17th Oct 2022 13:37
(Alliance News) - Kefi Gold & Copper PLC on Monday said it is ready to push on with development work at Jibal Qutman now the licence for the site has been renewed.
Kefi Gold is a London-based gold and copper exploration and development company with projects in Ethiopia and Saudi Arabia. The Jibal Qutman licence is located in the central southern region of the Arabian-Nubian shield in Saudi Arabia, and covers an area of 100 square kilometres.
The licence has been renewed on a five-year term.
Field programmes can now commence, including the construction of the pioneer's camp, environmental baseline studies, and geotechnical and metallurgical diamond drilling.
The licence gives Kefi Gold access to a 270 square-kilometre exploration area, which includes the recently issued "Jibal Qutman North" and "Jibal Qutman Southeast" exploration licences in the Nabitah-Tathlith gold belt.
Kefi Gold also said it includes a mineral resource of 733,000 ounces, which forms the basis of an ongoing feasibility study and development plan through the company's joint venture with Gold & Minerals Ltd in Saudi Arabia.
G&M is owned 30% by Kefi, and 70% by its partner, Abdul Rahman Saad Al Rashid & Sons Ltd.
It has initiated discussions with the Saudi Investment Development Fund regarding the finalisation of project funding once the mining licence has been awarded.
"The re-issuance of the Jibal Qutman exploration licence is a critical milestone on the Jibal Qutman road to gold production," said executive chair Harry Anagnostaras-Adams.
"As previously announced, this licence, which covers the main Jibal Qutman resource area, will allow the exploration and project teams to re-enter the site and complete the field work and testing required to close out the definitive feasibility study by the start of next year which will then be used to support the mining licence application."
Kefi Gold shares were trading 0.4% higher at 0.60 pence each in London on Monday afternoon.
By Holly Beveridge; [email protected]
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