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Kefi Minerals plc (KEFI)

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Wednesday 11 June, 2014

Kefi Minerals plc

Director Dealings

RNS Number : 3151J
Kefi Minerals plc
11 June 2014
 



 

                                                                                                                              11 June 2014

 

KEFI Minerals Plc

("KEFI" or the "Company")

 

Director Dealings

 

KEFI (AIM: KEFI), the gold exploration and development company with projects in the Kingdom of Saudi Arabia and the Democratic Republic of Ethiopia, is pleased to announce that, following the earlier announcement by the Company, the following directors have today acquired ordinary shares of 1p each in the Company at a price of 1.5p each.

 

Director

Position

Number of shares acquired

Resultant shareholding

Resultant shareholding as a % of the current issued share capital

 

Harry Anagnostaras-Adams

Non-Executive Chairman

2,000,000

13,966,667

1.40

Ian Plimer

Deputy Chairman

1,866,668

3,116,668

0.31

Jeff Rayner

Managing Director

1,000,000

4,783,333

0.48

 

 

Enquiries:

 

KEFI Minerals Plc


Jeffrey Rayner, Chief Executive Officer

+90 533 928 1913

Harry Anagnostaras-Adams, Chairman


+357 9945 7843



Fox-Davies Capital (Nominated Adviser and Joint Broker)


Simon Leathers

+44 203 463 5022



finnCap Ltd (Joint Broker)


Elizabeth Johnson, Christopher Raggett

+44 207 220 0500



Luther Pendragon (Financial PR)


Harry Chathli, Claire Norbury, Ivana Petkova

+44 207 618 9100

 

Further information on KEFI is available at www.kefi-minerals.com 

 

KEFI in the Kingdom of Saudi Arabia

 

In 2009, KEFI formed the Gold and Minerals Joint Venture Company ("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. To date, G&M has conducted preliminary regional reconnaissance and lodged 30 Exploration Licence Applications (ELAs), of which four have been granted.

Two of the granted ELs were relinquished in May 2014. 

 

The ELAs were initially applied for and granted to ARTAR. Incorporation of G&M has been completed and the joint venture arrangements provide for the transfer of any granted Licences to G&M in due course.

 

The Kingdom of Saudi Arabia has instituted policies to encourage minerals exploration and development and KEFI 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. 

 

KEFI in Ethiopia

 

KEFI has acquired a 75% interest in the Tulu Kapi licence in western Ethiopia and intends to refine the development plan for the project, aimed at reducing the previously planned capital and operating expenditure. Early research has yielded encouraging results and was summarised in recent announcements in respect of the Tulu Kapi acquisition transaction.

 

KEFI's Focus

 

The Company is now positioned as an operator of two advanced gold development projects within the highly prospective Arabian-Nubian Shield, with an attributable 1.7Moz of JORC compliant mineral resource plus significant resource growth potential. By 2017, the aggregate estimated production at these projects attributable to KEFI could exceed 80koz pa Au, generating cash flows for further exploration and expansion as warranted, recoupment of development costs and, when appropriate, dividends to shareholders.


This information is provided by RNS
The company news service from the London Stock Exchange
 
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