Business
First Exploration Licence Granted in Saudi Arabia
First Exploration Licence Granted in Saudi Arabia.
About this update from Kefi Gold And Copper Plc
[{"type":"text","content":"\n \nAIM: KEFI 17th June 2011\n\n KEFI Minerals Plc \n\n (\"KEFI Minerals\" or the \"Company\") \n\n First Exploration Licence Granted In Saudi Arabia \n\n And \n\n Approval Received for Two Further Licences \n\nKEFI Minerals, an AIM-quoted gold and copper exploration company with projects\nin Turkey and the Kingdom of Saudi Arabia, is pleased to announce the grant of\nthe first mineral Exploration Licence in Saudi Arabia to the Gold & Minerals\n(\"G&M\") Joint Venture (the \"Licence\"). The Licence has been granted by the\nKingdom of Saudi Arabia's Deputy Ministry for Mineral Resources (\"DMMR\").\n\nIn addition the Company has received approval from the DMMR for two further\nlicences and these have been sent for final approval from the Supreme Committee\nof Concessions in Riyadh. The Company looks forward to updating the market as\nand when these licences are granted.\n\nKEFI Minerals has a 40% interest in the G&M Joint Venture and is the operating\npartner. To date the Company has lodged a total of 21 Exploration Licence\nApplications (\"ELAs\") in the Kingdom of Saudi Arabia that cover an area of\napproximately 1,419km2.\n\nThis inaugural Licence - for the Selib North Project (\"Project\"), covers\nfavourable fault structures and quartz-carbonate veined alteration zones and\ncontains evidence of ancient hard rock and alluvial workings for gold.\n\nHIGHLIGHTS\n\n * G&M Joint Venture to immediately commence surface exploration programmes\n over the Project with the aim of generating targets for drill testing as\n soon as possible;\n \n * Limited rock chip sampling, undertaken by G&M during field assessment of\n the area, returned results of up to 2.0g/t gold and 3.7g/t silver from\n quartz-carbonate vein zones located within the Licence;\n \n * Numerous ancient alluvial and elluvial gold workings are located in the\n Licence area; and\n \n * The Licence is renewable for up to five years and gives G&M the exclusive\n right to explore the 75km2 Licence and to obtain a 30-year exploitation\n (mining) lease within the area.\n \nKEFI Minerals' Managing Director, Jeff Rayner, commented:\n\n \n\n\"We are delighted that this initial Licence now enables detailed exploration to\ncommence at the Selib North Project in a highly prospective part of the Arabian\nShield. Our first licence in Saudi Arabia covers more t...