Photo by: Bloomberg
JOHANNESBURG (miningweekly.com) – Emerging gold miner Kefi Minerals has announced an updated Joint Ore Reserves Committee-compliant probable ore reserve of 12.9-million tons at 2.41 g/t of gold for one-million ounces of gold at its wholly-owned Tulu Kapi project, in Ethiopia.
“The independent verification of the one-million-ounce Tulu Kapi reserve complements our recently published production, cost and valuation estimates and completes the independent substantiation of Kefi’s overhaul of the Tulu Kapi gold project.
“With the achievement of this latest milestone, we are on track for starting project development in the first half of 2015,” Kefi chairperson CEO Harry Anagnostaras-Adams said in a statement on Monday.
The mineralisation modelled and metallurgical testwork available indicated that conventional carbon-in-leach extraction could be used to produce gold.
The company would apply for a mining licence this month.
Kefi was also negotiating a power purchase deal with local authorities.