Share Option Scheme Approved

AIM: KEFI

27 March 2014

                               KEFI Minerals Plc                               

                           ("KEFI" or the "Company")                           

                         SHARE OPTION SCHEME APPROVED                          

KEFI Minerals, the AIM-quoted gold and copper exploration and development
company with projects in the Kingdom of Saudi Arabia and the Democratic
Republic of Ethiopia, announces that the Board has approved a new share option
scheme ("the Scheme") for directors, senior managers and employees. The Scheme
formalises the existing policy that options may be granted over ordinary shares
representing up to a maximum of 10 per cent. of the Group's issued share
capital.

The Scheme is designed to align the interest of senior employees with those of
shareholders and promote the retention of the Company's senior executive team.
Previously granted options over 22,100,000 ordinary shares which were due to
expire during 2014 have all been cancelled and the new grants of options have
been made, in accordance with the terms of the Scheme.

The Scheme options vest in equal annual instalments over a period of 2 years
and expire after 6 years. The options granted today have an exercise price of
2.3 pence per ordinary share, representing a twenty three per cent. premium to
the closing market price on 25 March 2014 and twenty four per cent. premium
above the volume-weighted-average-price over the past 5 days.

Whilst there has been no notifiable change in the beneficial interests of any
of the Directors as a result of this announcement the details of the new
options held by the Directors are as follows:

Name                  Title                       Number of    Options granted 
                                                  options      as a per cent of
                                                  granted      current issued  
                                                  under Scheme share capital   
                                                                               
Harry                 Non-Executive Chairman      6,500,000    0.8%            
Anagnostaras-Adams                                                             
                                                                               
Jeff Rayner           Managing Director           8,833,000    1.0%            
                                                                               
John Leach            Finance Director            2,250,000    0.3%            
                      (Non-Executive)                                          
                                                                               
Ian Plimer            Non-Executive Deputy        4,417,000    0.5%            
                      Chairman                                                 

In addition to the 22,000,000 options issued to the Directors a further
4,975,000 options have today been granted to other non-board members of the
senior management team.

There is now a total of 46,010,000 options granted over ordinary shares,
representing 5.40% per cent. of the Group's issued share capital which it is
considered will provide the Remuneration Committee and Board the appropriate
flexibility for the future.

There are also 19,197,301 broker warrants on issue, resulting from past
financings.


Enquiries

KEFI Minerals
Jeffrey Rayner                     [phone]

Fox-Davies Capital
Simon Leathers                     [phone]

Bishopsgate Communications
Nick Rome/Anna Michniewicz         [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

KEFI Minerals in the Kingdom of Saudi Arabia

In 2009, KEFI 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 four have been
granted.

The ELAs were initially applied for and granted to ARTAR. Incorporation of G&M
has been completed and any 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.

KEFI in Ethiopia

KEFI Minerals has acquired 75% of Tulu Kapi licence in western Ethiopia and
intends to refine the development plan for the project, aimed at reducing the
previously planned capital and operating expenditure. Early research has
yielded encouraging results and was summarised in recent announcements in
respect of the Tulu Kapi acquisition transaction.

The Company is now positioned as an operator of two advanced gold development
projects within the highly prospective Arabian-Nubian Shield, with an
attributable 1.7Moz of JORC-compliant mineral resource plus significant
resource growth potential. By 2017, the aggregate estimated production at these
projects attributable to KEFI Minerals could exceed 80koz pa Au, generating
cash flows for further exploration and expansion as warranted, recoupment of
development costs and, when appropriate, dividends to shareholders.

                                    -Ends-