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Shefa Yamim (A.T.M.) Ltd Commissions Technical Economic Evaluation Report & Operational Update

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Shefa Yamim (LSE: SEFA), a precious stone exploration company in Northern Israel, announces an operational update for the six months ended 30 June 2018, ahead of its interim results to be announced in August 2018. The Company is also pleased to announce the appointment of Paradigm Project Management (Pty) Ltd ("PPM"), to conduct a Technical Economic Evaluation ("TEE") of its advanced alluvial exploration target, the Kishon Mid-Reach Zone 1.

NEW YORK (PRWEB) July 24, 2018

Appointment of PPM

Shefa Yamim has appointed PPM, a South African project management and engineering company with extensive experience in carrying out due diligence work as well as managing and executing projects within the mining sector, to provide the Company with working and capital costs of bringing the Kishon Mid-Reach alluvial deposit into production. The report, which is due to be completed by the end of August 2018, is the first step in starting to build the economic profile of the project as the company progresses towards commercial production.

Operational Update

Shefa Yamim currently has one exploration permit and two prospecting permits covering an area of more than 600 square km 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.

Shefa Yamim holds a well-established Operational Site & Laboratories in Akko (total of 6,000 square metres) that has the capacity to process a range of sample sizes (more than 600 tonnes) for final mineral extraction, including washing, screening, sieving, mineral identification and definition.

To date the Company has carried out an extensive exploration programme and has delineated several potential primary sources and secondary deposits that host precious stones. Currently the Company is focusing on mapping, drilling of boreholes and taking bulk samples at the Kishon Mid Reach placer, the Company's priority target.

The Company intends to continue its exploration programme with the aim of delineating a mineral resource that is compliant with the South African Code for the Reporting of Exploration Results, Mineral Resources and Mineral Reserves, (the "SAMREC").

Key Highlights of H1 2018 include:

  • The Company has devised a mine-to-marketing strategy and plans to explore, mine and use its "Gem-Box" of precious stones to design unique and branded fine gemstone jewellery pieces from the Holy Land
  • TMA Suite includes; Diamond (rare), Spinel, Carmel Sapphire™, Sapphire, Ruby, Moissanite, Hibonite, Garnet, Ilmenite, Zircon and Rutile
  • Successful upgrade of machinery on site
  • Prospecting licences, 837A11 and 899A6 successfully extended to December 2018
  • Completed processing of 14 bulk samples in Zone 1 with a total of 9,778.15 carats found from the 6,384 tonnes sampling campaign in Zone 1
  • Advanced exploration in Zone 2, with 26 new boreholes completed during the period
  • Post period, cutting and polishing increased the number of ‘gem quality' precious stones at the company's Kishon Mid-Reach Zone
  • On target for trial mining in 2019 and commercial mining in 2020

Target H2 2018 Milestones

  • Grade estimations and obtaining preliminary valuations on the mineral suite
  • Conclude geological report to the Inspector of Mines regarding the exploration permit
  • Apply for new exploration permit
  • Apply for Prospecting Licence for Kishon Mid Reach Zone 1

Avi Taub, CEO of Shefa Yamim, commented:

"Having completed a successful listing at the end of December 2017, we set out to deliver on the promises we made to our supportive investors. I am happy to say that we are on target to meet the milestones set out at IPO and 2018 is shaping up to be a pivotal year for Shefa Yamim. Our focus is to advance the Kishon Mid-Reach Zone 1 deposit to trial mining with the aim of achieving commercial production by 2020, which will also enable us to realise our mine-to-marketing strategy to market our branded line of exclusive jewellery as ‘gemstones from the Holy Land'. We look forward to updating investors on our progress."

For the original version on PRWeb visit: https://www.prweb.com/releases/2018/07/prweb15648282.htm

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