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(Sharecast News) - Kefi Gold and Copper has secured two exploration licences in Saudi Arabia, the Aim-listed miner announced on Monday.
Al Godeyer and Al Godeyer East exploration licences have been issued to the Kefi-operated Saudi Arabian joint venture Gold and Minerals Limited, on an initial five-year term.
The licences are situated just 12km south-west of the company's Hawiah discovery.
Kefi called the award a "significant step" in its plans to develop the Hawiah project area, and is the first of the satellite targets to be explored. "The proximity and shared mineralisation style should present an excellent opportunity to enhance the Hawiah project with additional grade and tonnage," it noted.
Harry Anagnostaras-Adams, Kefi executive chairman, said: "The Hawiah project already appears to be a robust standalone development proposition. However, it has always been our opinion that Hawiah is greater than just one deposit.
"These new licences, plus the imminent December Hawiah mineral resource estimate, reinforce the established position of Kefi in Saudi Arabia as a leading explorer and developer; 2022 is set to be a very positive and busy year for the joint venture.
"Furthermore, based on discussions with the regulatory authorities in the current quarter, we also now anticipate progress of the Jibal Qutman Gold mining licence, our first discovery in Saudi Arabia."
Shares in the stock initially jumped on the announcement, adding 8%. But by 0915 GMT they had shed earlier gains and were trading 2% lower at 1.01p.
22 Mar 2016 10:46