Nyota Minerals (LON:NYO, ASX:NYO) said it is making good progress towards the issue of a mining licence for its flagship Tulu Kapi gold project in Ethiopia, which is still targeted for the end of September this year.
As previously announced, the infill drilling programme, aimed at converting a further 260,000 ounces of inferred resources to an indicated status, is complete, and approximately one quarter of the assay results are awaited.
The company expects to announce an updated mineral resource during September.
The new resource will be the basis of the ore reserve figure on completion of its discussions with the Ministry of Mines on the terms of the mining licence, including the associated legal and fiscal framework.
The minister has formed a committee to review the submissions made by Nyota to date and following this review, further submissions and supplemental information may be required by the committee before final negotiations on the terms of a mining license can take place.
Chief executive Richard Chase said. "We have had regular meetings with the Ministry for Mines and good progress is being made towards the issuance of a mining licence."
Further updates will be made in due course.