KEFI Minerals plc Change of Board Roles (2284V)

TIDMKEFI

RNS Number : 2284V

KEFI Minerals plc

20 July 2018

20 July 2018

KEFI Minerals plc

("KEFI" or the "Company")

Change of Board Roles

KEFI Minerals (AIM: KEFI), the gold exploration and development company with projects in the Democratic Republic of Ethiopia and the Kingdom of Saudi Arabia, is pleased to announce that Mark Wellesley-Wood, who has been Deputy Chairman and Senior Independent Non-Executive Director of the Company since August 2015, has been appointed to the role of Non Executive Chairman with immediate effect.

Harry Anagnostaras-Adams, currently Executive Chairman will assume the role of Managing Director with immediate effect. This move separates the roles of Chairman and Managing Director that Harry Anagnostaras-Adams has fulfilled since late 2014 and reflects the Board's desire to strengthen its corporate governance as the Company transitions to the mine build and operational phases of its development.

Market Abuse Regulation (MAR) Disclosure

Certain information contained in this announcement would have been deemed inside information for the purposes of Article 7 of Regulation (EU) No 596/2014 until the release of this announcement.

Enquiries

 
 KEFI Minerals plc 
 Harry Anagnostaras-Adams (Managing 
  Director)                                   [phone] 
 John Leach (Finance Director)                [phone] 
 
 SP Angel Corporate Finance LLP (Nominated 
  Adviser)                                    [phone] 
 Ewan Leggat, Jeff Keating, Soltan 
  Tagiev 
 
 Brandon Hill Capital Ltd (Joint Broker)      [phone] 
 Oliver Stansfield, Jonathan Evans 
 
 RFC Ambrian Ltd (Joint Broker)               [phone] 
 Charlie Cryer 
 
 IFC Advisory Ltd (Financial PR and 
  IR)                                         [phone] 
 Tim Metcalfe, Heather Armstrong 
 

Notes to Editor

KEFI Minerals plc

KEFI is focused primarily on the advanced Tulu Kapi Gold Project development project in Ethiopia, along with its pipeline of other projects within the highly prospective Arabian-Nubian Shield. KEFI targets that production at Tulu Kapi generates cash flows for capital repayments, further exploration and expansion as warranted and, when appropriate, dividends to shareholders.

KEFI Minerals in Ethiopia

Ethiopia is currently undergoing a remarkable transformation both politically and economically.

The Tulu Kapi gold project in western Ethiopia is being progressed towards development, following a grant of a Mining Licence in April 2015.

The Company has now refined contractual terms for project construction and operation. Estimates include open pit gold production of c. 140,000oz pa for a 7-year period. All-in Sustaining Costs (including operating, sustaining capital and closure but not including leasing and other financing charges) remain c. US$800/oz. Tulu Kapi's Ore Reserve estimate totals 15.4Mt at 2.1g/t gold, containing 1.1Moz.

All aspects of the Tulu Kapi (open pit) gold project have been reported in compliance with the JORC Code (2012) and subjected to reviews by appropriate independent experts.

A Preliminary Economic Assessment has been published that indicates the economic attractiveness of mining the underground deposit adjacent to the Tulu Kapi open pit, after the start-up of the open pit and after positive cash flows have begun to repay project debts. An area of over 1,000 square kilometres adjacent to Tulu Kapi has been reserved for exploration by KEFI upon commencement of development, with a view to adding satellite deposits to development and production plans.

KEFI Minerals in the Kingdom of Saudi Arabia

In 2009, KEFI formed G&M in Saudi Arabia with local Saudi partner, Abdul Rahman Saad Al Rashid & Sons Company Limited ("ARTAR"), to explore for gold and associated metals in the Arabian-Nubian Shield. KEFI has a 40% interest in G&M and is the operating partner.

ARTAR, on behalf of G&M, holds over 20 EL applications. ELs are renewable for up to three years and bestow the exclusive right to explore and to obtain a 30-year exploitation (mining) lease within the area.

The Kingdom of Saudi Arabia has announced policies to encourage minerals exploration and development, and KEFI Minerals supports this priority by serving as the technical partner within G&M. ARTAR also serves this government policy as the major partner in G&M, which is one of the early movers in the modern resurgence of the Kingdom's minerals sector.

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July 20, 2018 02:00 ET (06:00 GMT)