KEFI Minerals firms up size of Saudi gold resource

6th Mar 2014 14:19

Gold and copper explorer KEFI Minerals has increased the size of one if its Saudi Arabian projects and has been able to reclassify the resource from the inferred category to the indicated.The Jibal Qutman project has been raised 3.2% to a JORC-compliant total indicated resource of 495,194 oz of gold.The indicated resource now stands at 14.4m tonnes (Mt) at 0.94 grammes per tonne (g/t) for 435,000 oz gold and 2.3Mt at 0.81g/t Au in the inferred category for 60,000oz gold.Managing Director Jeff Rayner said: "In essence, we are now reporting more ounces from fewer tonnes at a higher grade, with higher levels of confidence from within an expanding zone of mineralisation. Open pit optimisation studies are also producing encouraging results and we are on schedule to complete the PFS this quarter."He added that in Ethiopia, KEFI was in the process of completing a new resource estimate at Tulu Kapi that was being similarly independently reviewed.Shares in KEFI were up 5.2% to 2.03p at 15:48 on Thursday. OH