Nyota Minerals Share News (NYO)

Ethiopia-focused gold miner Nyota Minerals said it is looking to evaluate new assets to add to its portfolio after selling off the bulk of its stake in the Tulu Kapi Gold Project during the first half.Nyota sold 75% of its Ethiopian subsidiary, which owns Tulu Kapi, to AIM-listed KEFI Minerals for £1m in cash and shares. Along with a retained 25% direct interest in Tulu Kapi, the share portion of the deal gave Nyota a 12.5% stake in KEFI, lifting its exposure to the gold project to 34% and also giving it access to the rest of KEFI's portfolio, which includes gold assets in the Kingdom of Saudi Arabia.The 25% direct interest in Tulu Kapi requires it to share in the project's spending. However, it is not required to do so and the stake can be diluted accordingly.Nyota also wholly owns licences in the Northern Blocks in Ethiopia, 100km north of Tulu Kapi, and has appointed SRK Exploration Services to conduct a competent person's review."This marks an exciting acceleration in activity at the licences, and accordingly this area is anticipated to be a significant source for future Nyota news flow in the near term," said Chief Executive Richard Chase.Nyota reported a loss before tax of $3.07m for the six months ended December 31st, down slightly from the $3.43m loss the year before."On a corporate level, with the sale of a majority interest in Tulu Kapi now complete, the board is now in a position to also focus on the evaluation of new assets which have the potential to enhance the value of Nyota's portfolio," Chase said.BC