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Shefa Gems reveals results of new updated competent person’s report

Shefa Gems has been steadily working up its precious project

Shefa Gems Ltd -

 Shefa Gems reveals results of new updated competent person’s report

A competent person acting for Shefa Gems Ltd (LON:SEFA) has established that the gemstone resource at its Kishon Mid-Reach Zone 1 and Zone 2 projects in Israel should generate revenue of US$41 for every tonne of rock mined.

Shefa Gems is now at an advanced stage of planning and development in its trial mining phase.

The updated competent person’s report, which used all available data up to August 2019, has upgraded Zones 1 and 2 of the Kishon Mid-Reach to an inferred mineral resource from its previous classification of an exploration project.

The upgrade follows considerable detailed exploration work and is based on the occurrence of gemstones of economic interest in such form, quality and quantity that there are reasonable and realistic prospects of gemstone extraction for the general consumption in the jewellery market.

Operating costs over the life of mine are estimated at US$26 per tonne, with the potential to be as low as US$10-to-US15 per tonne, as established in the company’s Technical Economic Evaluation announced in February 2019.

"We are delighted the CPR has raised the classification of the Kishon Mid-Reach project to an inferred mineral resource, a landmark achievement for Shefa Gems,” said Michael Rosenberg, the chairman of Shefa,

“The report also clearly recognised the company's excellent progress as we advance with our plans towards the start of trial mining in 2020. The CPR is yet another strong endorsement of the quality and potential of our project following the independent Technical Economic Evaluation and gemstone valuations announced earlier this year. As Shefa Gems continues to deliver on its key milestones, the evidence mounts to support our confidence in the significant potential value of the Kishon Mid-Reach project," he added.

 

Quick facts: Shefa Gems Ltd

Price: 3.5 GBX

LSE:SEFA
Market: LSE
Market Cap: £6.03 m
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