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Shefa Gems focused on mining permit for KMR 1

Avi Taub, chief executive, said: "The first half of the year been very successful for Shefa Gems as we have accomplished many of our goals.

Shefa Gems Ltd -

Gemstone group Shefa Gems Ltd's (SEFA) focus over the next six months is to get a permit to start trial mining at the Kishon Mid-Reach Zone 1 in Israel.

A technical feasibility study in February indicated that an alluvial mine at KMR 1 can process 1.5 Mt of gravel over an 11-year life at a cost at the lower end of the cost curve.

Avi Taub, chief executive, said: "The first half of the year been very successful for Shefa Gems as we have accomplished many of our goals.

“These include completing the TEE report, receiving official recognition on a new mineral in nature named Carmeltazite, the Carmel Sapphire, discovery of the first naturally occurring vanadium metal hydride and concluding the bulk sampling in Kishon Mid-Reach Zone 2.

Shefa aims to analyse bulk samples mined in KMR Zone 2 with drilling plans being prepared for KMR Zone 3 over the remainder of the year. 

Losses for the six months to June were NIS 2.57mln (£591,000) on revenues of NIS 182,000.

Quick facts: Shefa Gems Ltd

Price: 2.5 GBX

LSE:SEFA
Market: LSE
Market Cap: £5.12 m
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