Upgraded JORC Resource

AIM: KEFI                                                   6 March 2014

                               KEFI Minerals Plc                               

                           ("KEFI" or the "Company")                           

               SAUDI ARABIAN EXPLORATION AND DEVELOPMENT UPDATE                

                UPGRADED JORC RESOURCE AT JIBAL QUTMAN PROJECT

KEFI Minerals, the AIM-quoted gold and copper exploration and development
company with projects in the Kingdom of Saudi Arabia and Ethiopia, is pleased
to announce a further update from the Jibal Qutman Project in Saudi Arabia.
KEFI Minerals is the operator for the project under the Company's 40%-owned
Gold & Minerals Joint Venture ("G&M").

HIGHLIGHTS

  * A JORC-compliant total resource of 495,194oz Au (16.7Mt at 0.92g/t Au) has
    now been calculated, a re-validation and an increase over the previously
    reported total resource of 480,000oz Au, with a material reclassification
    from the "Inferred" category to the "Indicated".
   
  * The Indicated Resource now stands at 14.4Mt at 0.94g/t Au for 435,000oz Au
    (from 383,000oz Au at 0.87g/t Au) and 2.3Mt at 0.81g/t Au in the Inferred
    category for 60,000oz Au.
   
  * Importantly, on-going drilling continues to expand the zone of
    mineralisation on three deposits at Jibal Qutman with best RC drill results
    of 17m at 1.92g/t Au (including 7m at 3.53g/t Au), 16m at 1.24g/t Au
    (including 6m at 2.35g/t), 18m at 1.07g/t Au and 7m at 1.33g/t Au.
   
  * An independent verification of G&M's resource model was performed by AMC
    Consultants Pty Ltd. The total tonnes and grade were confirmed using the
    same resource criteria applied by G&M to the Jibal Qutman deposits, which
    reaffirms the basis of resource estimation as well the calculations
    thereof.
   
  * The Pre-feasibility Study at Jibal Qutman is on schedule to be completed by
    the end of March 2014 for review and discussion with the regulatory
    authorities in respect of the intended application for a Mining Licence.
   
Jeff Rayner, Managing Director of KEFI Minerals, commented:

"We are delighted with the results of the upgraded JORC resource estimation at
the Jibal Qutman Project and an Independent Consultant's confirmation of the
tonnes and grade of the prospect. In essence, we are now reporting more ounces
from fewer tonnes at a higher grade, with higher levels of confidence from
within an expanding zone of mineralisation.Open pit optimisation studies are
also producing encouraging results and we are on schedule to complete the PFS
this quarter.

"In Ethiopia, we are in the process of completing a new JORC Resource estimate
at Tulu Kapi, which is being similarly independently reviewed, and an
appropriate update will be issued to shareholders later in this quarter. We
very much look forward to reporting on the progress from our projects in both
Saudi Arabia and Ethiopia and continue to be excited about the year ahead."

JIBAL QUTMAN PROJECT

Resource Update

A digital resource model for the Jibal Qutman project has been calculated using
Surpac and Datamine mining software packages. All sample results generated for
the project from inception to 27 January 2014 were used in calculating the
latest resource model but there remains a back log of over 1,300 samples in the
laboratory awaiting final assay.

Geological interpretation and construction of ore body wireframe modelling was
carried out in Surpac constraining mineralised intercepts at a 0.2g/t Au grade
boundary. Block model construction, variography, geostatistics studies and
grade estimation was carried out in Datamine. An ordinary kriged and an inverse
distance to the power of 2 (ID2) check estimate was carried out. Final tonnes
and grade is reported on the kriged estimate from Datamine.

The resource classification for the Jibal Qutman deposit is categorised in
accordance with the Australian Code for Reporting of Exploration Results,
Mineral Resources and Ore Reserves [JORC Code (2012)].

The updated Resource is now 16.7Mt at 0.92g/t Au for 495,000oz Au:

- 14.4Mt at 0.94g/t Au for 435,000oz Au in the Indicated category and

- 2.3Mt at 0.81g/t Au in the Inferred Category for 60,000oz Au.

