Share Option Scheme Approved

AIM: KEFI 27 March 2014 KEFI Minerals Plc ("KEFI" or the "Company") SHARE OPTION SCHEME APPROVED KEFI Minerals, the AIM-quoted gold and copper exploration and developmentcompany with projects in the Kingdom of Saudi Arabia and the DemocraticRepublic of Ethiopia, announces that the Board has approved a new share optionscheme ("the Scheme") for directors, senior managers and employees. The Schemeformalises the existing policy that options may be granted over ordinary sharesrepresenting up to a maximum of 10 per cent. of the Group's issued sharecapital. The Scheme is designed to align the interest of senior employees with those ofshareholders and promote the retention of the Company's senior executive team.Previously granted options over 22,100,000 ordinary shares which were due toexpire during 2014 have all been cancelled and the new grants of options havebeen made, in accordance with the terms of the Scheme. The Scheme options vest in equal annual instalments over a period of 2 yearsand expire after 6 years. The options granted today have an exercise price of2.3 pence per ordinary share, representing a twenty three per cent. premium tothe closing market price on 25 March 2014 and twenty four per cent. premiumabove the volume-weighted-average-price over the past 5 days. Whilst there has been no notifiable change in the beneficial interests of anyof the Directors as a result of this announcement the details of the newoptions held by the Directors are as follows: Name Title Number of Options granted options as a per cent of granted current issued under Scheme share capital Harry Non-Executive Chairman 6,500,000 0.8%Anagnostaras-Adams Jeff Rayner Managing Director 8,833,000 1.0% John Leach Finance Director 2,250,000 0.3% (Non-Executive) Ian Plimer Non-Executive Deputy 4,417,000 0.5% Chairman In addition to the 22,000,000 options issued to the Directors a further4,975,000 options have today been granted to other non-board members of thesenior management team. There is now a total of 46,010,000 options granted over ordinary shares,representing 5.40% per cent. of the Group's issued share capital which it isconsidered will provide the Remuneration Committee and Board the appropriateflexibility for the future. There are also 19,197,301 broker warrants on issue, resulting from pastfinancings. Enquiries KEFI MineralsJeffrey Rayner +90 533 928 1913 Fox-Davies CapitalSimon Leathers +44 203 463 5010 Bishopsgate CommunicationsNick Rome/Anna Michniewicz +44 20 7107 1890 References in this announcement to exploration results and potential have beenapproved for release by Mr. Jeffrey Rayner. Mr Rayner is a geologist and hasmore than 25 years' relevant experience in the field of activity concerned. Heis a Member of the Australasian Institute of Mining and Metallurgy (AusIMM) andhas consented to the inclusion of the material in the form and context in whichit appears. Further information on KEFI Minerals is available at www.kefi-minerals.com KEFI Minerals in the Kingdom of Saudi Arabia In 2009, KEFI formed the Gold and Minerals Joint Venture ("G&M") in SaudiArabia with local Saudi partner Abdul Rahman Saad Al-Rashid & Sons CompanyLimited ("ARTAR"), to explore for gold and associated metals in the ArabianShield. To date, the G&M has conducted preliminary regional reconnaissance andlodged 23 Exploration Licence Applications (ELAs), of which four have beengranted. The ELAs were initially applied for and granted to ARTAR. Incorporation of G&Mhas been completed and any granted Licences will be transferred into G&M in duecourse. The Kingdom of Saudi Arabia has instituted policies to encourage mineralsexploration and development and KEFI Minerals supports this priority by servingas the technical partner within G&M. ARTAR also serves this Government policyas the major partner in G&M, which is one of the early movers in the modernresurgence of the Kingdom's minerals sector. KEFI in Ethiopia KEFI Minerals has acquired 75% of Tulu Kapi licence in western Ethiopia andintends to refine the development plan for the project, aimed at reducing thepreviously planned capital and operating expenditure. Early research hasyielded encouraging results and was summarised in recent announcements inrespect of the Tulu Kapi acquisition transaction. The Company is now positioned as an operator of two advanced gold developmentprojects within the highly prospective Arabian-Nubian Shield, with anattributable 1.7Moz of JORC-compliant mineral resource plus significantresource growth potential. By 2017, the aggregate estimated production at theseprojects attributable to KEFI Minerals could exceed 80koz pa Au, generatingcash flows for further exploration and expansion as warranted, recoupment ofdevelopment costs and, when appropriate, dividends to shareholders. -Ends-