Exploration Update

Kefi Minerals plc 01 February 2007 AIM: KEFI 1 February 2007 EXPLORATION UPDATE KEFI Minerals Plc ('KEFI Minerals' or the 'Company'), the gold and copper exploration company with projects in Turkey and Bulgaria, announces results of activities since the Company was admitted to AIM on 18 December 2006. During this period field activities have been accelerated and steps have been taken to add new exploration licences to KEFI's portfolio. LEHOVO PROJECT In southwest Bulgaria, initial encouraging gold results have been returned from the Lehovo Project. Reconnaissance rock chip sampling has returned encouraging results in the 8km long northeast-trending structural corridor between the Kazaniteh and Touchi Dol prospects. Mineralisation is hosted in a series of stacked quartz-sulphide veins and best results include 7.6g/t gold and over 100g/t silver. ARTVIN PROJECT In Turkey, reconnaissance rock chip sampling results from the Uzumlu prospect in the Artvin Project area has also returned positive results of up to 0.5g/t gold and 104g/t silver. The prospect is part of a recently identified 4km long alteration zone in volcanic rocks. This belt of volcanic rocks is host to the giant copper-gold deposits at Cayeli (19 million tonnes at 4.2% copper, 6.5% zinc and 0.8g/t gold), Murgul (80 million tonnes at 1.1% copper) and Cerateppe (2.8 million tonnes at 5.1% copper). DATABASE KEFI Minerals has intensified the field reconnaissance of its proprietary database which contains extensive information about precious metal and base metal geology and mineralisation in Turkey. This database was built by a large team of epithermal and porphyry experts from Australia and the Directors of KEFI Minerals believe it has a current replacement cost exceeding £1.5 million. A number of highly prospective areas have been identified that are not currently held under licence by other companies. The Company is competing in government-administered tenders of Exploration Licences in Turkey on selected areas that contain advanced exploration prospects. KEFI Minerals has already successfully bid for one licence and has lodged an application for another where previous rock chip sampling and stream sediment sampling had identified anomalous gold and silver. Further information on these licences will be reported to shareholders when the legal formalities are completed, which should take under two months. KEFI Minerals' Managing Director, Jeff Rayner, commented: 'We are moving quickly with our focused approach to adding value. This has been made possible utilising the exploration database acquired from EMED Mining which covers approximately 100 locations in Turkey. Interpretation of this data has enabled KEFI Minerals to narrow its exploration efforts to the most prospective areas of Turkey and move quickly as opportunities arise.' -Ends- Enquiries KEFI Minerals WH Ireland Bishopsgate Communications Jeffrey Rayner Laurie Beevers Maxine Barnes Katy Mitchell Nick Rome +905 36963 0111 +44 161 832 2174 +44 20 7562 3350 www.kefi-minerals.com References in this announcement to exploration results and potential have been approved for release by Messrs Jeff Rayner, Managing Director of KEFI Minerals and Ron Cunneen, Head of Exploration for EMED Mining Group. Both individuals have more than 15 years' relevant experience in the field of activity concerned. Ron Cunneen is a member of The Australian Institute of Geoscientists ('AIG') and Jeff Rayner is a Corporate Member of the Australian Institute of Mining and Metallurgy ('AUSIMM'). Both have consented to the inclusion of the material in the form and context in which it appears. Notes to Editors: KEFI Minerals was formed on 24 October 2006 for the purposes of holding EMED Mining's exploration interests in Turkey and Bulgaria with a view to creating shareholder value through the discovery and exploitation of gold and copper deposits. In November 2006, KEFI Minerals completed the acquisition of EMED Mining's Turkish and Bulgarian exploration interests through the acquisition of EMED Mining's subsidiary Mediterranean Minerals (Bulgaria) EOOD. In addition, KEFI Minerals acquired from EMED Mining a database of mining information relating to Turkey. KEFI Minerals commenced trading on AIM on 18 December 2006, following the successful placing of 46,666,667 shares at 3p to raise £1.4 million. KEFI Minerals' market capitalisation was £2.7 million at the placing price on admission to AIM. In Turkey, KEFI Minerals has two initial exploration projects: • At Artvin in northeastern Turkey, areas of extensive hydrothermal alteration have been recognised in the project area, and there is evidence of historical workings indicating potential for economic mineralisation. • 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. KEFI Minerals also has an extensive exploration database which contains information about approximately 100 further prospective sites in Turkey. This database provides the Company with a competitive advantage to identify prospective areas for project generation in Turkey. Procurement of new prospective licences has commenced and monitoring of the exploration licence status of geologically prospective areas will be carried out on an ongoing basis so that KEFI Minerals can acquire further exploration opportunities as soon as they become available. In southern Bulgaria, reconnaissance work in the Lehovo Project area has identified a structural corridor with a strike length of approximately eight kilometres with the potential for gold and base metal mineralisation. 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 exploring Turkey and Bulgaria. 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'. This information is provided by RNS The company news service from the London Stock Exchange
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