Kefi Gold & Copper Regulatory News (KEFI)

24 Dec 2009 07:01



AIM: KEFI 24 December 2009

KEFI Minerals Plc 

("KEFI Minerals" or the "Company")

Joint Venture Finalised for Bakir Tepe Project, Turkey

KEFI Minerals, the AIM-quoted gold and copper exploration company with projects in Turkey and the Kingdom of Saudi Arabia, is pleased to announce that it has finalised a joint venture agreement with TSX-listed Centerra Gold Inc. ("Centerra") in respect of the 100%-owned Bakir Tepe Project in southwestern Turkey.

As outlined in a KEFI Minerals' announcement on 10 November 2009, the key terms of the joint venture are as follows:

Centerra earns a 51% interest in the Bakir Tepe Project upon contributing US$750,000 to the joint venture over 2 years with a minimum expenditure of US$350,000 in the first year;

Once Centerra has earned its 51% interest, each party shall fund their respective percentage interests subject to dilution for non-participation in such expenditure; 

If either party's interest is diluted to less than 10%, that party's interest will automatically be converted to a 2.0% net smelter return royalty; and

KEFI Minerals will be the manager of the Project and Centerra has the right to become manager if they so elect and have met certain milestones.

Bakir Tepe Licences cover a 78 km2area and are prospective for volcanic-hosted massive sulphide ("VHMS") polymetallic deposits . A 900m drilling programme is planned to commence soon.

Enquiries

References in this announcement to exploration results and potential have been approved for release by Mr Malcolm Stallman, B.App.Sc. Mr Stallman is a geologist and has more than 20 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. 

About KEFI Minerals

KEFI Minerals commenced trading on AIM in December 2006 and was formed with the aim of creating shareholder value through the discovery and exploitation of gold and copper deposits.

In Turkey, KEFI Minerals currently has the following exploration projects:

At Derinin Tepe in the Western Anatolia Region, low-sulphidation epithermal quartz veins have been identified with gold and silver mineralisation.

At Artvin, in northeastern Turkey, extensive hydrothermal alteration and gold and base metal mineralisation have been recognised in the project area, as well as historical workings indicating potential for economic mineralisation. Artvin is a joint venture operated by KEFI Minerals and funded by Centerra Gold Inc, who has the right to earn up to 70% interest in the property by spending USD$6 million.

Bakir Tepe, in southwestern Turkey, is prospective for VHMS polymetallic deposits. High-grade gold and copper crop out on the peripheries of a shallowly buried geophysical chargeability anomaly.

At Yatik, in the Western Anatolia Region, low-sulphidation epithermal quartz veins with gold and silver mineralisation have been identified. 

At Gumushane in eastern Turkey, areas of extensive hydrothermal alteration have been recognised in the project area, as well as coincident areas of interest identified through interpretation of Aster data. 

Hasancelebi, in central Turkey, is prospective for high-sulphidation epithermal gold mineralisation and Iron-Oxide Copper-Gold ("IOCG") mineralisation. 

Muratdag, in the Western Anatolia Region, is prospective for Carlin-style epithermal gold mineralisation.

In the Kingdom of Saudi Arabia, KEFI Minerals has a minerals exploration joint venture with leading Saudi construction and investment group Abdul Rahman Saad Al-Rashid & Sons Company Limited ("ARTAR"). KEFI Minerals is the operating partner with a 40% interest and the joint venture's primary target is the discovery and development of a >1 million ounce gold deposit in the under explored Precambrian Shield in Saudi Arabia.

EMED Mining has agreed to provide technical and administrative systems and personnel to KEFI Minerals on a cost-recovery basis, thus enabling KEFI Minerals to reduce overheads and spend more on exploration. 

KEFI Minerals' Board of Directors is comprised of Mr. Harry Anagnostaras-Adams (Chairman), Mr. Jeffrey Rayner (Managing Director), Professor Ian Plimer (Deputy Chairman) and John Leach (Finance Director).

Further information on KEFI Minerals is available at www.kefi-minerals.com and the Company's AIM code is "KEFI".

-Ends-