Nyota Minerals Limited announces that it has entered into a conditional agreement with KEFI Minerals PLC, a gold and copper exploration and development company, for the sale of 75 percent of the issued share capital of Nyota Minerals Ethiopia Limited, the Company’s subsidiary which owns 100% of the Tulu Kapi Gold Project in Ethiopia and the proximal exploration licences.

The company said, the sale is in line with Nyota's plan to identify a partner for the development of Tulu Kapi. Nyota will retain a participating 25 Percent interest in Tulu Kapi and the proximal exploration licences and a 100% interest in the Northern Block exploration properties, according to the company's news release.

“Procuring a partner for the Tulu Kapi project has been essential to maintaining and developing the Company’s key assets in the current difficult market conditions for junior resource companies. KEFI Minerals has an excellent technical team, which was a significant factor in selecting them, and have impressed with their early engagement and “back-to-basics” approach. I will continue as a Director of Nyota Minerals (Ethiopia) Limited in order to represent our interest in the project and operations in Ethiopia will be unaffected, said Richard Chase, Chief Executive Officer of Nyota.

Nyota announced in May 2013 that it had commenced a review of its operations and was looking for a strategic partner for the development of the Tulu Kapi gold project in Ethiopia.

Source: Nyota Minerals Limited