Kefi Gold & Copper PLC on Tuesday said it won two additional exploration licences in Saudi Arabia through a joint venture.
Kefi Gold shares surged 20% to 0.66 pence each on Tuesday morning in London.
The Jibal Hillit and Qunnah licences granted to Gold & Minerals Ltd last for five years and ‘have historically yielded grades of up to 15.3 grammes per tonne [of gold] at Jabal Hillit and 46 grammes of gold per tonne at Qunnah’.
Gold and Minerals Ltd is 30% owned by Kefi Gold and 70% owned by Riyadh-based Abdul Rahman Saad Al Rashid & Sons Ltd.
Kefi added it is in talks with the deputy minister for mineral resources over a licence at the Jibal Qutman gold prospect and sees a ‘resolution in the current quarter’.
Kefi Gold is a London-based gold and copper exploration and development company that is focused on Ethiopia and Saudi Arabia.
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