Nyota Minerals, an East African focused gold miner, announced yesterday it has discovered three new gold reserves. These
discoveries were made within the 3200 km2 of the Northern exploration area of the firm in Western Ethiopia.
Nyota regards these sites as ‘drill ready,’ and a multi-purpose drill rig has been allocated to them.
Nyota Minerals has confirmed a plan to sell 75 percent of its Tulu Kapi gold mine project in Ethiopia, Proactive Investors UK reported.
In return Nyota Minerals will receive £1 million of cash and £3.5 million in shares, and it will retain a 25 percent interest in the project.
Nyota Minerals, engaged in gold exploration in Ethiopia, announced that it had received 1.3 million Pounds from the International Finance Corporation.
The company is expecting to use the investment from the IFC to support its Tulu Kapi project according to its announcement last month.
The company which is focused on gold exploration in Africa and development has also received consideration for 21.7 million new ordinary shares at 6p each.
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.
