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17 January 2013
Nyota Minerals Limited ('Nyota' or 'the Company')
Ethiopian Ministry Confirms DFS Compliance Ahead of Mining Licence Issuance
Nyota Minerals Limited (ASX/AIM: NYO), the AIM and ASX listed East African gold exploration and development company, is pleased to announce that the Ethiopian Ministry of Mines ('the Ministry') has completed its review of the Definitive Feasibility Study '(DFS') for the development of the first mining operation at the Company's flagship Tulu Kapi Gold Project ('Tulu Kapi'), including the Environmental and Social Impact Assessment ('ESIA'), and has confirmed in writing that it complies with all regulations and satisfies the requirements for the issuance of a large scale Mining Licence.
Nyota and the Ministry have been in negotiations regarding the fiscal and legal aspects of developing the open pit gold mine at Tulu Kapi as envisaged in the DFS and both parties believe that they are close to finalising the terms for the issuance of a Mining Licence. With this in mind, the Ministry has extended the Company's exploration licence.
This extension enables preliminary preparations for the resettlement of people living within the proposed mining licence area to be concluded and the further exploration of Tulu Kapi's additional zones of mineralisation in order to optimise the operations and economics of the project; including the results from the Feeder Zone drill programme that are anticipated very shortly.
Nyota Chief Executive Officer Richard Chase said, "The Ethiopian Government's acknowledgement that our DFS and the ESIA comply with all requisite regulations for the issue of a mining licence means that we can now focus on negotiating the terms on which such a licence will be granted and raising the necessary funding. We are one step closer to developing Ethiopia's next gold mine."
For enquiries please contact:
Richard Chase (CEO) / Anthony Rowland (Business Development)
Nyota Minerals Limited
+44 (0) 20 7400 5740
Richard Morrison / Jen Boorer
RFC Ambrian Limited
+44 (0)20 3440 6800
Hugo de Salis / Susie Geliher
St Brides Media & Finance Ltd
+44 (0) 20 7236 1177
Ocean Equities Limited
(+44) (0) 20 7786 4370
Mirabaud Securities LLP
+44 (0)20 7878 3360
Or visit: http://www.nyotaminerals.com
This press release contains forward-looking statements in relation to the Company and its subsidiaries (the "Group"), including, but not limited to, the Group's proposed strategy, plans and objectives, future commercial production, sales and financial results, development, construction and production targets and timetables, mining costs and economic viability and profitability. Such statements are generally identifiable by the terminology used, such as "may", "will", "could", "should", "would", "anticipate'', "believe'', "intend", "expect", "plan", "estimate", "budget'', "outlook'' or other similar wording. By its very nature, such forward-looking information requires the Company to make assumptions that may not materialise or that may not be accurate. Such forward-looking statements involve known and unknown risks, uncertainties and other important factors beyond the control of the Group that could cause the actual performance or achievements of the Group to be materially different from any future results, performance or achievements expressed or implied by such forward-looking statements. Furthermore, the forward-looking information contained in the press release is made as of the date of the press release and accordingly, you should not rely on any forward-looking statements and the Group accepts no obligation to disseminate any updates or revisions to such forward-looking statements. The forward-looking information contained in this press release is expressly qualified by this cautionary statement.
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