Business
Sale of Yatik Gold Project
Sale of Yatik Gold Project.
About this update from Kefi Gold And Copper Plc
[{"type":"text","content":"\n \nAIM: KEFI 15 April 2010\n\n KEFI Minerals Plc \n\n (\"KEFI Minerals\" or the \"Company\") \n\n SALE OF YATIK GOLD PROJECT, TURKEY \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 sale of\nthe Yatik Gold Project in Western Anatolia to Turkish gold miner, Koza Altin Iş\nletmeleri A.Ş. (\"Koza\"). The project was sold for a net cash consideration of\nUS$150,000 and a 2.5% Net Smelter Return royalty on specified minerals such as\ngold, silver and base metals potentially produced from the property.\n\nKEFI Minerals' Yatik Gold Project hosts 400m strike length of a gold-bearing\nepithermal vein, which continues eastwards out of the licence area, with total\nlength estimated to be at least 1.3km. Although up to 50m in width, the vein is\non average 14m wide. Epithermal, chalcedonic quartz textures suggest a high\nlevel of exposure of the vein system with the potential for bonanza gold grades\nat depth with surface rock-chip sampling returning grades up to 11g/t Au.\nLimited reverse-circulation (\"RC\") drilling to 60m depths by previous explorers\nreturned up to 31m at 1.3g/t and 7m at 5.7g/t Au.\n\nKEFI Minerals recognised the high level of exposure and significant gold\npotential of the Yatik epithermal system and successfully won a tender for the\nlicence in mid-2007, which covered the western 400m exposure of the Yatik vein.\nKoza subsequently won a separate tender in mid-2008 which covered the remaining\n900m of the eastern extension of the vein.\n\nFor the year ended 31 December 2008, the loss before taxation attributable to\nthe Yatik Gold Project was £10,000 and its net asset value at 30 June 2009 was\nnil. The sale proceeds will be used to fund KEFI Minerals' continuing\nexploration activities.\n\nKoza is the owner of the Ovacik Gold mine, located 40km to the south of Yatik.\nThe Ovacik mine has produced over 1Moz of gold from open cut and underground\nmining of epithermal veins.\n\nKEFI Minerals' Managing Director Jeff Rayner commented that:\n\n\"We believe that the Yatik vein has the potential to contain more than one\nmillion ounces in the Ovacik- Yatik gold corridor. Koza owns the operating gold\nmine and plant at Ovacik, and has demonstrated that it can successfully develop\nnew gold mines in the Western Anato...