Nyota Minerals Regulatory News (NYO)

17 Jan 2008 07:08

Dwyka Resources Limited17 January 2008 PROGRESS AT MUREMERA NICKEL PROJECT HIGHLIGHTS - Four stratigraphic holes completed by BHP Billiton plc ("BHPB") to elucidateunderground structure. One hole (D002) intersected a significant width ofsemi-massive sulphides. - VTEM survey 42% complete and next phase of drilling will target VTEManomalies. - Phase 2 of drilling commenced on 16th January 2008. Up to 10,000m of drillingexpected in 2008. - BHPB Phase One 10% earn-in expected to be completed by end Q1 2008 with spendof approximately US$2.6m. The Directors of Dwyka Resources Limited ("Dwyka" or "the Company") are pleasedto announce positive progress at the Muremera Nickel Project in Burundi. DRILLING Four drillholes have been completed on the Muremera B anomaly, which isconsidered prospective due to a superposition of both strong electromagnetic andmagnetic anomalies. All four holes were drilled for structural/stratigraphicpurposes but the second hole (D002) also intersected semi-massive sulphidesbetween 220 and 235 metres. Phase 2 of the drilling commenced on January 16th 2008 with two additionalgeologists being added to the team. Up to 10,000 metres of drilling is expectedin 2008. ASSAYING Assaying of the core has been delayed to allow for magnetic core orientationstudies. Assay results are expected in late February/early March 2008. Thecore will be split at site with half the core then being sent to ALS ChemexLaboratory in Mwanza for sample preparation prior to despatch for final assay toALS Chemex in Johannesburg. VTEM Geotech Ltd is contracted to fly the 1st B-field VTEM survey in Africa over theMuremera targets. A total of 5,830 line kilometres is being flown at 100m linespacing and at this stage approximately 42% of the VTEM survey has beenundertaken with completion expected by the beginning of February 2008. Thislevel of detail will enable direct drilling off the VTEM data. BHPB EARN-IN BHPBilliton has the right to earn 10% of the ownership Danyland Limited, theDwyka subsidiary which currently owns 100% of the Muremera Nickel Project. Itis expected that this earn-in hurdle will be achieved towards the end of thefirst quarter 2008 with an approximate expenditure by BHPB of US$2.6m, which isapproximately US$1.4m more than the minimum requirement of US$1.2m. BHPB hasalso committed to assign an additional two geologists to the Muremera projectwhich will lead to an increase in the pace of the work programme. The technical exploration and mining information contained in the aboveannouncement has been reviewed and approved by Ed Nealon, who has sufficientexperience which is relevant to the style of mineralisation and type of depositunder consideration and to the activity which he is qualified as a CompetentPerson as defined in the 2004 Edition of the 'Australasian Code for Reporting ofExploration Results, Mineral Resources and Ore Reserves'. Mr Nealon is a DwykaResources Limited Director and meets the criteria of a qualified person underthe AIM guidance note for mining, oil and gas companies. Ed Nealon consents to the inclusion in this announcement of such information inthe form and context in which it appears. Enquiries: In AustraliaMelissa SturgessDwyka Resources Limited(+618) 9324 2955 In the United KingdomRichard BrownAmbrian Partners Limited(+44) 20 7776 6417 Charlie Geller/Leesa PetersConduit PR(+44) 20 7429 6604 or (+44) 7970 067 320 or visit http://www.dwyresources.com or visit http://www.dwyresources.com Notes to editors: Dwyka is focusing on the diversified minerals sector, primarily nickel and gold,in order to achieve maximum value for shareholders during the ongoing resourcesboom. Nickel Dwyka has a major nickel exploration project underway in Burundi. Dwyka acquiredall of the shares in Danyland Limited ('Danyland'), the owner of the MuremeraNickel project in Burundi, Africa, in January 2007. The Muremera project islocated within one of the world's principal nickel provinces, only 2 kilometresfrom, almost adjacent to and in the same geological sequence as, the giantXstrata/Barrick Kabanga deposit in Tanzania. The Kabanga deposit is thought to be the world's largest undeveloped nickelsulphide deposit and has similar geophysical anomalies to those at Muremera. Anexploration permit has been granted in relation to Muremera and access forexploration activities is good. The project's prospectivity has led to acommitment from BHP Billiton to spend at least US$5.2million as part of solefunding arrangements to earn up to a 50% interest in Danyland. Gold Pursuant to a Shareholders and Earn-in Agreement dated 16 July 2007, Dwyka hasthe right to earn up to a 90% interest in Swaziland Gold (Pty) Ltd('SwaziGold'), which in turn owns the SwazigGold Project in Swaziland, Africa.The project is a large (435 square kilometre) gold exploration play in thehighly prospective Archaean Barberton Greenstone Belt in Swaziland, historicallya producer of 11.5 million ounces of gold. In the Barberton Greenstone Belt, extensive, shallow, historic workings, plus alack of modern exploration, have presented Dwyka with an ideal opportunity.Previous owners drilled some 13,500 metres of the project area, providing theCompany with a drill database that includes numerous gold intersections. Thesehave allowed Dwyka to establish immediate targets for both infill drilling andthe development of extensions to established zones of mineralization. In thecurrent favourable resources climate, it is believed that Dwyka's goldexploration activities will accelerate. Diamonds Dwyka has a shareholding of 48.2% in KimCor Diamonds Plc, an AIM-listed diamondexplorer and producer with a portfolio of projects in Southern Africa. This information is provided by RNS The company news service from the London Stock Exchange