Completion of Acquisition and Placing

AIM: KEFI 30December 2013 KEFI Minerals plc ("KEFI Minerals" or the "Company") Completion of Acquisition and Placing KEFI Minerals, the AIM-quoted gold and copper exploration and developmentcompany, announces that it has completed the Acquisition of 75% of the issuedshare capital of Nyota Minerals (Ethiopia) Limited ("Nyota Ethiopia") - (awholly owned subsidiary of Nyota Minerals Limited ("Nyota") and the holder ofthe Tulu Kapi exploration licence and surrounding exploration licences) and theplacing of 225,000,000 ordinary shares ("Placing Shares"). This announcement follows the Admission to trading on AIM earlier this morningof the 107,081,158 Consideration Shares (issued pursuant to the Acquisition)and the Placing Shares. The number of ordinary shares in the Company in issuefollowing Admission will be 853,670,212. The above figure may be used byshareholders as the denominator for the calculations by which they willdetermine whether they are required to notify their interest in, or a change totheir interest in, the Company under the Financial Conduct Authority'sDisclosure and Transparency Rules. As previously announced, KEFI Minerals has devised an alternative approach atTulu Kapi, which it believes will reduce the anticipated capital and operatingexpenditure. Working in partnership with Nyota, KEFI Minerals already has ateam on site focused initially on revising the mineral resources duringQ1-2014. KEFI Minerals has also triggered refinement of the DFS (DefinitiveFeasibility Study) with a view to re-activating by the end of 2014 thesuspended mining lease and appropriate development funding. CEO, Jeff Rayner commented: "We are delighted to have completed thistransaction, and a key contributor to the positive risk assessment has been theefficient and constructive procedures of the Ethiopian Government authorities.It is also pleasing that the Placing was supported so well by institutionalinvestors. "This transaction dramatically changes the scale and scope of the Company.Utilising our strong team of explorers and miners we have established anexciting development platform within the highly prospective Arabian-NubianShield in Saudi Arabia and Ethiopia. We have already mobilised our initial teamand look forward to updating shareholders with our progress in due course." Enquiries KEFI Minerals Jeff Rayner +90 533 928 1913 Fox-Davies Capital Simon Leathers +44 203 463 5010 Bishopsgate Communications

Nick Rome/Anna Michniewicz +44 7748 325 236