Kefi Minerals (LON:KEFI) has released its long awaited independent indicated and inferred mineral resource for the Tulu Kapi gold project in Ethiopia.
After 12 months of intense review work by the firm and its independent specialists, and taking account all drilling and trenching, the number is 1.9 million ounces of the yellow metal from 23.7 million tonnes at 2.51 grams per tonne (g/t).
Of that the total higher confidence indicated resource number is 18.4mln tonnes (Mt) at 2.57 g/t gold for 1.5mln ounces and this is now being used to finalise pit design, mine scheduling and ore reserves.
Managing director Jeff Rayner said: "We are pleased that the independent review of the Tulu Kapi Resource and JORC compliant reporting validates our belief that we have an attractive open pit project and underground mining potential. This review gives us the correct internal resource dilution to accurately plan Tulu Kapi's development and production.
"The next step of producing the estimate of Probable Reserves is already advanced following which the independent reviews of our plans for project, community and finance will occur in quick succession. As a result, we are on track to lodge the mining licence application during Q4 2014, and, at the same time, expand project documentation for the planned project financing. All this gives the Board confidence that development will commence in 2015."
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