Kefi confident of start of Tulu Kapi development in 2015
JOHANNESBURG (miningweekly.com) – Gold exploration and development company Kefi Minerals was confident that development of its 75%-owned Tulu Kapi gold project, in Ethiopia, would start in 2015, Kefi MD Jeff Rayner has reiterated.
The company on Monday announced an independently verified updated Joint Ore Reserves Committee- (Jorc-) compliant indicated and inferred resource of 23.7-million tons at a grade of 2.51 g/t of gold for the project.
This translated into a reserve of 1.9-million ounces of gold. The resource had been estimated following 12 months of intense review by Kefi and its independent specialists and after taking into account all drilling and trenching conducted to date, along with improved understanding of geological structural controls.
“We are pleased that the independent review of the Tulu Kapi resource and Jorc-compliant reporting validates our belief that we have an attractive openpit project and underground mining potential. This review gives us the correct internal resource dilution to accurately plan Tulu Kapi's development and production,” Rayner said.
He added that the next step of producing the estimate of probable reserves was already well advanced, following which the independent reviews of the company’s plans for project, community and finance would occur in quick succession.
“As a result, we are on track to lodge the mining licence application during the fourth quarter of 2014, and, at the same time, expand project documentation for the planned project financing. All this gives the board confidence that development will start in 2015,” he said.
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