The Resource categories of the individual zones are tabled below:

            Zone       Volume     Tonnes   Au      grams      oz
                                                                
            Main      818,517  2,169,070 0.99  2,147,079  69,030
                                                                
            West    2,464,811  6,531,750 0.89  5,791,088 186,188
                                                                
Indicated   South   1,103,739  2,924,909 0.79  2,303,940  74,073
                                                                
           3K Hill    999,732  2,649,290 1.19  3,149,592 101,262
                                                                
           4K Hill     53,143    140,828 1.06    148,827   4,785
                        
                                        
            Total   5,439,942 14,415,847 0.94 13,540,526 435,338
                  
                                              
            Main      210,249    557,159 0.78    433,099  13,924
                                                                
            West      209,801    555,973 0.85    474,128  15,244
                                                                
Inferred    South     182,054    482,443 0.60    290,377   9,336
                                                                
           3K Hill    254,866    675,395 0.94    636,893  20,477
                                                                
           4K Hill     11,067     29,328 0.93     27,226     875
                   
                                             
            Total     868,037  2,300,299 0.81  1,861,722  59,856
                      
                                          
            Grand   6,307,979 16,716,145 0.92 15,402,248 495,194
            Total                                               

This compares with the last resource update on 28 November 2013 totalling 7.7Mt
at 0.84g/t Au for 484,000oz Au and comprised of:

- 13.6Mt at 0.87g/t Au for 383,000oz Au of Indicated Resource, and

- 4Mt at 0.74g/t Au for 97,500oz Au of Inferred Resource.

The drill results incorporated into the new Mineral Resource were mainly from
infill drilling at the West, Main, South and 3K Hill Zones. These results
allowed confirmation of the general size and shape of the mineralisation and
resulted in the upgrade of 52,000oz of previously Inferred Resource at a
slightly higher grade with fewer tonnes, to an Indicated Resource category.

Mineralisation has been intersected in wide spaced RC drill holes up to 300m to
the south of 3K Hill. This area is masked by a thin cover of sand (1m thick)
and there is potential for the mineralised structure to continue southwards for
2km towards the Main and West Zones.

Encouraging assay results are to hand from limited RC drilling at the 4K Hill
prospect.

AMC Independent Resource Review

AMC Consultants Pty Ltd (AMC) was contracted to verify G&M's updated Jibal
Qutman Mineral Resource model for estimated tonnes and grade and to review
various aspects of the Mineral Resource estimation method. It is important to
note that AMC was not contracted to sign off as the Competent Person (CP). CP
sign off would require a more comprehensive and lengthy review of all sampling,
assay and geostatistical procedures which G&M will commit to in an independent
review at a later date, when all known economic mineralisation is closed off
and a final resource model completed.

AMC has completed this review and submitted a draft report that confirmed the
tonnes and grade of the G&M resource model, reported at a 0.2g/t Au cut-off.

AMC's review was based on data provided by G&M, including, drill hole database,
geological interpretation, wireframes for the mineralised interpretation,
natural topography interpretation, bulk density data, assay composites,
variography and block models. AMC has not undertaken an assessment of data
collection and QA/QC monitoring procedures.

AMC is currently conducting "an open pit optimisation" study, and capex and
opex estimation for mining costs at Jibal Qutman. The economic gold cut-off
selected for the pit optimisation study is 0.3g/t Au.

AMC reported the G&M Mineral Resource at a 0.5g/t Au cut off as follows:

 Category  Tonnes (t)  Grade (g/t Au) Contained metal Au oz 
                                                            
Indicated  10,052,045       1.18             381,740        
                                                            
 Inferred   1,974,541       0.87              55,477        
                                                            
  Total    12,026,585       1.13             437,188        

G&M considers this estimate to be a positive result, showing that the Jibal
Qutman mineralisation is robust, with 88% of the total resource at a 0.2g/t Au
cut off grade reporting to within a higher economic cut off of 0.5g/t Au.

AMC commented:

  * While the interpretation of the mineralisation is generally reasonable, the
    interpretation should be revised to finesse the extent of the
    mineralisation and to ensure use of an appropriate lower cut-off grade and
    mineralisation boundary;
   
  * The global bulk density of 2.65t/m3 assigned to the block model may be
    considered conservative when compared with the average bulk density values
    measured on 40 G&M core samples. AMC suggests integrating the measurements
    done up to now with more measurements to refine the model;
   
  * 1m compositing, used by G&M was considered appropriate, and therefore used
    by AMC in its review.
   
