AIM: KEFI 03 June 2011
KEFI Minerals Plc
("KEFI Minerals" or the "Company")
SALE OF GOLD EXPLORATION PROPERTIES IN TURKEY
KEFI Minerals, an AIM-quoted gold and copper exploration company, announces
that it has completed the Sale Agreement for the Company's Derinin Tepe (also
known as Kizilcukur), Muratdag and Yatik West projects (the "Properties") in
western Turkey to Ariana Resources plc ("Ariana").
Details of the sale terms are as follows:
•A nominal cash payment by Ariana to KEFI's Turkish subsidiary.
•The issue to KEFI of such number of ordinary shares in the Company that are
equal to a value of £50,000 based on a 30% premium to the average Volume
Weighted Average Price ("VWAP") of Ariana's ordinary shares calculated for the
30 days of trading prior to the date of completion of a definitive agreement;
which KEFI agrees not to trade for a period of 12 months from the date of issue
•The grant to KEFI of a 2% Net Smelter Royalty on all future mineral production
from the licences.
KEFI Minerals' Managing Director, Jeff Rayner, commented:
"We continue to focus on developing projects in under-explored countries with
excellent potential for discovery of major gold and copper mines. The decision
to sell the assets in western Turkey is in line with our decision to focus on
other projects, which are to be developed pending licence application
approval."
Enquiries:
KEFI Minerals Plc.
Jeffrey Rayner +90 533 928 19 13
Fox-Davies Capital
Simon Leathers +44 203 463 5010
Bishopsgate Communications
Michael Kinirons +44 20 7562 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".
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