Ethiopia – Emerging gold miner Kefi Minerals, announced an updated Joint Ore Reserves Committee-compliant probable ore reserve of 15.4 Mt grading at 2.12 g/t gold for 1.05 Moz of gold in April at its wholly-owned Tulu Kapi gold project in Ethiopia.

This is an improvement to its previous reserve of 12.9 Mt grading at 2.41 g/t gold for 1.002 Moz of gold, as at February 2015.

Kefi Minerals Chairperson Harry Anagnostaras-Adams says: “The independent verification of the updated one million ounce Tulu Kapi Reserve complements our recently published production, cost and valuation estimates and serves to facilitate the completion of the 2015 DFS this quarter as scheduled.

“We are on track for finalising full development funding in the third quarter of 2015, with a plan to secure up to about $100 million senior-secured finance, with the remainder in equity at parent or project from contractors and/or investment institutions.

“Development can then start in in the fourth quarter of 2015, with production expected in 2017,” he adds.

This reserve update follows the approval of the Tulu Kapi gold project by the Ministry of Mines of the Democratic Republic of Ethiopia, also in April.

As per the mining agreement signed between Kefi Minerals and the Ministry of Mines, Kefi has been awarded it mining licence and all other major permits and can begin mining.