The Artvin project, which comprises 15 exploration licenses totalling 254 sq km, is located in Turkey’s Eastern Pontide Belt.
The company has sold its subsidiary Kackar Madencilik which holds these licenses, and will receive an initial cash payment of $100,000 and 1% net smelter royalty on all future mineral production from the licenses.
KEFI Minerals managing director Jeff Rayner said this sale marks the latest step in KEFI’s strategy and follows on from the earlier sale in June of the company’s Derinin Tepe, Muratdag and Yatik West projects in western Turkey to Ariana Resources.
