KEFI Minerals (LON:KEFI) is still waiting to get the go-ahead to start gold exploration in Saudi Arabia.
The company has already lodged 21 exploration license applications (ELAs) over 2,100 square kilometres. It has been expecting the first ELA ‘imminently’ since October. However this morning KEFI revealed that the process has been delayed by a number of issues.
"Our primary target in Saudi Arabia is the discovery and development of a 1 million ounce gold and copper equivalent deposits in the under-explored Precambrian Arabian Shield,” managing director Jeff Rayner said.
"We now have a number of licence applications at an advanced stage of the approvals process and are optimistic we will be able to commence field work soon.”
The whole process has been held up as a result of the shortened working quarter due to the number of Saudi national holidays in the last quarter of 2010. More specifically the Saudi Government recently requested some minor changes to KEFI’s technical report for exploration - which outlines KEFI’s 5-year plan to explore the license areas.
The company stressed that it can’t make the changes until it has had a formal request from the relevant government department, but once the report is amended the licence will be issued.
Once the licenses are issued KEFI intends to get its exploration to work right away.
Rayner adds: "Our exploration team is very keen to commence work in Saudi Arabia and quickly progress these exciting prospects to being drilled."