Business
Tulu Kapi Resource Update
Tulu Kapi Resource Update.
About this update from Kefi Gold And Copper Plc
[{"type":"text","content":"\n \nRNS Number : 3262R KEFI Minerals plc 08 March 2016 \n\n 8 March 2016\n \nKEFI Minerals plc \n(\"KEFI\" or the \"Company\")\n \nPRELIMINARY ECONOMIC ASSESSMENT OF TULU KAPI UNDERGROUND MINE\nPotential to increase annual Tulu Kapi gold production to 150,000oz from open pit and underground \n \nKEFI Minerals (AIM: KEFI), the gold exploration and development company with projects in the Kingdom of Saudi Arabia and the Federal Democratic Republic of Ethiopia, is pleased to report the positive results of the preliminary economic assessment (PEA) by KEFI of the underground mining potential at the Tulu Kapi Gold Project (\"Tulu Kapi\"), underneath the planned open pit.\n \nAs stated previously, the Board of KEFI continues to pursue its growth strategy of maintaining exploration activities in the Arabian-Nubian Shield focused on identifying the Company's next value-adding stages beyond the construction and start-up of the Tulu Kapi open pit. This PEA, which is a study of the resource potential at Tulu Kapi beneath the open pit mine, is the first stage in the implementation of that strategy. KEFI anticipates commencing development of the underground mine after Tulu Kapi has begun generating positive cash flows from the open pit mine and repaying its development finance, with a view to introducing underground production around the third year of the open pit operation.\n \nEconomic benefits to KEFI \nThis assessment indicates that the total production of Tulu Kapi (combining the open pit mine and underground mine) could approximate 150,000oz pa. This production c...