and
technical studies and that ARTAR will provide and administrative advice and
assistance to ensure GEMCO remains in compliance with all governmental and
other procedures.

The initial exploration licence application (ELA) areas require final approval
from the Deputy Ministry for Mineral Resources before being granted, however,
these are allocated on a first come first served basis. All GEMCO's ELA areas
contain historic workings for gold and some for copper. Each ELA covers an area
of 100km2. Exploration Licences are granted for a period of 5 years and can be
renewed for a further 5 years.

The plan for the first year is to outlay $1 million for first pass-prospecting
and scout drilling on some walk-up drill targets that have been identified.
KEFI Minerals' is to contribute $400,000 of this total.

Reflecting the strategic priority placed on this new venture, KEFI Minerals'
Chairman Harry Anagnostaras-Adams and Deputy Chairman Professor Ian Plimer
will be appointed to the GEMCO Board of Directors.

The Kingdom of Saudi Arabia has been a historic producer of gold, with gold
mining extending back over 3000 years. The "Mahd Adh Dhahab" (Cradle of Gold)
mine is reputed to be the fabled King Solomon's Mine, and is still in
production today.

During the 1970's and 1980's The Geological Surveys Departments of the USA and
of France documented 5000 mineral occurrences, including over 1000 for gold.
However there has been little subsequent modern exploration.

Speaking from Jeddah, KEFI Minerals Managing Director Jeff Rayner said: "KEFI
Minerals is honored to be appointed operator of the GEMCO Joint Venture by
major partner and leading Saudi organization ARTAR. To have the opportunity to
explore such previously unavailable exploration ground is thrilling in itself.
To do so with the support of a company like ARTAR makes this a special
opportunity indeed. We have carefully assembled an exciting platform in The
Kingdom of Saudi Arabia. The KEFI Minerals team looks forward to implementing
the planned program as soon as local authorities permit."

Enquiries:

KEFI Minerals www.kefi-minerals.com

Jeffrey Rayner [phone]


Fox-Davies Capital

Oliver Stansfield [phone]


WH Ireland

Katy Mitchell [phone]


Bishopsgate Communications

Nick Rome [phone]

Michael Kinirons


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.

 1. In Turkey, KEFI Minerals currently has nine exploration projects:
   
 2. At Derinin Tepe, in the Western Anatolia Region, low-sulphidation
    epithermal quartz veins have been identified with gold and silver
    mineralisation.
   
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. The
Company's Artvin Project is held in a joint venture operated by KEFI Minerals
and funded by Centerra Gold Inc.  Centerra has the right to earn up to 70%
interest in the property by spending USD$6 million over 5 years.

 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. Muratdag, in the Western Anatolia Region, is prospective for Carlin-style
    epithermal gold mineralisation.
   
 7. 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. 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".