CAPITAL RAISING OF ?21.58M

Nyota Minerals Limited ('Nyota' or the 'Company')

Capital raising of £21.58M

The directors of Nyota today announce that it has raised £21.58 million (before expenses) through a placing of 131,250,000 shares at £0.16 per share with clients of Ocean Equities Limited ("Ocean Equities") and a placing of 3,692,307 shares at A$0.26 per share with clients of Bell Potter Securities Limited ("Bell Potter") in Australia (together "the Placing").

The Placing has been undertaken to allow Nyota to continue to fast track the exploration and development of the Company's flagship Tulu Kapi Deposit and to fund its regional exploration program in Ethiopia.

The Company will use the funds to continue its aggressive exploration and development work at Tulu Kapi. The Tulu Kapi Deposit remains open in three directions and at depth and this additional funding will allow the Company to continue with the four onsite drill rigs working 24 hour shifts. In addition, engineering, environmental and social studies, which are essential for mining development, will be fast tracked.

As previously announced, a regional exploration programme will commence in October, with a regional airborne geophysical survey over the Company's entire claim blocks, covering a total of 3,550 km2. Nyota's Ethiopian exploration properties are currently made up of seven individual claims blocks with the properties showing favorable geological settings, structural settings and good mineral indications. There are a number of good gold showings present both in terms of primary and alluvial indications. Some of these are associated with base‐metal anomalous zones. The results of the airborne study will guide Nyota's regional exploration program that will include drilling.

Nyota CEO Terry Tucker commented "We are delighted with the response to our capital raising and look forward to welcoming several significant new institutional shareholders to the register. The funds will be used to continue our work at Tulu Kapi and move the asset as quickly as possible toward production. In addition, we will commit further funds to our extensive regional exploration programme which is focused on discovering additional economic ore bodies in what we believe is a new gold province."

Details of the Placing

Nyota has raised £21.58 million (before expenses) pursuant to the Placing, which is subject to the approval of Nyota shareholders in general meeting ("Shareholder Approval"). A circular convening that general meeting, which will be held on 1 November ("Circular"), has been dispatched and posted to Nyota shareholders today and a copy of the Circular can be viewed on Nyota's website at www.nyotaminerals.com.

The shares issued pursuant to the Placing (the "Placing Shares") will represent approximately 29.79 per cent of Nyota's issued share capital as enlarged by the issue of the Placing Shares. The Placing Shares will, when issued, rank pari passu in all respects with the existing ordinary shares in Nyota.

Application will be made to the London Stock Exchange and to the Australian Stock Exchange for the Placing Shares to be admitted to trading on AIM and ASX ("Admission"), subject to Shareholder Approval being obtained. It is expected that Admission will become effective and that dealings in the Placing Shares will commence at 8.00 a.m. on 2 November 2010. Completion of the Placing is conditional on, inter alia, Admission occurring not later than 16 November 2010.

The Placing has only been made (i) in the UK to persons falling within article 19 and article 49 of the Financial Services and Markets Act 2000 (Financial Promotion) Order 2005 and who are also qualified investors for the purposes of section 86 of FSMA and (ii) in other jurisdictions in strict compliance with securities laws applicable therein, and no other person may participate in the Placing or rely on any communication relating to it. The offer of the Placing Shares has not been made to the public for the purposes of the Prospectus Rules or any other applicable legislation.

For a copy of the presentation used in relation to the Placing please visit Nyota's website,

www.nyotaminerals.com.

This announcement does not constitute an offer, or the solicitation of an offer, to subscribe for or buy any of the Placing Shares. Under the terms of agreements signed by Nyota with each of Ocean Equities and Bell Potter in connection with the Placing, Ocean Equities and Bell Potter will receive commissions from Nyota conditional on Admission and Nyota will give customary warranties, undertakings and indemnities to each of them in relation to the performance of their duties.

TO VIEW THE NOTICE OF MEETING, PLEASE CLICK ON THE FOLLOWING WEB LINK: http://www.rns-pdf.londonstockexchange.com/rns/4908T_-2010-9-29.pdf

For further information please contact:

Terry Tucker

Nyota Minerals Limited

(+44) (0) 78 3324 8466

[email protected]

NOMAD

Richard Brown / Richard Greenfield

Ambrian Partners Limited

(+44) (0)20 7634 4700

BROKER

Guy Wilkes / Will Slack

Ocean Equities Limited

(+44) (0) 20 7786 4370

BROKER

Rory Scott

Mirabaud Securities LLP

(+44) (0)20 7878 3360

Press enquiries

Charlie Geller / Emily Fenton

Conduit PR +44 (0)20 7429 6604 / +44 (0)75 2823 3383

Or visit: http://www.nyotaminerals.com