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Nyota Minerals unveils 33% increase in indicated resources in Ethiopia gold mine

Tigrai Online, Oct. 10, 2012

Tulu Kapi project in Ethiopia, as it released a new estimate for the projectGold explorer Nyota Minerals said it had been approached by investors wishing to partner with it to help finance a mine in Ethiopia, adding to confidence that its project will get off the ground.

Nyota, listed on London's junior market with a market capitalisation of 33 million pounds, is finalising plans for a $250 million mine in Ethiopia and will likely look to raise funds through a combination of debt and equity next year.

Chief executive Richard Chase told Reuters in an interview that one financing option would be for the company to sell a stake in the project.

"We get numerous approaches," he said, referring to different potential investors looking to buy into the project, which will be the East African country's second gold mine.

Among those interested in partnering were groups from China, Chase added.

Nyota Minerals Limited (Nyota) is a mineral exploration and development company dual listed on the AIM Market of the London Stock Exchange (AIM:NYO.L) and the Australian Stock Exchange (ASX:NYO.AX). We are focused on the exploration and concurrent development of Tulu Kapi, our flagship project in Western Ethiopia. Total Inferred JORC Resource containing 1.46 million ounces of gold (15.96 million tonnes @ 2.84g/t gold). The Company is actively exploring several priority targets proximal to Tulu Kapi as well as regional gold targets in the northern blocks which Nyota believes have the potential to become future standalone projects.

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