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UPDATE - KEFI's Saudi resource upgraded after independent study; pre-feas due by the end of the month

Last updated: 09:51 06 Mar 2014 EST, First published: 10:51 06 Mar 2014 EST

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KEFI Minerals (LON:KEFI) said it is on course to produce a pre-feasibility study for the Jibal Qutman by the end of the month as it unveiled an updated and upgraded resource for the Saudi gold project.

An independent verification of existing data was carried out using Surpac and Datamine mining software packages, which allowed AMC Consultants to recalculate the initial figures. 

It is estimated KEFI has a JORC-compliant 495,194 ounces, up from 480,000 ounces previously. The majority, around 435,000 ounces, now sits in the higher-confidence indicated category following a “material reclassification”.

“In essence, we are now reporting more ounces from fewer tonnes at a higher grade, with higher levels of confidence from within an expanding zone of mineralisation,” said managing director Jeff Rayner.

Confirming the latter point, on-going drilling continues to expand the mineralised zones on three deposits at Jibal Qutman. 

Best drill results included 17 metres at 1.92 grams per tonne of gold (g/t), 16 metres at 1.24g/t and 18 metres at 1.07 g/t.

Assessing the data, Rayner added: "We are delighted with the results of the upgraded JORC resource estimation at the Jibal Qutman Project and an independent consultant's confirmation of the tonnes and grade of the prospect. 

“Open pit optimisation studies are also producing encouraging results and we are on schedule to complete the PFS this quarter.”

Shares rose 1.5% to 1.95p.


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