An updated probable ore reserve at the Ethiopia-based Tulu Kapi project has been announced by Kefi Minerals (LSE: KEFI).
The JORC-compliant ore reserve estimation stands at 12.9 million tons containing 2.41 grams of gold per ton, for one million ounces of gold.
Following modelling of the mineralisation and metallurgical test work, it was decided that conventional carbon-in-leach extraction could be used to produce the gold.
Kefi CEO Harry Anagnostaras-Adams said: “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 will apply for the mining licence this month.