www.nyotaminerals.com
Nyota Minerals Limited (Nyota) is a mineral exploration and development company dual listed on the AIM Market of the London Stock Exchange (AIM:NYO.L) and the Australian Stock Exchange (ASX:NYO.AX). We are focused on the exploration and concurrent development of Tulu Kapi, our flagship project in Western Ethiopia. Total Inferred JORC Resource containing 1.46 million ounces of gold (15.96 million tonnes @ 2.84g/t gold). The Company is actively exploring several priority targets proximal to Tulu Kapi as well as regional gold targets in the northern blocks which Nyota believes have the potential to become future standalone projects.
Nyota Minerals expects to conclude Tulu Kapi licence talks in mid-2012
Nyota Minerals (LON:NYO, ASX:NYO) said the current discussions with the Ethiopian Ministry of Mines regarding a large scale mining licence for its flagship Tulu Kapi gold project are likely to conclude in mid-2012.
Meanwhile the definitive feasibility study for Tulu Kapi is progressing well and is on schedule to be completed during the third quarter 2012.
The comments were included in the group’s report on the second quarter of its financial year. Cash at the end of that period, December 31 2011, stood at A$14.33 million.
Nyota reported on January 18 that a new resource estimate was underway for Tulu Kapi, which is on track to be released later this quarter.
Infill holes drilled to intersect the majority of the known structures have continued to return economic grades that demonstrate continuity of mineralisation. More importantly, infill and step‐out drilling has intersected a high number of economic intersections at or near surface that can be expected to benefit the project economics during initial development of the open pit, Nyota said.
Step-out drilling in northerly as well as southerly directions has shown the potential to extend the known resource and suggests that a secondary pit may be established north of the main mineralisation.
A substantial number of proximal and satellite targets exist in the Tulu Kapi region. During the period under review, fieldwork was restricted to drilling at one of them, Guji, and some follow-up mapping and data compilation for other prospects.
A first drilling phase with 17 holes for a total of 710 metres was completed at Guji; phase 2 drilling is waiting on completion of the harvest and availability of the reverse circulation rig, which is currently occupied at Tulu Kapi.
The objective at Guji remains to identify easily accessible low-cost resources that can be processed through the Tulu Kapi plant, further improving project economics.
Following the end of the rainy season, Nyota conducted fieldwork in the northerly regional exploration licences with the emphasis on following-up the excellent initial results at the Bendokro and Boka Sirba prospects. Drilling has commenced this month.
During the reporting period Nyota applied for the renewal of the Muremera nickel project license based on expenditure and work completed to date. Ministerial confirmation is pending.
Nyota appointed civil engineer Patrick Goodfellow as new chief operating officer. He took up his post in Addis Ababa on January 16. The group also plans to appoint a new chief financial officer before the end of the financial year to work closely with the CEO in London.
