6th Oct 2014 07:35
LONDON (Alliance News) - KEFI Minerals PLC Monday said it has received an independently verified ore reserve estimate for its wholly-owned Tulu Kapi project in Ethiopia.
The ore reserve is compliant with the Joint Ore Reserves Committee - the Australasian code for reporting exploration results - and was carried out by Snowden Mining Industry Consultants Pty Ltd, KEFI said. It has reported probable ore reserves of 12.9 million tonnes at 2.41 grammes per tonne of gold for 1 million ounces, it said in a statement.
KEFI is on track to commence project development in the first-half of 2015, it added.
"The independent verification of the one million ounce Tulu Kapi reserve complements our recently published production, cost and valuation estimates and completes the independent substantiation of KEFI's overhaul of the Tulu Kapi gold project," said Chairman Harry Anagnostaras-Adams.
Kefi shares were up 5.4% to 1.37 pence per share Monday morning.
By Joshua Warner; [email protected]; @JoshAlliance
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