Saudi Arabia grants gold exploration licences

Two mineral exploration licences have been granted to the Gold & Minerals JV (G&M) by Saudi Arabia’s Deputy Ministry for Mineral Resources, for a period of five years.

KEFI Minerals, an AIM-quoted gold and copper exploration company, is the operating partner of G&M, holding a 40 per cent interest. To date the company has a total of three granted exploration licences and a total of 15 exploration licence applications in the Middle Eastern country.

The two licences—Hikyrin and Hikyrin South—lie next to one another and cover an area of 61 square kilometres and 90 square kilometres respectively. They are situated in the Central Arabian Gold Region, which has a gold resource estimate of over eight million ounces.

Commenting on the news, KEFI Minerals' managing director Jeff Rayner said: "We are delighted to have been granted a further two exploration licences in a highly prospective part of the Central Arabian Gold Region. Our geologists will commence field work immediately at Hikyrin and Hikyrin South, and continue to progress exploration work at the new gold finds at Selib North.”

G&M will now begin surface exploration programmes over the licences with the aim of generating targets for drill testing as soon as possible.