Business
Sale of Artvin Project
Sale of Artvin Project.
About this update from Kefi Gold And Copper Plc
[{"type":"text","content":"\n \n18th August2011\n\n KEFI Minerals Plc \n (\"KEFI Minerals\" or the \"Company\") \n\n SALE OF ARTVIN PROJECT \n\nKEFI Minerals, the AIM-quoted gold and copper exploration company, announces\nthat it has sold the Company's Artvin Project in northeastern Turkey to a\nTurkish mining company.\n\nThe Artvin Project comprises 15 Exploration Licences (totalling 254km2) located\nin the Eastern Pontide Belt in northeastern Turkey.\n\nKackar Madencilik San. Tic. Ltd, the Company's subsidiary holding these\nlicences, has been sold in return for KEFI Minerals receiving:\n\n * Initial Cash payment of US$100,000; and\n \n * 1% Net Smelter Royalty on all future mineral production from the licences.\n \nKEFI Minerals' Managing Director, Jeff Rayner, commented:\n\n\"This sale is marks the latest step in our strategy and follows on from the\nearlier sale in June of the Company's Derinin Tepe (also known as Kizilcukur),\nMuratdag and Yatik West projects in western Turkey to Ariana Resources plc.\n\n\"Our policy has always been to continually rapidly assess and, where\nappropriate, turnover projects in our exploration portfolio and as such we\nbelieve our cost-efficient approach increases the probability that KEFI\nMinerals will make a major gold and/or copper discovery..\n\n\"We continue to evaluate opportunities in Turkey and the region. Additionally\nKEFI Minerals recently began exploring our Selib North Project which is the\nfirst Exploration Licence we have been granted in Saudi Arabia while we are\nalso evaluating the Tiouit Gold-Copper Mine in Morocco.\"\n\n --Ends-- \n\nEnquiries:\n\nKEFI Minerals www.kefi-minerals.com\nJeffrey Rayner +90 533 928 19 13\n\nFox-Davies Capital\nSimon Leathers +44 203 463 5010\n\nBishopsgate Communications \nNick Rome +44 207 562 3350\n\nAbout KEFI Minerals\n\nKEFI Minerals commenced trading on AIM in December 2006 and was formed with the\naim of creating shareholder value through the discovery and exploitation of\ngold and copper deposits.\n\nIn the Kingdom of Saudi Arabia, KEFI Minerals has a minerals exploration joint\nventure with leading Saudi construction and investment group Abdul Rahman Saad\nAl-Rashid & Sons Company Limited (\"ARTAR\"). KEFI Minerals is the operating\npartner with a 40% interest and the joint venture's primary target is the\ndiscovery and development of a >1 million ounce go...