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Shefa awarded first prospecting permit

Northern Israel-focused precious stone explorer Shefa Yamim (LSE:SEFA) has been granted its first prospecting licence for the Kishon Mid-Reach project.
Shefa awarded first prospecting permit Shefa awarded first prospecting permit Shefa awarded first prospecting permit Shefa awarded first prospecting permit Shefa awarded first prospecting permit

Shefa Yamim has received its first propsecting permit at its Kishon Mid-Reach project

Staff reporter

The prospecting permit for diamonds, gold and precious stones in zone one of the project will allow the company to create a conceptual mining plan and complete a technical economic evaluation report, which will supply the work and capital costs of bringing Kishon into production.

Once it has met the licence's working plan requirements, it will apply for a certificate of discovery, giving it the exclusive rights over a mining licence.

Shefa also successfully renewed its exploration permit for another year, giving it the right to continue exclusively exploring a 17.36-hectare area.

The permitting brings Shefa a step closer to starting trial mining by 2019.

The positive permitting step saw Shefa's shares gain 5.26% on the LSE Wednesday to £1 (US$1.27).