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Shefa Gems Ltd

Shefa Yamim plans advanced exploration at Kishon Mid-Reach project

The precious stone miner said it expected to continue planning and regulatory procedures to begin mining at the Kishon Mid-Reach Zone 1 area by 2020

Kishon River
Shefa added that it is looking to begin further exploration of Zone 2 of the project

Shefa Yamim (ATM) Ltd (LON:SEFA) is targeting expanded exploration at its Kishon Mid-Reach project in Northern Israel across 2019 and 2020.

In an update ahead of its AGM on Thursday, the first for current chairman Michael Rosenberg, the precious stone miner said it expected to continue planning and regulatory procedures to begin mining at the Kishon Mid-Reach Zone 1 area by 2020, and thus become revenue generating.

WATCH: Shefa Yamim 'uniquely placed' as it looks forward to near-term production and revenue

Shefa added that it is looking to begin further exploration at Zone 2 in the second quarter of 2019, while there would also be expanded exploration efforts at Zone 3 of the site.

The company is also aiming to build on the launch of the "Heaven on Earth" jewellery collection, which was designed using gems recovered from its projects, in order to develop its “Mine to Market” strategy.

Rosenberg said that in 2019 the firm would also engage with London-based advisors to help expand understanding of Shefa’s investment proposition in the City, adding that the company had “never been in a stronger position”.

The chairman added that the £1mln the company raised from new shareholders earlier in May would allow it to pursue its “twin-track strategy” of progressing to mining and Zone 1 while also developing its marketing strategy.

In mid-morning trading on Thursday, Shefa Yamim shares were steady at 5.3p.

--Adds share price--

Quick facts: Shefa Gems Ltd

Price: £0.05

Market: LSE
Market Cap: £8.62 m
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