Addis Abeba – KEFI Gold and Copper announced that it was able to raise 8 million GBP ‘through firm and conditional placings at 0.8p’. KEFI remarked that the raised sum would go towards consolidating security ahead of the start of its planned construction. It also added that the project launch and financial close would be processed at the end of this financial quarter.
Speaking on the expansion of the project, the chairman of KEFI, Harry Adams, noted that the Tullu Kapi site was at the stage for augmented development, and widened exploration is present. In a similar fashion, it is believed that exploration activities in other localities within the site by utilizing the aforementioned amount would commence soon.
The Tullu Kapi gold deposit site, which is located in the West Wollega Zone of the Oromia regional state, was acquired fully by the Fall of 2014. KEFI estimates that the potential of the site can run up to ‘Ore Reserves of 1.05 million ounces and Mineral Resources totaling 1.72 million ounces of gold. In what seems to be an understanding of such potential, Harry said that nearly 70 million USD has been invested in the site by a subsidiary. AS