- KEFI Minerals has issued an update on the Tulu Kapi gold project provided to project financiers during their site visits this week. These visits follow far-reaching government actions recently.

Key points made during the site briefings include the following:

- Strong collaboration with and commitment from all levels of the Ethiopian Government:

* Recent Government actions are assisting domestic stability and improving governance whilst maintaining Ethiopia's position as one of the world's top 10 growth countries. Government actions over recent weeks indicate an even stronger resolve to proceed with Project development as soon as possible. The Prime Ministerial Committee established to fast-track the Project has reinforced its commitment to and collaboration with KEFI.

* The Shareholders' Agreement for the Government's partnership with KEFI has now been passed to the relevant Ministry for final review and execution.

* The Company has re-confirmed with the Government's legal office the calculations for determining the resettlement compensation in accordance with Ethiopian law. KEFI will not only comply with Ethiopian law but will also provide additional benefits in accordance with the Equator Principles and World Bank (IFC) principles.

* The Government has also encouraged KEFI to plan an ambitious exploration program in the district around Tulu Kapi and elsewhere in Ethiopia. Targets have been identified for both satellite gold deposits and stand-alone development projects.

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