ETHIOPIA: Nyota hopeful of mining licence for Tulu Kapi

Nyota Minerals has submitted the technical elements of the on-going definitive feasibility study to the Ethiopian Ministry of Mines (MoM) to support its application for the conversion of its Exploration Licence for Tulu Kapi into a Mining Licence.  Over the coming months, Nyota will undertake the final stages of the work required to complete the DFS, including the optimisation of the economic parameters and the completion of the infill drilling program 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 the third quarter this year. The documents submitted to the MoM will enable it to start 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 MoM 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. Nyota Minerals CEO Richard Chase says: "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 of Mines to begin a detailed review of the Tulu Kapi gold project ahead of the final economic parameters and a reserve statement being completed the third quarter this year which will enable us to complete the DFS.” www.nyotaminerals.com News courtesy of International Mining www.im-mining.com