Nyota Minerals Share News (NYO)

AIM-listed East African gold exploration and development company Nyota Minerals has unveiled details of a feasibility study for its Tulu Kapi Gold Project.The study confirmed the technical and economic feasibility of a 105,000 troy ounce per annum open pit operation.The group further announced that it had completed a feeder zone drilling below the proposed open pit mine which had intercepted high grades of gold and provided an initial in-house inferred resource of 1.1m tonnes at an average grade of 5.4 grams per tonne for 188,000 ounces of gold.Nyota Chief Executive Officer, Richard Chase, said: "This has been a pivotal quarter for Nyota during which we demonstrated the positive economic and technical fundamentals of developing our first project within the Tulu Kapi project area. "Our activities in the first quarter of 2013 will focus on the mining licence application, and in particular cementing the fiscal terms, optimising the economics of the initial open pit and an initial assessment of the underground opportunity." MF