London, England — 09 July 2012 – Nyota Minerals Limited – an Australian and AIM-listed gold exploration and development company – has submitted the technical elements of its ongoing definitive feasibility study (DFS) to the Ethiopian Ministry of Mines to support its application for the conversion of its exploration licence for Tulu Kapi into a mining licence.
A company statement issued here says that over the coming months, Nyota will undertake the final stages of the work required to complete the DFS. This will include the optimisation of the economic parameters and the completion of the infill drilling programme designed to materially increase the indicated mineral resource at Tulu Kapi and identify the ore reserve estimate that will form the basis for the open-pit mine plan. These aspects of the DFS are key to defining the mine life and forecast economics of the Tulu Kapi project and are on schedule to be completed in Q3 of 2012.
The documents submitted to the Ministry will enable it to commence its technical review of the Tulu Kapi project, which is a pre-requisite for the terms of the mining licence to be agreed, while the economic parameters for the DFS, which should support the issue of a Mining Licence, are finalised.
The Board believes that negotiations with the Ministry have progressed well, and remains expectant of securing a mining licence for Tulu Kapi in the second half of 2012, and of achieving its current development timetable aimed at first gold production in the fourth quarter of 2014.
CEO Richard Chase commented: “The submission of the technical data of the DFS to the Ministry of Mines is part of Nyota’s ongoing application for a mining licence first submitted in May 2011. The data allows the Ministry to begin a detailed review of the Tulu Kapi gold project ahead of the final economic parameters and a reserve statement being completed in Q3 of 2012, which will enable us to complete the DFS.”
Source: Nyota Minerals Limited. For more information, click here.