Tulu Kapi Update: Reactivation Of Mining Licence Application & Indicative Project Financing Plan

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 that it has reactivated the Mining Licence Application (“MLA”) for its Tulu Kapi gold project in Ethiopia, which had been suspended in mid-2013 by the previous owner of the asset. The Ethiopian Minister for Mines, Hon. Tolassa Shagi Moti, has confirmed to the Company, the Government’s intention to expedite the processing of the MLA with a view to construction commencing in early 2015.

KEFI has also received headline indicative terms for the financing of the project from several financial institutions, all of whom are familiar with the project and have undertaken initial due diligence. These recent positive responses were made possible by the independent confirmations of KEFI’s overhaul of, and plans for, Tulu Kapi over recent weeks.