KEFI Minerals was formed on 24 October 2006 for the purposes of holding EMED Mining’s exploration interests in Turkey and Bulgaria with a view to creating shareholder value through the discovery and exploitation of gold and copper deposits.

In November 2006, KEFI Minerals completed the acquisition of EMED Mining’s Turkish and Bulgarian exploration interests through the acquisition of EMED Mining’s subsidiary Mediterranean Minerals (Bulgaria) EOOD. In addition, KEFI Minerals acquired from EMED Mining a database of mining information relating to Turkey.

The directors of KEFI Minerals believe they will be able to develop and realise the potential of these exploration assets more effectively than was possible within EMED Mining.

KEFI Minerals commenced trading (Code “KEFI”) on AIM on 18 December 2006, following the successful placing of 46.7 million shares at 3p to raise £1.4 million. KEFI Minerals had a market capitalisation of ₤2.7 million at the placing price on admission to AIM.