Nyota Minerals Share News (NYO)

Nyota Minerals has completed the sale of a 75 per cent stake in its Ethiopian subsidiary to KEFI Minerals.Nyota and KEFI are now joint venture partners in the business which owns the Tulu Kapi Gold Project in Ethiopia. The gold miner received £1m in cash and 107,081,158 ordinary shares in the capital of KEFI Minerals for the subsidiary. Nyota's remaining 25% beneficial interest in the subsidiary is to remain undiluted by further investment made by KEFI Minerals until a revised JORC-compliant resource estimate for Tulu Kapi has been approved. KEFI Minerals expects to publish the revised estimates in the first quarter of 2014. Nyota will look to raise funding in 2014 in order to fund the company's share of the ongoing development costs at Tulu Kapi and to carry out a focused exploration programme to advance Northern Block exploration properties.RD