23rd May 2019 17:36
LONDON (Alliance News) - Shefa Yamim ATM Ltd on Thursday said it intends to commence mining and begin generating revenue in 2020.
Shares in Shefa Yamim closed up 14% at 6.00 pence.
Earlier in May, the precious stones miner raised GBP1.0 million. In his speech at Shefa Yamim's annual general meeting, Chair Michael Rosenberg said the company intends to use this money to reach its goals in 2019 and 2020.
The company, which operates in northern Israel, is continuing to advance the Kishon mid-reach zone 1 area with plans to start mining and producing revenue in 2020. The area sits within the company's permits, which cover 60,000 hectares and include the Kishon River.
The company also plans to further explore zone 2 of the Kishon mid-reach area in the second quarter of 2019, to be followed by the expansion of exploration efforts into zone 3.
Moroever, Shefa Yamim is also planning to develop its "mine to market" strategy of promoting jewellery collections using its suite of precious gems.
Rosenberg said: "The board's focus is to unlock the premium value of these multi-gemstone projects for the long-term benefit of shareholders. In 2019, we also aim to engage with London-based advisors who will help us expand understanding of Shefa Yamim's investment proposition amongst city audiences.
"In conclusion, from an operational, financial and corporate perspective, Shefa Yamim has never been in a stronger position. The funds raised will enable us to pursue our twin-track strategy to progress the Kishon Mid-Reach Zone 1 project, while developing our 'Mine to Market' strategy with the ambition to build a global brand based on the unique location and rarity of our precious gemstones."
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