Calidus Resources - Potential Resource Upgrade

Keras Resources plc / Index: AIM / Epic: KRS / Sector: Mining

30 July 2019

Keras Resources plc ('Keras' or the 'Company')

Calidus Resources - Potential Resource Upgrade and Excellent Drill Results

Keras Resources plc, the AIM listed mineral resource company, notes the announcement today by Calidus Resources Limited (ASX:CAI) ('Calidus').

Excellent drill results, including intercepts of up to 1m @ 107.16g/t Au from 36m, were returned from recent infill drilling inside and adjacent to the Klondyke Prospect ('Klondyke'), underpinning a potential resource upgrade. Klondyke is located in the centre of Calidus' 1.25 million-ounce JORC compliant gold resource at the Warrawoona Gold Project ('Warrawoona' or the 'Project') in the Pilbara of Western Australia.  Following the recently completed PFS, Calidus is now focusing on de-risking and extending the life of mine at Warrawoona through the addition of a second drill rig at the mine.

Highlights

·     Infill drilling inside and adjacent to the Pre-Feasibility Study ('PFS') Klondyke open pit shells delivered outstanding results which include:

o  13m @ 11.1g/t Au from 30m, including 1m @ 107.16g/t Au from 36m

o  13m @ 5.58g/t Au from 46m

o  10m @ 6.81g/t Au from 47m, including 1m @ 50.77g/t Au from 49m

o  22m @ 2.13g/t Au from 19m

o  5m @ 3.16g/t Au from 126m

·     As a sequential step following the positive results delivered in the PFS (announced 17 July 2019), emphasis has now been placed on upgrading the category of the resource to allow additional reserves to be declared

·     The results will also provide detailed knowledge of the orebody for accurate grade modelling

·     To achieve this, a 12,000m drilling programme is now underway

Russell Lamming, Chief Executive Officer of Keras, commented, "The receipt of these outstanding drilling results for Calidus signifies a very positive development and paves the way towards upgrading the resource at Warrawoona, a significant milestone for Calidus.  Following the completion of the PFS, Calidus continues work towards extending the life of mine as well as carrying out project enhancements to further de-risk the mine, all of which serve to improve the commercial viability of the Warrawoona Project.  I look forward to reporting further updates as soon as practicable."

To view a full version of the Calidus announcement, which includes figures and maps, please click here: https://www.calidus.com.au/investors/asx-announcements/. For more information on Calidus and Warrawoona, please visit www.calidus.com.au.

For the purposes of MAR and Article 2 of Commission Implementing Regulation (EU) 2016/1055, this announcement is being made on behalf of Russell Lamming, Chief Executive Officer.  This announcement contains inside information for the purposes of Article 7 of Regulation (EU) 596/2014.

**ENDS**

For further information please visit www.kerasplc.com, follow us on Twitter @kerasplc or contact the following:

Notes

Keras Resources plc is focused on building a strategic portfolio of resource assets. The Company provides investors with exposure to a portfolio of development assets, including manganese, cobalt and nickel in Togo, West Africa.  It also has a significant interest in Calidus Resources Limited ('Calidus'), a highly prospective gold exploration and development company in Australia, which is currently undertaking a Pre-Feasibility Study at its Warrawoona gold project.  Keras benefits from a highly skilled management team, which has extensive operational experience in Africa and Australia and proven success in advancing assets up the value curve.