Business
Sale of Gold Exploration Properties in Turkey
Sale of Gold Exploration Properties in Turkey.
About this update from Kefi Gold And Copper Plc
[{"type":"text","content":"\n \nAIM: KEFI 03 June 2011\n\n KEFI Minerals Plc \n\n (\"KEFI Minerals\" or the \"Company\") \n\n SALE OF GOLD EXPLORATION PROPERTIES IN TURKEY \n\nKEFI Minerals, an AIM-quoted gold and copper exploration company, announces\nthat it has completed the Sale Agreement for the Company's Derinin Tepe (also\nknown as Kizilcukur), Muratdag and Yatik West projects (the \"Properties\") in\nwestern Turkey to Ariana Resources plc (\"Ariana\").\n\nDetails of the sale terms are as follows:\n\n•A nominal cash payment by Ariana to KEFI's Turkish subsidiary.\n\n•The issue to KEFI of such number of ordinary shares in the Company that are\nequal to a value of £50,000 based on a 30% premium to the average Volume\nWeighted Average Price (\"VWAP\") of Ariana's ordinary shares calculated for the\n30 days of trading prior to the date of completion of a definitive agreement;\nwhich KEFI agrees not to trade for a period of 12 months from the date of issue\n\n•The grant to KEFI of a 2% Net Smelter Royalty on all future mineral production\nfrom the licences.\n\nKEFI Minerals' Managing Director, Jeff Rayner, commented:\n\n\"We continue to focus on developing projects in under-explored countries with\nexcellent potential for discovery of major gold and copper mines. The decision\nto sell the assets in western Turkey is in line with our decision to focus on\nother projects, which are to be developed pending licence application\napproval.\"\n\nEnquiries:\n\nKEFI Minerals Plc.\n\nJeffrey Rayner +90 533 928 19 13\n\nFox-Davies Capital\n\nSimon Leathers +44 203 463 5010\n\nBishopsgate Communications\n\nMichael Kinirons +44 20 7562 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 gold deposit in the\nunder-explored Precambrian Shield in Saudi Arabia.\n\nIn Turkey, KEFI Minerals continues to explore its current portfolio of\nprop...