Addis Fortune (Addis Ababa)

3 February 2013

Ethiopia: Nyota Plans to Go Deep Underground for Gold

Nyota Minerals announced last week that it will undertake an initial assessment of the underground opportunity of the Tulu Kapi Gold Project, located 510Km west of Addis Abeba in the first quarter of 2013 once the Ministry of Mines (MoM) approves its licence application.

One month ago, the company announced the compilation of a MoM review over its Definitive Feasibility Study (DFS) for the development of the mining operation at the company's flagship gold project.

The results obtained from a total of 38 holes drilled in November 2011, have shown a considerablegold resource base, 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, according to the company's quarterly report for the three months ended 31 December 2012.

The main deposit, which covers a total of 8.44sqkm situated in the northern sector of a shield, consist of greenstone terrain known for its mineral prospects as confirmed by the study conducted by the company, which also confirms a technically feasible and economically robust project with gross revenues of 1.4 billion dollars.

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