Notice of AGM and Publication of Annual Report

RNS Number : 3287H

Kefi Minerals plc

16 May 2014

 



16 May 2014

KEFI Minerals Plc

("KEFI" or the "Company")

Notice of AGM and Publication of Annual Report & Accounts

KEFI Minerals (AIM: KEFI), the gold exploration and development company with projects in the Kingdom of Saudi Arabia and the Federal Democratic Republic of Ethiopia, gives notice that the Annual General Meeting ("AGM" or the "Meeting") of the Company is to be held at 4.00pm BST on Monday 23 June 2014 at the offices of Field Fisher Waterhouse LLP, 9th Floor, Riverbank House, 2 Swan Lane, EC4R 3TT. Information on the resolutions to be considered at the Meeting can be found in the Notice of AGM circular that has been posted to shareholders of the Company along with forms of proxy and direction as well as the annual report and accounts for the year ended 31 December 2013 (the "Annual Report"). The AGM materials and Annual Report are also available on KEFI's website at www.kefi-minerals.com.

Enquiries:

KEFI Minerals Plc
Jeffrey Rayner	[phone]
Fox-Davies Capital (Nominated Adviser and Joint Broker)
Simon Leathers	[phone]
finnCap Ltd (Joint Broker)
Elizabeth Johnson, Christopher Raggett	[phone]
Luther Pendragon (Financial PR)
Harry Chathli, Claire Norbury, Ivana Petkova	[phone]

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 Company ("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 30 Exploration Licence Applications (ELAs), of which four have been granted.

Two of the granted ELs were relinquished in May 2014. 

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.

 

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