KEFI Minerals revealed that it is not proceeding with its option on the Tiouit gold-copper mine and tailings project in Morocco. It has allowed its exclusivity period over the projects to lapse.

The firm was granted the exclusivity period in July last year to evaluate the project and to see if it wanted to enter a joint venture.

KEFI in a statement said that however, due diligence and work carried out since then, which included drill testing and an investigation into abandoned underground mine works, showed less potential than initially envisaged.

The company told investors that it would now continue to focus its efforts on the gold and copper projects held by the Gold & Minerals joint venture in Saudi Arabia and assessments in other regions.

KEFI paid Moroccan company Roche Invest SARL USD 250,000 for five months of exclusivity over Tiouit and an associated tailings retreatment project.

As reported last July, depending on the outcome of the studies, KEFI would decide whether to enter a joint venture agreement with Roche over either or both projects.

(Sourced from Proactive Investors)