1st Nov 2018 12:28
LONDON (Alliance News) - KEFI Minerals PLC said Thursday it has been granted formal renewal of the Hawiah exploration licence in Saudi Arabia.
The company said it will now resume its role as operator of the licence, focusing on refining plans for a drilling campaign targeting gold at the surface and the underlying volcanogenic massive sulphide copper-gold-zinc sulphide orebody.
The company expects drilling to start in the second quarter of 2019.
Managing Director Harry Anagnostaras-Adams said: "We are very pleased to have received the formal renewal of the Hawiah exploration licence. The Hawiah area is very prospective and our planned exploration activities there will sit well alongside our planned production at Tulu Kapi [in Ethiopia] and further exploration in the Tulu Kapi district.
"Our near-term plans at Hawiah are expected to be at a low cost to the company, but they have the potential to be high impact and will ensure that the planned drilling activities in the second quarter of 2019 are appropriately targeted."
KEFI shares were trading down 1.6% at 1.52 pence each.
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Kefi Gold & Copper