LONDON (Alliance News) - Gold and copper exploration company KEFI Minerals PLC said on Tuesday it will expand its Ethiopian exploration tenements seven-fold, in order to encompass the Tulu Kapi gold project district.
Based on advice from the Ethiopian Ministry of Mines, Petroleum & Natural Gas, the space will be expanded to around 1,900 square kilometres. The expanded land is planned for granting after project construction starts and encompasses all potential satellite deposits within trucking distance of the project.
Exploration funding is indicate to be an eight-year average annual operating cash flow before finance charges and tax from the project of GBP50 million, at the current spot gold price of USD1,230.00 per ounce.
Shares in KEFI Minerals were down 0.6% at 1.60 pence on Tuesday.
Kefi Gold & Copper (KEFI)