15 Jun 2010 09:12
Nyota Minerals Limited ('Nyota' or the 'Company')
EXERCISE OF OPTIONS OVER HIGHLY PROSPECTIVE ADDITIONAL GROUND IN ETHIOPIA
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HIGHLIGHTS
·; Nyota acquires 80% interest in land package totalling over 4,500 km2 of prospective ground following approval received at shareholder meeting on 2 June
·; Tenements are located to the north of the Tulu Kapi project and exhibit the same major geological structures thought to control mineralisation at Tulu Kapi
·; Acquisition increases possibility of further discoveries and upside from regional exploration targets to bolster core Tulu Kapi resource
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Following shareholder approval received at the general meeting on 2 June 2010 Nyota (ASX and AIM: NYO) announces that, after detailed due diligence investigations, it has now exercised both of its options to acquire an 80% interest in certain highly prospective tenements in Ethiopia ("Tenements").
As previously announced by the Company on 12 April 2010, the Tenements comprise approximately 4,500 sq km of highly prospective ground and are situated to the north of the Company's existing Tulu Kapi gold project, where Nyota recently announced (refer 6 May 2010 announcement) an upgraded Inferred resource of 1.38M Oz of gold (25.45 Mt at 1.68 g/t gold using a cut-off grade of 0.5g/t of gold). Importantly, they exhibit the same major geological structure thought to control mineralisation at Tulu Kapi, increasing the Company's confidence of the potential for additional discoveries which could bolster the main Tulu Kapi resource.
As a result Nyota has today issued a total of 20,000,000 Nyota fully paid shares to the vendors ("Shares"). In addition Nyota will make cash payments to the two vendors of GBP60,000 in total upon completion of the tenement granting process. The Tenements are proceeding through the final stage of the application process and are expected to be granted within the next two weeks.
Nyota Chief Executive, Melissa Sturgess, said:
"The north-west of Ethiopia is rapidly attracting the attention of a number of exploration companies and we are delighted to have secured this strategic addition to our tenement portfolio. Our increasing understanding of the regional geology and ongoing success at Tulu Kapi gives Nyota a significant first-mover advantage in targeting further discoveries, which will augment the already exciting potential of Tulu Kapi."
Application has been made for the Shares admitted to trading on AIM with quotation and admission expected to occur on 18 June 2010.
TO VIEW THE APPENDIX 3B, PASTE THE FOLLOWING LINK INTO YOUR WEB BROWSER:
http://www.rns-pdf.londonstockexchange.com/rns/6208N_-2010-6-15.pdf
For further information please contact:
Melissa Sturgess
Nyota Minerals Limited
(+44) (0)78 2555 1397 or melissa.sturgess@nyotaminerals.com
Richard Brown / Richard Greenfield
Ambrian Partners Limited
(+44) (0)20 7634 4700
Guy Wilkes / Will Slack
Ocean Equities Limited
(+44) (0) 20 7786 4370
Press enquiries
Charlie Geller or Leesa Peters
Conduit PR
+44 (0)20 7429 6604/ +44 (0)75 2823 3383
Or visit: http://www.nyotaminerals.com
The technical information contained in this announcement has been reviewed and approved by Mr. RN Chapman. Mr. Chapman has sufficient experience which is relevant to the style of mineralization and type of deposit under consideration and to the activity to which he is undertaking to qualify as a Competent Person as defined in the 2004 Edition of the 'Australasian Code for Reporting of Exploration Results, Mineral Resources and Ore Reserves and as a qualified person under the AIM Note for Mining, Oil and Gas Companies. Mr. Chapman is an employee of Mineral Exploration Management Limited, an independent geological consultancy established in 2005 and is a member of the Australasian Institute of
The information in this announcement that relates to the consultant responsible for the latest resource estimation is based on work completed independently by Mr Neil McKenna, who is a full time employee of Venmyn Rand Pty Ltd, a South African based independent mineral consultant. Mr McKenna is a Member of the South African Institute of Mining and Metallurgy (MSAIMM), a Member of the Investment Analyst Society of South Africa (MIASSA), and also a Member of Geological Society of South Africa (MGSSA) and has sufficient experience which is relevant to the style of mineralization and type of deposit under consideration and to the activity which he is undertaking to qualify as a "Competent Person" as defined in the 2004 edition of the "Australasian Code for Reporting of Exploration Results, Mineral Resources and Ore Reserves" and is a "Qualified Person" as defined under the AIM Note for Mining, Oil and Gas Companies. Mr McKenna consents to the inclusion in this announcement of the matters based on his information in the form and context in which it appears.
*Figures for contained ounces have been rounded and include both primary and supergene resources. Significant figures used for tonnages and grades do not imply precision.