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.
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.
Nyota Minerals has launched a 14650 m infill drilling program at its Tulu Kapi gold project in Ethiopia. The program is part of the definitive feasibility study it was said.
The project initiated in collaboration with Wardell Armstrong International is intended to convert an additional 260 thousand oz of Inferred resources to Indicated status before the end of the fourth quarter of the current financial year.
The program is expected to help the definitive feasibility study and confirm the mine's ability to perform for at least ten years.
