Business
Ethiopian Exploration Area Expansion
Ethiopian Exploration Area Expansion.
About this update from Kefi Gold And Copper Plc
[{"type":"text","content":"\n \nRNS Number : 4099G KEFI Minerals plc 06 November 2018 \n\n6 November 2018\n \nKEFI Minerals plc\n(\"KEFI\" or the \"Company\")\nEthiopian Exploration Area Expansion\n \nKEFI Minerals (AIM: KEFI), the gold and copper exploration and development company with projects in the Federal Democratic Republic of Ethiopia and the Kingdom of Saudi Arabia, is pleased to report that, based on advice received from the Ethiopian Ministry of Mines, Petroleum and Natural Gas its Ethiopian exploration tenements will be expanded seven-fold to c.1,900 sq km to encompass the wider Tulu Kapi Gold Project (\"Project\") District surrounding the 7 sq km mining licence area already held by the Company's subsidiary Tulu Kapi Gold Mines Share Company (\"TKGM\").\nThe Company understands that this expanded exploration land position is planned for granting after Project construction commences and encompasses all potential satellite deposits within trucking distance of the Project. The area contains several already-drill-intercepted Tulu Kapi style and volcanogenic massive sulphide (\"VMS\") prospects as reported previously, plus significant additional areas of prospectivity.\nExploration funding is intended to be covered from the planned development funding and operational cash flows of TKGM which will have pre-emptive rights to any additional ore on arms-length terms and subject to financier approval. Independently verified financial models indicate an 8-year average annual TKGM Operating Cash Flow before Finance Charges and Tax from the Project of c. £50 million (US$65 million or ETB1.7 billion) at the current spot gold price of US$1,230/oz.\n \nMarket Abuse Regulation (MAR) Disclosure\nCertain information contained in this announcement would have been deemed inside information for the purposes of Article 7 of Regulation (EU) No 596/2014 until the release of this announcement.\n \nEnquiries\n\n\n\n\nKEFI Minerals plc\n\n\n \n\n\n\n\nHarry Anagnostaras-Adams (Managing Director)\n\n\n+357 99457843\n\n\n\n\nJohn Leach (Finance Director)\n\n\n+357 99208130\n\n\n\n\n \n\n\n \n\n\n\n\nSP Angel Corporate Finance LLP (Nominated Adviser and Joint Broker)\n\n\n+44 20 3470 0470\n\n\n\n\nEwan Leggat, Jeff Keating, Soltan Tagiev\n\n\n \n\n\n\n\n \n\n\n \n\n\n\n\nBrandon Hill Capital Ltd (Joint Broker)\n\n...