Mine Plan: Increased Production for Tulu Kapi

KEFI Minerals (AIM: KEFI), an emerging gold miner with projects in the Kingdom of Saudi Arabia and the Federal Democratic Republic of Ethiopia, is pleased to announce the independent verification of its revised Mine Plan for the Company’s Tulu Kapi gold project in Ethiopia, including an increased production target and the Company’s plan to re-activate the Mining Licence Application (“MLA”) in October 2014 with a view to commencing construction in H1 2015. The independent review was conducted by Snowden Mining Industry Consultants Pty Ltd (“Snowden”).

Jeff Rayner, Managing Director of KEFI, commented: “We are pleased to report the independent verification of our Mine Plan, which includes an increased production target that further improves expected project economics. This confirms our expectation of reactivating the Mining Licence Application for Tulu Kapi in October 2014. Following the recent finalisation of the Mineral Resource, we now are able to complete other project planning parameters, commencing with the optimised pit design, mining rate and head grade.

“During the coming weeks, we expect to report further milestones, including independently verified project cost estimates and Ore Reserves. At the same time, we are working on securing project financing. As a result, we are confident of advancing to the development stage in the first half of 2015.”