Kefi Minerals signs up Centerra Gold for second JV in Turkey
10 November 2009
Kefi Minerals, the AIM-quoted gold and copper explorer with projects in Turkey and Saudi Arabia, has signed a letter of intent with TSX listed Centerra Gold Inc over a joint venture in the 100%-owned Bakir Tepe Project in south-western Turkey.
Bakir Tepe is prospective for volcanic-hosted massive sulphide polymetallic deposits and a drilling programme is planned to start soon.
Under the terms of the agreement, Centerra can earn a 51% stake in the Bakir Tepe Project by contributing US$750,000 to the joint venture over two years with a minimum expenditure of US$350,000 in the first year. There is a 45 day exclusivity period in which to execute a final agreement.
Kefi Minerals will remain the manager of the project for the time being but Centerra has the right to become manager once it has met certain milestones.
The Bakir Tepe licences cover 78 sq km and were granted to Kefi in June 2008. Initial surface grab and channel samples have returned values of up to 3.6% copper, 4.6g grams per ton (g/t) of gold, 67g/t of silver and 1,070g/t of zinc.
Last year Kefi announced an initial joint venture with Centerra in relation to the Artvin Project, also in Turkey.
Kefi’s managing director, Jeff Rayner, said: “This approach not only spreads risk and is cost effective, but also enables the complementary skills from both companies to increase the opportunities of a successful exploration effort.”
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