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Epic & Msn data
Epic KEFI
Time: 10:24:42
Mid Price: 1.50
Change Today: -0.13 Descending
Change % Today: -7.69 Descending
Fifty Two Week High: 2.50
Fifty Two Week Low: 1.38
Market Capital: 4.20
Period & price data
Period Price
Now: 1.50
3 Months ago:
6 Months ago:
1 Year ago:
Additional information
Additional Information
Market: AIM
Sector: General Mining - Gold
Epic: KEFI
News: Latest news
Web Site: Kefi Minerals
Other Articles: 22-01-201008-01-201006-01-2010

Kefi Minerals

KEFI Minerals owns exploration licences in Turkey and Bulgaria as well as an extensive database containing information about numerous prospective sites in the region, providing a pipeline of exploration targets. Since listing Kefi has focused on identifying projects that have the potential to contain large gold deposits.

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Thursday, December 24, 2009

KEFI Minerals and Centerra Gold finalise Bakir Tepe JV agreement

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KEFI Minerals (AIM: KEFI) has finalized a joint venture (JV) agreement with Centerra Gold (TSX: CG) over its wholly owned Bakir Tepe project in southwestern Turkey, giving Centerra the right to earn a 51% interest.

Under the terms of the agreement, Centerra can earn a 51% interest in the project if it contributes US$750,000 to the JV over two years with a minimum expenditure of US$350,000 in the first year, after which each party will have to fund their respective percentage interests. If either company’s stake is diluted to less than 10%, its interest will be converted to a 2% net smelter return royalty.

Centerra will also have the right to take over from KEFI as the manager of the project upon meeting certain milestones.

The Bakir Tepe licences, which were acquired in 2008, cover 78 sq km (square kilometre) and are prospective for volcanic-hosted massive sulphide polymetallic deposits. A 900m (metre) drilling programme is planned to commence soon.

The two companies previously signed a JV agreement over the Artvin project, also in Turkey. Four diamond holes for a total of approximately 1,600m are being drilled at the Yanikli prospect within the Artvin project. The first drill hole targets an area that returned 44m at 0.5 g/t (grammes per tonne) gold including 1m at 8.20 g/t gold, 1m at 1.38 g/t gold and 1m at 1.04 g/t gold, 45m at 0.12% lead, and 36m at 0.18% zinc as part of a channel chip sampling programme.

Shares in KEFI advanced 12.5% on the news this morning.

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