Kefi Minerals plc Director Share Purchase (0028S)
July 02 2015 - 6:12AM
UK Regulatory
TIDMKEFI
RNS Number : 0028S
Kefi Minerals plc
02 July 2015
2 July 2015
KEFI Minerals plc
("KEFI" or the "Company")
Director Share Purchase
KEFI Minerals (KEFI), the gold exploration and development
company with projects in the Kingdom of Saudi Arabia and the
Democratic Republic of Ethiopia, has today been notified by Mr.
Jeffrey Rayner, a Director of the Company, that he purchased
1,000,000 ordinary shares of 1p each ("Ordinary Shares") at 0.845
pence per share on 29 June 2015, 370,000 Ordinary Shares at 0.84
pence per share on 30 June 2015 and 1,235,250 Ordinary Shares at
0.845 pence per share on 1 July 2015.
Following the purchase of 2,605,250 Ordinary Shares, Mr. Rayner
holds 14,676,083 shares, representing approximately 0.84% of the
Company's issued share capital. He also holds 20,333,000 incentive
options which have exercise prices ranging from 1.32p to 4p per
ordinary share.
ENQUIRIES
KEFI Minerals plc
Harry Anagnostaras-Adams (Executive
Chairman) +357 9945 7843
Jeff Rayner (Exploration Director) +905 3 3928 1913
SP Angel Corporate Finance
LLP (Nominated Adviser)
Ewan Leggat, Katy Birkin +44 203 470 0470
Brandon Hill Capital Ltd (Joint
Broker)
Oliver Stansfield, Alex Walker,
Jonathan Evans +44 207 936 5200
Beaufort Securities Ltd (Joint
Broker)
Elliot Hance +44 207 382 8300
Luther Pendragon Ltd (Financial
PR)
Harry Chathli, Claire Norbury,
Oliver Hibberd +44 207 618 9100
NOTES TO EDITOR
KEFI Minerals plc
KEFI is the operator of two advanced gold development projects
within the highly prospective Arabian-Nubian Shield, with an
attributable 1.93Moz (100% of Tulu Kapi's 1.72Moz and 40% of Jibal
Qutman's 0.73Moz) Au Mineral Resources (JORC 2012) plus significant
resource growth potential. KEFI targets that production at these
projects generate cash flows for further exploration and expansion
as warranted, recoupment of development costs and, when
appropriate, dividends to shareholders.
Expected milestones for the remainder of 2015 at Tulu Kapi
include:
-- Formalisation of senior secured financing, agreement of final terms for project finance; and
-- Full development funding and commencement of construction.
In addition, during 2015 KEFI anticipates triggering a
Preliminary Feasibility Study to underpin the submission of a
Mining Licence Application for Jibal Qutman in Saudi Arabia through
its joint venture company, Gold & Minerals Ltd ("G&M"). The
development of Jibal Qutman is targeted to follow the start-up of
Tulu Kapi.
KEFI Minerals in Ethiopia
The Tulu Kapi gold project in Western Ethiopia is being rapidly
progressed towards development. In October 2014, KEFI Minerals
reactivated the Mining Licence Application and assembled indicative
project finance terms. The Mining Licence was granted in April 2015
and the secured lenders' independent technical consultants have now
commenced their due diligence.
The 2015 Definitive Feasibility Study focused on construction of
a 1.2Mtpa processing plant with estimated annual steady-state gold
production 95,000oz and All-in Sustaining Costs (including
operating, sustaining capital and closure) averaging US$780/oz
(excluding initial investment).
KEFI Minerals in the Kingdom of Saudi Arabia
In 2009, KEFI formed G&M in Saudi Arabia with local Saudi
partner Abdul Rahman Saad Al-Rashid & Sons Company Limited
("ARTAR"), to explore for gold and associated metals in the Arabian
Shield. KEFI has a 40% interest in G&M and is the operating
partner. To date, G&M has conducted preliminary regional
reconnaissance and has had five exploration licences ("EL")
granted, including Jibal Qutman and the recently granted Hawiah
exploration licence that contains over 6km strike length of
outcropping gossans developed on VMS altered and mineralised
rocks.
At Jibal Qutman, G&M's flagship project, the total Indicated
and Inferred category Mineral Resources, JORC (2012) compliant, are
now estimated at 28.4Mt at 0.80g/t Au for 733,045 contained gold
ounces compared with 22.0Mt at 0.90g/t Au for 633,461 contained
gold ounces previously estimated in March 2014, both at a cut-off
grade of 0.2g/t Au.
ARTAR, on behalf of G&M, holds 24 exploration licence
applications that cover an area of approximately 1,484km(2) . ELs
are renewable for up to three years and bestow the exclusive right
to explore and to obtain a 30-year exploitation (mining) lease
within the area.
The Kingdom of Saudi Arabia has instituted policies to encourage
minerals exploration and development and KEFI Minerals supports
this priority by serving as the technical partner within G&M.
ARTAR also serves this government policy as the major partner in
G&M, which is one of the early movers in the modern resurgence
of the Kingdom's minerals sector.
This information is provided by RNS
The company news service from the London Stock Exchange
END
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