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06/12/2012

Nyota CEO "priority is to deliver shareholder value"

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Market: AIM / ASX
Sector: General Mining - Gold
EPIC: NYO
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Nyota Minerals
www.nyotaminerals.com
Deal Nyota Minerals Tax Free* Losses can exceed
your initial deposit *subject to change and depends on individual circumstances.

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...

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Nyota Minerals infill programme to enhance indicated resource

June 11 2012, 7:27am In all 14,650 metres have been completed ahead of a definitive feasibility study, which will be lodged with the authorities by the end of the month.

Nyota Minerals (LON:NYO, ASX:NYO) said its ambitious infill drilling programme at the Tulu Kapi project in Ethiopia should lift 260,000 ounces of gold from the inferred to the higher-confidence indicated category.

In all 14,650 metres have been completed ahead of a definitive feasibility study, which will be lodged with the authorities by the end of the month.

"This should result in significant upside to the definitive feasibility study and and confirm a mine life of at least 10 years," Nyota said.

Currently the deposit consists of an indicated resource of 830,000 ounces and an inferred resource of 840,000 ounces.

Separately, geological modelling of UNDP target, which is next to the main resource, “highlights opportunity for further extensions to mineralisation and scope for an increase in the resource estimation before year end”, the company said.

The group will also be encouraged from the early exploration results from what it calls proximal and satellite targets.

It has it has identified a 2.5 square kilometre gold-in-soil geochemical anomaly with “coincidental rock chip samples” of up to 7.2 grams per tonne.  It has also uncovered some encouraging regional targets.

Nyota chief executive Richard Chase said: "Exploration has rapidly regained momentum now that drill rigs and technical personnel have become available following completion of the engineering and hydrogeological programmes undertaken as part of the DFS. 

“Target prioritisation in and around Tulu Kapi is being driven firstly by resource expansion and upgrade and secondly by the need to ensure mining infrastructure does not impede future access to resources.

“The current exploration programme is progressing well and we look forward to providing a first Reserve calculation in the coming weeks, once all the elements of the DFS are complete.  

“It remains the case that the submission to the Ministry of Mines to complement our application for a mining license will take place at the end of June." 

 

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