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19 Feb 2009 07:00
19 February 2009 KEFI Minerals plc ("KEFI" or the "Company") Potential Strategic Partnerships
In 2008, the Company expanded on its strategy of forming strategic alliances in the key regions in which it operates. This began with its strategic alliance with EMED Mining Public Limited ("EMED") which has provided management, technical and financial support to the Company and also led to the formation in Turkey of the Artvin Joint Venture at the Artvin project with partner Centerra Gold Inc. of Canada. As announced on 28 October 2008, under the terms of the joint venture, which is managed by the Company, Centerra has the opportunity to earn an interest in the Artvin project in return for funding exploration costs up to a specified amount. This arrangement not only accelerated the work at Artvin but, at the same time, conserved the Company's resources.
In 2009, this approach is set to continue. The potential for gold and other mineral exploration in Saudi Arabia is of interest to the Company and a strategic alliance or joint venture with an appropriate local partner could be significant in any future success of the Company in this region. The Company is already in advanced discussions with possible additional strategic partners in Turkey and in the Kingdom of Saudi Arabia.
Furthermore, as shareholders are aware, in November 2006, KEFI executed a non-compete agreement with EMED pursuant to which KEFI agreed not to explore for natural resources in certain countries in which EMED is interested (the "Agreement"). The Kingdom of Saudi Arabia is one country governed by the Agreement. However, KEFI and EMED have today entered into an agreement pursuant to which EMED has agreed to waive its rights under the Agreement in respect of the Kingdom of Saudi Arabia only, in return for KEFI granting to EMED a right of first refusal on any projects that may develop in Saudi Arabia in which the Company may not wish to participate.
For further information contact:
Jeffrey Rayner,KEFI Minerals plc Tel: +90 533 928 1913David Youngman/Katy MitchellW.H. Ireland Ltd. Tel: +44 (0) 161 832 6644Nick RomeBishopsgate Communications Tel: +44 (0) 20 7562 3350
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