Saudi Arabia
The KEFI Minerals team has been evaluating potential joint ventures and prospects in the Kingdom of Saudi Arabia since mid-2008. The Company’s geologists have compiled a large database of mineral occurrences and historic workings, geological maps, topographic maps, aeromagnetic survey data, and remote sensing data for this region. This database has allowed for rapid identification and quality assessment of mineral occurrences and ancient workings, and selective targeting for potentially major mineral deposits.
G&M Joint Venture
In May 2009, KEFI Minerals announced the formation of a new minerals exploration joint venture, the Gold & Minerals (“G&M”) Joint Venture, with leading Saudi construction and investment group Abdulrahman Saad Al-Rashid & Sons Company Limited (“ARTAR”). KEFI Minerals is the operating partner with a 40% shareholding of G&M with ARTAR holding the remaining 60%.
KEFI Minerals will provide technical advice and assistance to G&M, including personnel to manage and supervise all exploration and technical studies. ARTAR will provide administrative advice and assistance to ensure G&M remains in compliance with all governmental and other statutory procedures.
G&M Prospects
G&M’s primary target will be the discovery and development of a >1 million ounce gold deposit in Saudi Arabia’s under-explored Precambrian Shield. KEFI Minerals and ARTAR have 21 Exploration Licence Applications (“ELA”) pending. Each ELA covers an area of approximately 100km2. Exploration Licences are granted for a period of five years and can be renewed for a further five years. Almost all of the ELA areas contain ancient workings and some have visible gold in quartz veins and other indications of potentially economic mineralisation. The ELAs are targeting both gold and copper-gold mineralisation. KEFI Minerals plans to rapidly progress these prospects to the drilling stage whilst continuing project generation work in Saudi Arabia with the aim of applying for further Exploration Licences.
About ARTAR
ARTAR is a Saudi Arabian conglomerate investing in different sectors such as construction, real-estate, agriculture and health care in the Kingdom of Saudi Arabia and abroad. ARTAR’s principal business activities include commercial and residential property development, engineering, and construction of large shopping malls, hotels, hospitals and high rise apartment complexes. The company employs more than 17,000 people. Investment in the fledgling minerals sector in Saudi Arabia has recently been added to ARTAR’s business expansion plans. Further information is available on the ARTAR website
