6th Mar 2014 13:13
LONDON (Alliance News) - KEFI Minerals PLC Thursday said it has upgraded the gold resource at its 40%-owned Jibal Qutman Project in Saudi Arabia following further drilling.
The gold and copper exploration and development company, with operations in Saudi Arabia and Ethiopia, said its resource has increased to 495,194 ounces of gold, based on 16.7 million tonnes of ore at 0.92 grams per tonne of gold, up from its previous total resource of 480,000 ounces of gold.
The company also said its indicated resource now stands at 14.4 million tonnes at 0.94 grams of gold per tonne for a total 435,000 ounces of gold, and its inferred resource now stands at 2.3 million tonnes at 0.81 grams per tonne of gold for a total 60,000 ounces of gold.
KEFI Minerals said drilling continues to expand the zone with best results including a 17 metre space at 1.92 grams per tonne of gold and a 16 metre space at 1.24 grams per tonne of gold.
The company added that the pre-feasibility study at Jibal Qutman is on schedule to be completed by the end of March for review and discussion with the regulatory authorities in respect of an intended application for a mining licence.
KEFI Minerals shares were up 2.3% to 1.97 pence Thursday.
By Tom McIvor; [email protected]; @TomMcIvor1
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