Among AMC recommendations:

  * The mineralisation interpretation should be updated to incorporate new
    drilling upon receipt of logging information and assays results, and the
    model of oxidation state should be included;
   
  * In order to demonstrate grade continuity and increase the confidence in the
    mineral resource, further drilling should be undertaken in areas of broader
    spaced data. G&M note that AMC is in agreement with G&M's in-house estimate
    of volume and grade, as estimated using G&M's parameters, which was the
    main goal of the scope of work. G&M notes also that the bulk density model
    is conservative. The adoption of AMC's suggestions, to be fulfilled during
    the DFS stage in due course, together with the results of the additional
    drilling in progress, will help to improve the Mineral Resource model and
    understanding of the deposit at Jibal Qutman.
   
Exploration and Infill Drilling

Positive results have been returned from the ongoing exploration RC drilling
campaign at Jibal Qutman, expanding the mineralisation in four drilled zones:
Main Zone, 3K Hill, 4K Hill and the SSE extension of the South Zone. The
following table summarises grade and length of mineralised intervals:

     Hole        From     To     Interval       Au               Zone          
                  m       m         m          g/t                             
                                                                               
   JQRC220        30      33        3          2.04       S. Zone extension    
                                                                               
                  34      49        15         0.64                            
                                                                               
   JQRC221        82      85        3          1.73            M. Zone         
                                                                               
                  95      98        3          4.15                            
                                                                               
   JQRC223        63      67        4          2.45             M.Zone         
                                                                               
   JQRC229        11      28        17         1.92            3K Hill         
                                                                               
  Including       14      21        7          3.53                            
                                                                               
   JQRC230        83      93        10         1.78            3K Hill         
                                                                               
   JQRC237        6       22        16         1.24            3K Hill         
                                                                               
  Including       6       12        6          2.35                            
                                                                               
   JQRC238        27      33        6          2.18            3K Hill         
                                                                               
   JQRC240        98     120        22         1.15            3K Hill         
                                                                               
  including      109     112        3          2.87                            
                                                                               
   JQRC242        8       23        15         1.08            4K Hill         
                                                                               
  including       20      23        3          4.04                            
                                                                               
   JQRC241        33      36        3          1.14       S. Zone extension    
                                                                               
   JQRC243        21      39        18         1.07       S. Zone extension    
                                                                               
                  54      56        2          1.01                            
                                                                               
                  70      72        2          1.90                            
                                                                               
   JQRC245        36      43        7          1.33            4K Hill         
                                                                               
   JQRC246        33      39        6          1.15            4K Hill         
                                                                               
                  41      46        5          1.11                            

Drilling in the south zone has shown that mineralisation extends, hidden under
a thin scree cover, for more than 200m to the SSE, and is still open. Hole
JQRC220 returned 3m at 2.04g/t Au, and 15m at 0.64g/t Au at shallow depths;
JQRC241 returned 3m 1.14g/t Au, and JQRC243 returned multiple mineralised
intervals as 18m at 1.07g/t Au, 2m at 1.01g/t Au and 2m at 1.90g/t Au. The
mineralised intervals in drill holes shows the same features typical of the
South Zone, and are in continuity, even if offset to the East, with the main
portion of the South Zone.

At 4K Hill a total of 19 additional RC shallow holes were drilled on a 50x50
grid. Drilling allowed to visually recognise mineralisation at shallow depth in
more than 10 holes, extending the alteration halo for 150 m to the south.
Results for three RC holes were received from previous announcement, some of
them showing multiple mineralised intervals. Results confirm the interpretation
of a set of east dipping mineralised quartz/stockwork bodies, with hole JQRC242
returning 15m at 1.08g/t Au (including 3m at 4.04g/t Au), JQRC245 returning 7m
at 1.33g/t Au, JQRC246 returning 6m at 1.15g/t Au and 5m at 1.11g/t Au. All
mineralised intervals are at shallow depths. Drilling has been temporarily
halted at 4K Hill pending receipt of all results.

A significant backlog in assay turnaround, with more than 1,300 RC drill
results awaited, is unfortunately causing significant delay in updating the
resource estimation.


Enquiries

KEFI Minerals Plc
Jeffrey Rayner                   [phone]

Fox-Davies Capital
Simon Leathers                   [phone]

Bishopsgate Communications
Nick Rome/Anna Michniewicz       [phone]

References in this announcement to exploration results and mineral
resources 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 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 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.

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 1.6Moz 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 80Kozpa Au, generating cash
flows for further exploration and expansion as warranted, recoupment of
development costs and, when appropriate, dividends to shareholders.

                                    -Ends-