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KEFI Minerals PLC

KEFI Minerals deputy chairman buys further 1.6m shares

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KEFI Minerals (LON:KEFI) told investors that non-executive deputy chairman Ian Plimer yesterday bought 1.6 million further shares in the company at 0.8p each, raising his holding to 3.6 million shares, or 1.3 percent of the capital.

Less than three weeks ago, Plimer bought 1.8 million shares, taking his holding to 2.05 million shares.

Earlier this year, in April’s FY09 results, KEFI said it had successfully progressed its exploration prospects in Turkey and launched a major new initiative in the Kingdom of Saudi Arabia.

According to KEFI, the continuing strength in gold and copper prices, alongside the company’s prospects, provide an exciting opportunity to create exceptional value.
“Turkey and Saudi Arabia are both under-explored countries with excellent potential for discovery of major gold and copper mines. The disciplined, focused exploration approach of our small team provides technical excellence that is leveraged via its carefully structured strategic alliances”, KEFI stated.

KEFI highlighted that it expanded its activities significantly in 2009 by forming the Gold and Minerals (G&M) Joint Venture with a Saudi construction and investment group Abdul Rahman Saad Al-Rashid & Sons Co Ltd (ARTAR). “The primary target of this new alliance with ARTAR is the discovery and development of a >1 million ounce gold deposits in the under explored Precambrian Arabian Shield of Saudi Arabia.”

KEFI is the operating partner with a 40% interest, while ARTAR holds the remaining 60%, and provides local support services.

KEFI announced in mid-July that its partner for the Artvin joint venture in Turkey, Centerra Gold (TSX: CG) has decided to withdraw from the project, thus full ownership of the Artvin project is reverting to KEFI.

Quick facts: KEFI Minerals PLC

Price: £0.01

Market: LSE
Market Cap: £6.47 m
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