Business
Joint venture of Bakir Tepe project, Turkey
Joint venture of Bakir Tepe project, Turkey.
About this update from Kefi Gold And Copper Plc
[{"type":"text","content":"\n \nAIM: KEFI 10th November 2009\n\n KEFI Minerals Plc \n\n (\"KEFI Minerals\" or the \"Company\") \n\n JOINT VENTURE OF BAKIR TEPE PROJECT, TURKEY \n\nKEFI Minerals, the AIM-quoted gold and copper exploration company with projects\nin Turkey and the Kingdom of Saudi Arabia, is pleased to announce that it has\nentered into a Letter of Intent (\"LOI\") with TSX listed Centerra Gold Inc.\n(\"Centerra\") for a joint venture in the 100%-owned Bakir Tepe Project in\nsouthwestern Turkey.\n\nBakir Tepe is prospective for volcanic-hosted massive sulphide (\"VHMS\")\npolymetallic deposits and a drilling programme is planned to commence soon.\n\nUnder the terms of the LOI, Centerra earns a 51% interest in the Bakir Tepe\nProject upon contributing US$750,000 to the joint venture over 2 years with a\nminimum expenditure of US$350,000 in the first year. There is a 45 day\nexclusivity period in which to execute a final agreement.\n\nOnce Centerra has earned its 51% interest, each party shall fund their\nrespective percentage interests subject to dilution for non-participation in\nsuch expenditure. If either party's interest is diluted to less than 10%, that\nparty's interest will automatically be converted to a 2.0% net smelter return\nroyalty.\n\nKEFI Minerals will be the manager of the Project and Centerra has the right to\nbecome manager if they so elect and have met certain milestones.\n\nThe Bakir Tepe Licences cover a 78 km2area and were granted to KEFI Minerals in\nJune 2008. As reported previously, initial surface grab and channel samples\nhave returned values of up to 3.6% copper, 4.6g/t gold, 67g/t silver and 1,070g\n/t zinc from mineralised alteration zones at Bakir Tepe. The alteration\nsequence observed at Bakir Tepe is typical of the peripheral alteration \"apron\"\nzones that form around the core of a massive sulphide deposit.\n\nA geophysical survey has defined two moderately strong induced polarisation\n(\"IP\") chargeability anomalies indicative of massive sulphides, located in what\nis interpreted to be a very favourable setting for VHMS copper-gold style of\nmineralisation.\n\nA 900m drilling programme is planned to commence soon at Bakir Tepe and\ncomprise three diamond drillholes.\n\nKEFI Minerals' Managing Director, Jeff Rayner, commented:\n\n\"Just over a year ago we announced our initial joint venture with Centerra i...