Upgraded JORC Resource

AIM: KEFI

28 November 2013

                              KEFI Minerals Plc

                      ("KEFI Minerals" or the "Company")

                            UPGRADED JORC RESOURCE
                              EXLORATION UPDATE

KEFI Minerals, the AIM-quoted gold and copper exploration and
development company with projects in the Kingdom of Saudi Arabia, is pleased
to announce an updated JORC compliant total Indicated and Inferred Resource of
17.7Mt at 0.84g/t Au for 480,000oz Au at its Jibal Qutman prospect.

The Company continues its drilling programme at the Jibal Qutman
Licence with two Reverse Circulation (RC) and one diamond drill rig and
continues to expand the mineralised system, which is yet to be closed off.
Kefi Minerals is the operator of the project under the Company's 40%-owned
Gold & Minerals Joint Venture ("G&M").

HIGHLIGHTS

- Approximately 77% of the total resource, by volume has been upgraded to an 
  Indicated Resource category, 13.6Mt at 0.87g/t Au for 383,000 oz Au, and 
  4Mt is in the Inferred Resource category at 0.74g/t Au for 97,500 oz Au.

- The second phase RC drilling programme is on-going with mineralisation 
  remaining open along strike at the South, 3K Hill and 4K Prospects.

- A new area of mineralisation has been discovered, called the East
  Zone and is currently being drill tested.

- Prefeasibility studies are underway to accompany a Mining Licence
  Application planned for Q1 2014.

Jeff Rayner, Managing Director of KEFI Minerals, commented:

"We are delighted with the rapid success of our exploration
programme. From licencing in mid-2012 to discovery in late-2012; now another
resource upgrade whilst we continue steady progress on plans for a Mining
Lease Application in early 2014.

"We are dedicated to continuing our rapid progress towards
development of the Jibal Qutman resource and we look forward to updating the
market in due course."

Jibal Qutman Resource Update

At Jibal Qutman an updated resource has been calculated from additional drill
and trench sampling results received up to mid November 2013. The data set
considered is comprised of 56 diamond drill holes, 167 RC drill holes and 225
trenches. There were 13,844 drill hole assays and 8,065 trench assays for
21,909 assays in total considered. Geostatistics has been performed on each
separate deposit and top-cuts ranging from 10.5g/t to 25.4g/t Au applied.

Drilling has been carried out on 50m x 25m and 50m x 40m spacings to nominally
120m depths. Trenches were excavated at 50m and 25m spaced sections.

The resource estimate has been confined to maximum depths of 50m to
70m below surface.

An inverse distance squared block model has been produced in
Surpac, supported by basic geo-statistics to fill all of the interpreted
orebody solids with grade for an updated JORC Compliant Indicated and Inferred
resource estimate:

                          Summary by Resource Category
                 Zone    Volume     Tonnes     Au      grams       ozs
 
Indicated        Main   654,881  1,735,433   0.91  1,578,665    50,755
                 West 2,284,367  6,053,574  0.84   5,056,475   162,569
                South 1,206,993  3,198,534   0.72  2,302,418    74,024
               3KHill   994,067  2,634,275   1.13  2,971,040    95,521
 
                Total 5,140,308 13,621,816   0.87 11,908,599   382,870
 
Inferred         Main   485,647  1,286,957   0.72    927,186    29,810
                 West   377,468  1,000,286   0.75    747,692    24,039
                South   224,974    596,178   0.55    326,327    10,492
               3KHill   403,848  1,070,196   0.89    947,162    30,452
              4K Hill    48,950    129,719   0.65     84,002     2,701
 
                Total 1,540,887  4,083,336   0.74  3,032,369    97,493
 
          Grand Total 6,681,195 17,705,152   0.84 14,940,968   480,363

Ongoing Exploration

The second phase RC drill programme continues with one RC drill rig
committed to infill drilling on 50m x 25m and 50m x 40m grids to upgrade
resources to Indicated Category, and one RC rig is performing exploration and
step out drilling at the 4K and East Zone.

The third RC rig is off-site being under repair.

A diamond drill rig is drilling targeted zones for further
metallurgical testwork.

The best results from the recently drilled RC and diamond drill
holes include:

 hole   from to interval     grade               Zone
         m   m
JQRC138  12  19    7     m  1.84  g/t            MAIN
JQRC145  44  52    8     m  1.00  g/t South (northern extension)
JQRC153  32  38    6     m  1.16  g/t
JQRC153  73  83    10    m  1.88  g/t          3K Hill
JQRC156  6   11    5     m  1.03  g/t South (northern extension)
JQRC158  60  62    2     m  2.23  g/t         South Zone
JQRC159  87  89    2     m  1.55  g/t         South Zone
JQD051   46  58    12    m  1.37  g/t         West Zone
JQD052   72  77    5     m  4.72  g/t         West Zone
JQD053   0   40    40    m  1.08  g/t         West Zone
         85  97    12    m  1.51  g/t
JQD054   18  29    11    m  1.85  g/t          3K Hill

Others

Feasibility study: G&M plans to complete a Pre-Feasibility Study in
Q1 2014 and subsequently apply for a Mining Licence for the G&M JV.
Feasibility study related works including drilling for mine water supply,
environmental, plant and mine infrastructure have been initiated.

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' 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 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.

                                    -Ends-