5th Mar 2008 07:00
Kefi Minerals plc05 March 2008 AIM: KEFI 5th March 2008 KEFI Minerals Plc ("KEFI Minerals" or the "Company") ACQUISITION OF THE HASANCELEBI PROJECT, CENTRAL TURKEY KEFI Minerals is pleased to announce the acquisition of the Hasancelebi Projectin central Turkey, which is located close to known high-sulphidation epithermalgold occurrences and has potential for Iron-Oxide Copper-Gold ("IOCG")mineralisation. The Hasancelebi Project comprises a single Exploration Licencetotalling 20km2 located approximately 75km northwest of Malatya in centralTurkey. The licence was identified via KEFI Minerals' tenement monitoringsystem and subsequently acquired by an application for the vacant ground. The Hasancelebi Project is in a similar geological setting to that which hostseast-west zones of anomalous gold in tenements contiguous with the westernboundary of the KEFI Minerals' Hasancelebi Licence. Gold mineralisation in theadjacent tenement is known to be of high-sulphidation epithermal style. Previous exploration in the region returned stream sediment assays withanomalous gold in streams draining the Hasancelebi Project area. The upstreamsource of this anomalous gold does not appear to have been investigated byprevious explorers. Approximately 8km southwest of the KEFI Minerals' Hasancelebi Project is adeposit containing 685 million tonnes at 19% Fe (MTA 1994 historical non-JORCresource), plus minor copper and gold, which is considered to have affinitieswith IOCG systems such as Olympic Dam in Australia. The known IOCG-type depositsin Turkey are poorly understood and there is considerable potential for moreexamples of this type of system to be discovered. KEFI Minerals' Managing Director, Jeffery Rayner, commented: "This acquisition is another example of our proprietary database enabling ourgeologists to rapidly identify and acquire prospective tenements. Our uniqueaccess to data collected by previous explorers provides valuable explorationinformation. As a result, KEFI is able to exploit opportunities that may nothave been previously followed up or understood in light of currentmineralisation models. "This head start on exploration should enable KEFI Minerals to evaluate theHasancelebi Project in a cost effective and timely manner." References in this announcement to exploration results and potential have beenapproved for release by Mr Jeff Rayner, B.Sc. (Honours). Mr Rayner is ageologist and has more than 20 years' relevant experience in the field ofactivity concerned. He is a member of The Australian Institute of Mining andMetallurgy (AUSIMM) and has consented to the inclusion of the material in theform and context in which it appears. EnquiriesKEFI Minerals WH Ireland Bishopsgate CommunicationsJeffrey Rayner Laurie Beevers Maxine Barnes Katy Mitchell Nick Rome+90 533 928 19 13 +44 161 832 2174 +44 20 7562 3350 www.kefi-minerals.com Notes to Editors: KEFI Minerals was formed on 24 October 2006 for the purposes of holding EMEDMining's exploration interests in Turkey and Bulgaria with a view to creatingshareholder value through the discovery and exploitation of gold and copperdeposits. In November 2006, KEFI Minerals completed the acquisition of EMED Mining'sTurkish and Bulgarian exploration interests through the acquisition of EMEDMining's subsidiary Mediterranean Minerals (Bulgaria) EOOD. In addition, KEFIMinerals acquired from EMED Mining a database of mining information relating toTurkey. KEFI Minerals commenced trading on AIM on 18 December 2006, following thesuccessful placing of 46,666,667 shares at 3p to raise £1.4 million. In Turkey, KEFI Minerals has seven exploration projects: 1. At Derinin Tepe in the Western Anatolia Region, low-sulphidationepithermal quartz veins have been identified with gold and silvermineralisation. 2. At Artvin in northeastern Turkey, extensive hydrothermal alteration andgold and base metal mineralisation have been recognised in the project area, aswell as historical workings indicating potential for economic mineralisation. 3. At Gumushane in eastern Turkey, areas of extensive hydrothermalalteration have been recognised in the project area, as well as coincident areasof interest identified through interpretation of Aster data. 4. Hasancelebi, in central Turkey, is prospective for high-sulphidationepithermal gold mineralisation and Iron-Oxide Copper-Gold ("IOCG")mineralisation. 5. At Karalar, in Central Anatolia, highly anomalous gold in streamsediments have been identified in an area of historic base metal mines. 6. Muratdag, in the Western Anatolia Region, is prospective forCarlin-style epithermal gold mineralisation. 7. Meyvali, in the Western Anatolia Region, is prospective for epithermaland skarn related mineralisation. 8. At Yatiktas, in the Western Anatolia Region, low-sulphidation epithermalquartz veins with gold and silver mineralisation have been identified. KEFI Minerals also has an extensive exploration database which containsinformation about approximately 100 further prospective sites in Turkey. Thisdatabase provides the Company with a competitive advantage to identifyprospective areas for project generation in Turkey. Monitoring of theexploration licence status of geologically prospective areas will be carried outon an ongoing basis so that KEFI Minerals can acquire further explorationopportunities as soon as they become available. EMED Mining has agreed to provide technical and administrative systems andpersonnel to KEFI Minerals on a cost-recovery basis, thus enabling KEFI Mineralsto reduce overheads and spend more on exploring Turkey and Bulgaria. KEFI Minerals' Board of Directors is comprised of Mr. Harry Anagnostaras-Adams(Chairman), Mr. Jeffrey Rayner (Managing Director), Professor Ian Plimer (DeputyChairman) and John Leach (Finance Director). Further information on KEFI Minerals is available at www.kefi-minerals.com andthe Company's AIM code is "KEFI". -Ends- This information is provided by RNS The company news service from the London Stock ExchangeRelated Shares:
Kefi Gold & Copper