29th Oct 2014 10:03
LONDON (Alliance News) - Nyota Minerals Ltd. Wednesday said it had cash reserves of AUD1.3 million at the end of September, following the sale of its 25% stake in the Tulu Kapi gold project in Ethiopia to KEFI Minerals, and it was reviewing new opportunities.
The company said field work in its wholly-owned Northern Block exploration sites in western Ethiopia has been suspended since July due to the annual rains in the country, but the company said it has made progress in advancing the Mining Licence Application for the Abay River, or Blue Nile, gravel terraces.
Nyota is seeking approval to mine gold from the catchment area that will be flooded as a result of the Grand Ethiopian Renaissance Dam before dry mining of the gravels becomes impossible. A revised application, with a smaller mining licence area of approximately 48 square kilometers, was submitted in the first week of October, the company said.
The company conducted a site visit in early October to review the proposed development in a bid to refine the budget and timeline for bulk sampling and trial mining.
Nyota Minerals shares were down 15% at 0.11 pence Wednesday mid-morning.
By Ian Edmondson
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