Exploration Permit Renewal and Operational Update

B"H

 

25 July 2019

 

Shefa Gems Ltd.

 

("Shefa Gems" or the "Company")

 

Renewal of Exploration Permit and Operational Update

 

 

Shefa Gems (LSE: SEFA), a company focused on advanced exploration and development of multi-gemstone projects in Northern Israel, is pleased to announce that the Commissioner of Mines at the Ministry of Energy, Natural Resources Administration in Israel has renewed exploration permit 869B8 covering the Kishon River and Kishon Mid Reach Zones 2 and 3 for a further year. The renewed exploration permit, 869B11, includes four volcanic bodies on Mount Carmel; RMC (Rakefet Magmatic Complex), Muhraka, Har Alon and Beit Oren, the eastern slope of Mt. Carmel, Zevulun and west Yizre'el valleys. 

 

Exploration Permit 869B11 covers a total of 173,636 Dunams (17,363 hectares) and entitles the Company to continue conducting geological exploration at the site including further drilling and excavations. Kishon Mid Reach Zone 1 is held separately inside Prospecting Licence 869C9.

 

Shefa Gems is also pleased to confirm that it is continuing to progress the planning and regulatory procedures for Zone 1 to obtain a mining licence to begin planned trial mining in 2020. Additionally, work-streams to expand the Company's resources base by exploration efforts in Zone 3 of the Kishon Mid Reach area remain on schedule.

 

Avi Taub, CEO of Shefa Gems, said: "The renewal of this permit is an important, symbolic step that demonstrates the confidence the authorities have in the Company and its exploration programme.

 

"With the additional funding secured in May 2019, we have been able to accelerate our exploration efforts in the Kishon Mid Reach area. Notably, the bulk samples recently collected from the campaign at Kishon Mid-Reach Zone 2 have begun treatment and analysis at the Company's operational site in Akko. We look forward to sharing the results in due course."

 

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Notes to Editors

 

About Shefa Gems Ltd

 

Shefa Gems Ltd (LSE: SEFA) is a multi-commodity explorer of precious stones operating in Northern Israel. Exploration activity is managed by professionally skilled and technically competent personnel and is accompanied by an international team of geological experts with decades of proven experience in their fields.

 

All exploration activities are conducted under international standards and the internationally recognised SAMREC 2016 Code. Furthermore, its four (4) permits, granted to it by the Commissioner of Mines at the Ministry of Energy, Natural Resources Administration, Israel, extend over an area of approximately 600,000 Dunam (60,000 hectares) that includes the Kishon River, the volcanic bodies on Mount Carmel, the Zevulun and Yizre'el valleys and their margins - Menashe Hills, Tivon-Alonim Hills, and Nazareth range. The Company upholds environmental values and protects the nature in the areas where it operates, cooperating fully with all authorities.  

 

Alongside its exploration activities, the Company is building on the launch of the "Heaven on Earth" jewellery collection and developing the Company's "Mine to Market" strategy to promote unique jewellery collections utilising Shefa Gems' suite of precious gemstones.

 

The exclusive "Heaven on Earth" collection is now available to view online on the website of the designer Yossi Harari at: www.yossiharari.com/collections/heaven-on-earth

 

For further information please visit the website at www.shefagems.com