AIM: KEFI 6 January 2010
KEFI Minerals Plc
("KEFI Minerals" or the "Company")
COMMENCEMENT OF DRILLING AT BAKIR TEPE PROJECT, TURKEY
KEFI Minerals, the AIM-quoted gold and copper exploration company with projects
in Turkey and the Kingdom of Saudi Arabia, is pleased to announce that a
drilling programme has commenced at the Bakir Tepe Project in southwest Turkey
with the aim of testing a large geophysical anomaly that is interpreted to
potentially be related to a Cyprus-style copper-gold volcanic-hosted massive
sulphide ("VHMS") deposit.
The Bakir Tepe Project is a joint venture with Centerra Gold Inc. Centerra has
the right to earn a 51% interest in the project upon contributing US$750,000 to
the joint venture over two years with a minimum expenditure of US$350,000 in
the first year. KEFI Minerals is the manager of the joint venture.
The 900m drilling programme is planned to comprise three diamond drillholes
targeting a strong induced polarisation ("IP") chargeability anomaly down dip
of surficial mineralisation that has returned up to 3.6% copper, 4.6g/t gold,
and 67g/t silver in rock chip samples.
The Bakir Tepe Project is located in the Burdur Province of southwestern Turkey
and comprises seven tenements, which cover approximately 78km2 within the
Lycian Ophiolite Belt and recent work carried out by KEFI Minerals has
identified the potential for Cyprus-style copper-gold VHMS deposits.
KEFI Minerals' Managing Director, Jeff Rayner, commented:
"The commencement of diamond drilling at the Bakir Tepe Project represents the
culmination of months of exploration activity by KEFI Minerals personnel, which
has resulted in the identification of a number of high priority drill targets.
We are encouraged by our initial activity and look forward to expanding our
Bakir Tepe development in conjunction with our JV partner Centerra. We will
update shareholders on our progress throughout 2010."
Enquiries
KEFI Minerals WH Ireland Fox-Davies Bishopsgate
Communications
Capital Limited
Jeffrey Rayner Katy Mitchell James Hehn Nick Rome
+90 533 928 19 13 +44 161 832 2174 +44 20 7936 5232 +44 20 7562 3350
www.kefi-minerals.com
References in this announcement to exploration results and potential have been
approved for release by Mr Malcolm Stallman, B.App.Sc. Mr Stallman is a
geologist and has more than 20 years' relevant experience in the field of
activity concerned. He is a Member of the Australasian Institute of Mining and
Metallurgy (AusIMM) and has consented to the inclusion of the material in the
form and context in which it appears.
About KEFI Minerals
KEFI Minerals commenced trading on AIM in December 2006 and was formed with the
aim of creating shareholder value through the discovery and exploitation of
gold and copper deposits.
In Turkey, KEFI Minerals currently has the following exploration projects:
1. At Derinin Tepe in the Western Anatolia Region, low-sulphidation epithermal
quartz veins have been identified with gold and silver mineralisation.
2. At Artvin, in northeastern Turkey, extensive hydrothermal alteration and
gold and base metal mineralisation have been recognised in the project
area, as well as historical workings indicating potential for economic
mineralisation. Artvin is a joint venture operated by KEFI Minerals and
funded by Centerra Gold Inc, who has the right to earn up to 70% interest
in the property by spending USD$6 million.
3. Bakir Tepe, in southwestern Turkey, is prospective for copper-gold VHMS
polymetallic deposits. High-grade gold and copper crop out on the
peripheries of a shallowly buried geophysical chargeability anomaly.
4. At Yatik, in the Western Anatolia Region, low-sulphidation epithermal
quartz veins with gold and silver mineralisation have been identified.
5. At Gumushane in eastern Turkey, areas of extensive hydrothermal alteration
have been recognised in the project area, as well as coincident areas of
interest identified through interpretation of Aster data.
6. Hasancelebi, in central Turkey, is prospective for high-sulphidation
epithermal gold mineralisation and Iron-Oxide Copper-Gold ("IOCG")
mineralisation.
7. Muratdag, in the Western Anatolia Region, is prospective for Carlin-style
epithermal gold mineralisation.
In the Kingdom of Saudi Arabia, KEFI Minerals has a minerals exploration joint
venture with leading Saudi construction and investment group Abdul Rahman Saad
Al-Rashid & Sons Company Limited ("ARTAR"). KEFI Minerals is the operating
partner with a 40% interest and the joint venture's primary target is the
discovery and development of a >1 million ounce gold deposit in the under
explored Precambrian Shield in Saudi Arabia.
EMED Mining has agreed to provide technical and administrative systems and
personnel to KEFI Minerals on a cost-recovery basis, thus enabling KEFI
Minerals to reduce overheads and spend more on exploration.
KEFI Minerals' Board of Directors is comprised of Mr. Harry Anagnostaras-Adams
(Chairman), Mr. Jeffrey Rayner (Managing Director), Professor Ian Plimer
(Deputy Chairman) and John Leach (Finance Director).
Further information on KEFI Minerals is available at www.kefi-minerals.com and
the Company's AIM code is "KEFI".
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