Business
Update on activities in Saudi Arabia
Update on activities in Saudi Arabia.
About this update from Kefi Gold And Copper Plc
[{"type":"text","content":"\n \nAIM: KEFI 14 April 2010\n\n KEFI Minerals Plc \n\n (\"KEFI Minerals\" or the \"Company\") \n\n UPDATE ON ACTIVITIES IN SAUDI ARABIA \n\nKEFI Minerals, a gold and copper exploration company with projects in Turkey\nand the Kingdom of Saudi Arabia, is pleased to provide an update on its\nactivities in the Kingdom of Saudi Arabia.\n\nHighlights\n\n * KEFI Minerals is continuing to progress development opportunities with\n nearly a third of current portfolio at advanced stages of licence\n applications\n \n * A total of 21 Exploration Licence Applications (\"ELAs\") have been lodged\n which cover ~2,100km2.\n \n * All of the ELAs contain historic workings for gold and/or copper, some\n contain visible gold in quartz veins.\n \n * In addition to progressing existing applications, reconnaissance and\n generative studies to identify other areas of interest within Saudi Arabia\n continue.\n \n * The primary target in Saudi Arabia is the discovery and development of a >1\n million ounce gold deposits.\n \nThe Company continues to advance its Saudi Arabia operations, which commenced\nin 2008. The focus remains on the Precambrian Arabian Shield and the joint\nventure with Abdul Rahman Saad Al-Rashid & Sons Company Limited (\"ARTAR\"), a\nleading Saudi construction and investment group.\n\nThe JV Operating Company, Gold and Minerals (\"G&M\"), formerly named GEMCO, is\nin the final stages of being incorporated in Riyadh, Saudi Arabia. KEFI\nMinerals is the operating partner with a 40% interest. ARTAR holds the\nremaining 60%.\n\nG&M has lodged a total of 21 Exploration Licence Applications (\"ELAs\") covering\nan area of approximately 2,100km2 following approval from the Deputy Ministry\nfor Mineral Resources (\"DMMR\") to conduct country-wide field reconnaissance\nthrough the issue of a Reconnaissance Licence.,\n\nThe ELAs submitted by G&M are in various stages of being processed by the DMMR,\nwhich has completed site visits at six of the 21 ELAs to date. Some of the\napplications lodged by G&M are at an advanced stage of the process and are\nexpected to be granted soon.\n\nBackground to licences and the surrounding area\n\nThe ELAs are prospective for volcanic massive sulphide copper-gold deposits,\nshear related quartz-gold veins and porphyry copper-gold deposits. All of the\nELAs contain historic workings for...