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Additional Information
Market: AIM
Sector: General Mining - Gold
EPIC: KEFI
Latest Price: 3.93p  (19.82% Ascending)
52-week High: 9.15p
52-week Low: 2.60p
Market Cap: 14.35M
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KEFI Minerals
www.kefi-minerals.com

KEFI Minerals is a dynamic exploration Company focussed on exploring for world-class mineral deposits in the well-endowed and under-explored Tethyan Mineral Belt of Turkey and Arabian Shield of Saudi Arabia. Following its listing in late 2006, KEFI Minerals has established itself as an innovative gold and copper exploration Company and has quickly expanded its exploration portfolio.

Full KEFI Minerals profile here
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KEFI Minerals and Centerra Gold enter JV agreement over Bakir Tepe project

10th Nov 2009, 10:25 am KEFI Minerals and Centerra Gold enter JV agreement over Bakir Tepe project

Turkey and Saudi Arabia operating gold explorer KEFI Minerals (AIM: KEF) has extended its relationship with Centerra Gold (TSX: CG), establishing a joint venture (JV) over its 100% owned Bakir Tepe project in southwestern Turkey.


Under the terms of the letter of intent signed by the two companies, Centerra will earn a 51% interest in the Bakir Tepe project upon contributing US$750,000 to the JV over two years with a minimum expenditure of US$350,000 in the first year. Upon Centerra’s earnings its 51% interest, each party will fund their respective percentage interests. If either party’s interest is diluted to less than 10%, it will be converted into a 2% net smelter return royalty.
KEFI will manage the project, while Centerra will have the right to take over as manager upon meeting certain milestones.


The two companies previously signed a JV agreement over the Artvin project, also in Turkey.


“This approach not only spreads risk and is cost effective, but also enables the complementary skills from both companies to increase the opportunities of a successful exploration effort...the high gold and copper grades in our initial sampling, combined with the conductivity anomalies and alteration sequences already observed, suggest the presence of copper-zinc-gold-silver in a nearby massive sulphide body,” said Managing Director of KEFI Minerals Jeff Rayner.


The Bakir Tepe licenses, which cover a 78 sq km (square kilometre) area, were granted to KEFI in June last year. Initial surface grab and channel samples have returned values of up to 3.6% Cu (copper), 4/6 g/t (grammes per tonne) Au (gold), 67 g/t Ag (silver) and 1,070 g/t zinc from mineralised alteration zones at Bakir Tepe. A geophysical survey has defined two moderately strong induced polarisation chargeability anomalies indicative of massive sulphides.


Shares in KEFI rallied 11% on the news.

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