16th Jan 2012 07:00
AIM: KEFI 16 January 2012
KEFI Minerals Plc ("KEFI Minerals" or the "Company") NON EXERCISE OF EXCLUSIVE OPTION OVER THE TIOUIT MINE AND TAILINGS RETREATMENT PROJECTS IN MOROCCO
KEFI Minerals, an AIM-quoted gold and copper exploration company with projects in Turkey and the Kingdom of Saudi Arabia, reports that it has decided to allow its exclusivity period, over the tailings retreatment project and mining of remnant ore at the Tiouit Mine in Morocco, to lapse.
The due diligence and evaluation work that was conducted during the exclusivity period, since July 2011, which involved drill testing, metallurgical testwork, the compilation of historic mining and exploration data; and the investigation of abandoned underground mine works, demonstrated less potential than initially envisaged.
The company will continue to focus its efforts on the gold and copper projects held by the Gold and Minerals JV in Saudi Arabia and assessments in other regions.
Enquiries:KEFI Minerals
Jeffrey Rayner +90 533 928 19 13
Fox-Davies Capital
Simon Leathers +44 203 463 5010
Bishopsgate CommunicationsNick Rome +44 20 7562 3350Competent Person Statement
References in this announcement to exploration results and potential have been approved for release by Mr Jeffrey Rayner. Mr Rayner is a geologist and has more than 25 years' relevant experience in the field of activity concerned. He is a Member of the Australasian Institute of Mining and Metallurgy (AusIMM) and has consented to the inclusion of the material in the form and context in which it appears.
-Ends-
XLONRelated Shares:
Kefi Gold & Copper