Nyota Minerals has announced that it is completing its definitive feasibility study on its 1.5 million ounce concession at Tulu Kapi in Ethiopia. The study is required to support the project's financing. 
The company has developed the Tulu Kapi concession from zero to more than 1.5 million ounces through drilling an estimated 230 holes in two years according to statement released by Nyota to its investors.
Nyota Mining Limited is to get a gold mining license for operations on its Tulu Kapi site in Ethiopia.The company is expected to receive the license by the end of the coming September according to a tentative schedule said Sinkenesh Ejigu, Minister for Mines.
It is to be remembered that Nyota applied for a ten year license to carry out mining operations in the area after it submitted a Technical Feasibility Study confirming the presence of gold reserves in the area along side an Environmental and Social Impact Assessment which where both evaluated by ministry experts.
Nyota minerals announced an 82% upgrade and increase for its Tulu Kapi gold concession in Ethiopia following additional drilling.
The resource has been upgraded to 831 000 ounces of gold at 3.01 g/t and an inferred resource of 841 000 oz at 2.79 g/t.
The mineral resource totally in Tulu Kapi now stands at 17.97 million tons of 2.9 g/t grade gold ore translating to 1.67-million ounces gold.
Nyota Minerals expects to finalize the Definitive Feasibility Study on its Ethiopian Project by the middle of the coming year, 2012. The company’s first priority is completing the DFS for the Tulu Kapi, Ethiopia project, said Richard Chase, Chief Executive of the company.
Nyota projects that the DFS will be completed in June of 2012 according to Chase.
The DFS is significant as it will allow the mining company to engage with banks in relation to financing for the projects he explained.
Nyota Minerals Limited is set produce an estimated 3000 kilograms of gold annually from its project in Tulu Kapi, Ethiopia. The company has finalized its exploration phase and preliminary studies to commence production said Dr. Kebede Belete, Country Manager.
The preliminary study has shown gold deposits of 1.5 million ounces (45,500 kilograms) in the area according to Dr. Kebede. The company has applied for a mining license to extract 3000kgs of gold annually for a period of ten years.
