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KEFI Minerals
www.kefi-minerals.com
KEFI Minerals is a dynamic exploration Company focussed on exploring for world-class mineral deposits in the well-endowed and under-explored Tethyan Mineral Belt of Turkey and Arabian Shield of Saudi Arabia. Following its listing in late 2006, KEFI Minerals has established itself as an innovative gold and copper exploration Company and has quickly expanded its exploration portfolio.
Full KEFI Minerals profile here
KEFI Minerals not proceeding with option on Moroccan project
8:04 am by Giles Gwinnett
The firm was granted the exclusivity period in July last year to evaluate the project and to see if it wanted to enter a joint ventureKEFI Minerals (LON:KEFI) revealed today that it is not proceeding with its option on the Tiouit gold-copper mine and tailings project in Morocco.
It has allowed its exclusivity period over the projects to lapse, it said today.The firm was granted the exclusivity period in July last year to evaluate the project and to see if it wanted to enter a joint venture.However, due diligence and work carried out since then, which included drill testing and an investigation into abandoned underground mine works, showed less potential than initially envisaged, KEFI said in a statement today.The company told investors that it would now continue to focus its efforts on the gold and copper projects held by the Gold & Minerals joint venture (G&M) in Saudi Arabia and assessments in other regions.KEFI paid Moroccan company Roche Invest SARL US$250,000 for five months of exclusivity over Tiouit and an associated tailings retreatment project. As reported last July, depending on the outcome of the studies, KEFI would decide whether to enter a joint venture agreement with Roche over either or both projects.
