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KEFI Minerals fully funded for Jibal Qutman PFS after placing

Published: 16:43 05 Jul 2013 AEST

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Gold explorer KEFI Minerals (LON:KEFI) has raised £550,000 to complete the pre-feasibility study (PFS) on its Jibal Qutman prospect in Saudi Arabia.

The company’s joint venture in Saudi Arabia, Gold & Minerals, aims to finish the PFS and lodge an application for its first mining licence early next year.

A maiden JORC resource in May showed an inferred resource of 313,000 ounces of gold at Jibal Qutman, which will be mined by a shallow open cut pit between 60 and 70 metres deep.

The placing was priced at 2.1p, a small discount to the closing price the day before the placing was announced.

EMED Mining (LON:EMED), which has a 15% stake in KEFI, will subscribe for 2.38 mln of the 26.2mln shares placed.

Jeff Rayner, KEFI’s managing director, said: "I am very pleased that, despite the difficult market conditions, we have been able to raise the funding required to allow us to continue to accelerate our pre-feasibility study in line with our planned timetable.

KEFI Minerals is now fully funded for the previously announced work programme and feasibility study at Jibal Qutman."


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