Nyota Minerals announced that the Definitive Feasibility Study for its Tulu Kapi project in Ethiopia is progressing well and is still
expected to be completed in next half of the year.
Nyota has submitted some technical elements of the ongoing DFS to the Ministry of Mines to support its application for a mining license according to the report.
The company said that the ongoing infill drilling program planned to convert a further 260 thousand ounces of inferred resources to the indicated category is now 90% complete.
A geological model of the UNDP target adjacent to the main resource shows that there is appreciable continuity and scope which may result in an increase of the resource estimate before the end of the year.The last quarter of the year has been a significantly busy time for Nyota as the company worked towards completing the DFS on the Tulu Kapi Project said Richard Chase, Chief Executive of Nyota.
The Tulu Kapi project still has the greatest need for resources and cash but the demands will be relatively lower after the completion of the DFS until the mining license is issued he noted.
It is to be remembered that Nyota received 1.3 million Pounds from the International Finance Corporation last month. The company is expecting to use the investment from the IFC to support its Tulu Kapi project according to its announcement.
Source: proactive investors
