Shefa Gems Ltd Renewal of Exploration Permit (3182S)

TIDMSEFA

RNS Number : 3182S

Shefa Gems Ltd

08 July 2020

B"H

8 July 2020

Shefa Gems Ltd.

("Shefa Gems" or the "Company")

Renewal of Exploration Permit

Shefa Gems (LSE: SEFA), a company focused on advanced exploration and development of multi-gemstone mining projects in Northern Israel, is pleased to announce that the Commissioner of Mines at the Ministry of Energy, Natural Resources Administration in Israel has renewed exploration permit 869B11 for a further year. The renewed exploration permit, 869B13, includes four volcanic bodies on Mount Carmel; RMC (Rakefet Magmatic Complex), Muhraka, Har Alon and Beit Oren, the eastern slope of Mt. Carmel, Zevulun and west Yizre'el valleys.

Exploration Permit 869B13 covers a total of 173,635 Dunams (17,363 hectares) and entitles the Company to continue conducting geological exploration at the site including further drilling and excavations.

The Kishon Mid Reach Zone 1 and 2 was extracted from this permit after declared as Discovery (Certificate 869D12), and Shefa Gems is also pleased to confirm that it is continuing to progress the regulatory procedures on the basis of the Certificate of Discovery to obtain a Mining License to begin commercial mining.

Tali Shalem, Chief Executive Officer of Shefa Gems, said: "The renewal of this permit is an important, symbolic step that demonstrates the confidence the authorities have in the Company, its new management team and its exploration program" .

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Enquiries

 
 Shefa Gems Ltd 
 Michael Rosenberg, OBE - Chairman 
  www.shefagems.com                   [phone] 
                                     ----------------------- 
 
 VSA Capital Limited - Financial 
  Adviser 
                                     ----------------------- 
 Andrew Raca                          [phone] 
                                     ----------------------- 
 
 SI Capital Limited - Broker and 
  Strategic Adviser 
                                     ----------------------- 
                                      [phone] / +44 
 Nick Emerson and Jon Levinson         1483 413500 
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Notes to Editors

About Shefa Gems Ltd

Shefa Gems Ltd (LSE: SEFA) is an explorer and developer of precious gems deposits operating in Northern Israel. Exploration activity is managed by professionally skilled and technically competent personnel and is accompanied by an international team of geological experts. All exploration activities are conducted under international standards and the internationally recognized SAMREC 2016 Code.

The Company holds three permits, granted to it by the Commissioner of Mines at the Ministry of Energy, Natural Resources Administration, Israel, extend over an area of approximately 488,366 Dunams (48,836 hectares) that includes the Kishon River, the volcanic bodies on Mount Carmel, the Zevulun and Yizre'el valleys and their margins.

Shefa Gems has established a "Source to Sink" geological model and the presence of a Target Mineral Assemblage of gemstones ("TMA Suite") in both primary volcanic sources and in secondary alluvial deposits lying within the Kishon catchment, on Mount Carmel and in the Zevulun and Yizre'el valleys and their margins. The TMA suite comprises Precious Stones (Diamond, rare natural moissanite, sapphire, ruby, Carmel Sapphire(TM), garnet, hibonite, spinel, ilmenite) and heavy minerals including zircon and rutile.

On March 2020, the Quarries and Mines Branch of the Ministry of National Infrastructures of the State of Israel has awarded a Certificate of Discovery to the Company covering the projected gemstone mine development in the Kishon Mid Reach, Zones 1 and 2. The Certificate of Discovery is the culmination of the Company's successful exploration activities and market analysis; and signals the beginning of the process towards future commercial mining. 20 years of exploration in the Kishon valley have brought the Company one step closer in the establishing Israel's first and only future precious gemstone mine, originally identified and progressed by the founder of the company, the late and much missed Abraham (Avi) Taub.

Alongside its exploration activities, the Company is developing a "Mine to Market" strategy to promote unique jewellery collections utilising Shefa Gems' suite of precious gemstones.

The Company upholds environmental values and protects the nature in the areas where it operates, cooperating fully with all authorities.

For further information please visit the website at www.shefagems.com

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July 08, 2020 02:00 ET (06:00 GMT)