18th August2011
KEFI Minerals Plc
("KEFI Minerals" or the "Company")
SALE OF ARTVIN PROJECT
KEFI Minerals, the AIM-quoted gold and copper exploration company, announces
that it has sold the Company's Artvin Project in northeastern Turkey to a
Turkish mining company.
The Artvin Project comprises 15 Exploration Licences (totalling 254km2) located
in the Eastern Pontide Belt in northeastern Turkey.
Kackar Madencilik San. Tic. Ltd, the Company's subsidiary holding these
licences, has been sold in return for KEFI Minerals receiving:
* Initial Cash payment of US$100,000; and
* 1% Net Smelter Royalty on all future mineral production from the licences.
KEFI Minerals' Managing Director, Jeff Rayner, commented:
"This sale is marks the latest step in our strategy and follows on from the
earlier sale in June of the Company's Derinin Tepe (also known as Kizilcukur),
Muratdag and Yatik West projects in western Turkey to Ariana Resources plc.
"Our policy has always been to continually rapidly assess and, where
appropriate, turnover projects in our exploration portfolio and as such we
believe our cost-efficient approach increases the probability that KEFI
Minerals will make a major gold and/or copper discovery..
"We continue to evaluate opportunities in Turkey and the region. Additionally
KEFI Minerals recently began exploring our Selib North Project which is the
first Exploration Licence we have been granted in Saudi Arabia while we are
also evaluating the Tiouit Gold-Copper Mine in Morocco."
--Ends--
Enquiries:
KEFI Minerals www.kefi-minerals.com
Jeffrey Rayner +90 533 928 19 13
Fox-Davies Capital
Simon Leathers +44 203 463 5010
Bishopsgate Communications
Nick Rome +44 207 562 3350
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 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.
In Turkey, KEFI Minerals continues to explore its current portfolio of
properties prospective for copper and gold deposits as well as evaluating
further opportunities.
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".
KEFI Minerals plc
3 Agios Demetrios Street
2012 Acropolis,
Nicosia, Cyprus
T: +357 2244 2705
F: +357 2242 1956
E: info@kefi-minerals.com
www.kefi-minerals.com