20 January 2013

Ethiopia: Ministry of Mines Confirms Nyota's Definitive Feasibility

The Ministry of Mines (MoM) has completed its review of Nyota Minerals' Definitive Feasibility Study (DFS) for the development of the mining operation at the Company's flagship Tulu Kapi Gold Project, including the Environmental and Social Impact Assessment (ESIA), last week.

The ministry also confirmed, in writing, that it complies with all regulations and satisfies the requirements for the issuance of a large scale mining licence, according to the press release posted on the official website of the Company.

This means that we can now focus on negotiating the terms on which such a licence will be granted and raising the necessary funding, Richard Chase, CEO of the Company said.

Nyota Minerals Limited, a mineral exploration and development company listed in both London and Australian stock exchanges, submitted its DFS for the Tulu Kapi Project, located 510Km west of Addis Abeba in August 2012

Indicative results obtained from a total of 38 holes drilled in November of last year, have shown significant resource prospects, with highlights including 17.44 grams a tonne of gold over 3.30 metres, 8.42 grams a tonne over 14.20 metres, and 6.52 grams a tonne over 21 metres.

The main deposit covers a total of 8.44sqkm situated in the northern sector of a shield consisting of greenstone terrain known for its mineral prospects. Three weeks ago the company announced that its DFS report confirms a technically feasible and economically robust project with gross revenues of 1.4 billion dollars.

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