Fed tests gold upleg
Gold’s outlook and fundamentals remain really bullish.
The Saudi Ministry for Mineral Resources has granted the first mineral exploration license for the Selib North Project to a Saudi-Turkish joint venture in which KEFI Minerals has a 40% stake and is the operating partner. The company has also received approval for two other licenses and are awaiting final approval from the Supreme Committee of Concessions in Riyadh, KEFI said in a statement.
The project is located in central Saudi Arabia, 65km south-southeast of the Al Amar Gold Mine, which is currently being operated by Ma’aden. In 2007, mineral resources for the Al Amar Gold Mine were estimated at a total of 2.0 million tons.
To date, the company has lodged a total of 21 exploration license in the Kingdom, covering an area of approximately 1,419km2.
