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Additional Information
Market: AIM
Sector: General Mining - Gold
EPIC: KEFI
Latest Price: 3.73p  (-5.09% Descending)
52-week High: 9.15p
52-week Low: 2.60p
Market Cap: 13.62M
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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 finalise Bakir Tepe JV agreement

24th Dec 2009, 8:43 am KEFI Minerals and Centerra Gold finalise Bakir Tepe JV agreement

KEFI Minerals (AIM: KEFI) has finalized a joint venture (JV) agreement with Centerra Gold (TSX: CG) over its wholly owned Bakir Tepe project in southwestern Turkey, giving Centerra the right to earn a 51% interest.

Under the terms of the agreement, Centerra can earn a 51% interest in the project if it contributes US$750,000 to the JV over two years with a minimum expenditure of US$350,000 in the first year, after which each party will have to fund their respective percentage interests. If either company’s stake is diluted to less than 10%, its interest will be converted to a 2% net smelter return royalty.

Centerra will also have the right to take over from KEFI as the manager of the project upon meeting certain milestones.

The Bakir Tepe licences, which were acquired in 2008, cover 78 sq km (square kilometre) and are prospective for volcanic-hosted massive sulphide polymetallic deposits. A 900m (metre) drilling programme is planned to commence soon.

The two companies previously signed a JV agreement over the Artvin project, also in Turkey. Four diamond holes for a total of approximately 1,600m are being drilled at the Yanikli prospect within the Artvin project. The first drill hole targets an area that returned 44m at 0.5 g/t (grammes per tonne) gold including 1m at 8.20 g/t gold, 1m at 1.38 g/t gold and 1m at 1.04 g/t gold, 45m at 0.12% lead, and 36m at 0.18% zinc as part of a channel chip sampling programme.

Shares in KEFI advanced 12.5% on the news this morning.

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