COMPLETION PRE-SCOPING STUDY TULUKAPI GOLD PROJECT

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

COMPLETION OF PRE-SCOPING STUDY FOR TULU KAPI GOLD PROJECT

Melissa Sturgess, Nyota CEO, commented "we are delighted with the results of the Study, which demonstrates that Nyota has ownership of a robust asset which can be expanded and developed with a high level of confidence. Whilst it is not our intention to commence mining until the resource has been significantly increased in size, this Study clearly shows that a mining operation even at the current resource levels could be viable and confirms that the drillout and development of the asset is warranted."

Nyota commissioned Venmyn Rand (Pty) Limited ("Venmyn"), to produce a Preliminary Desktop Scoping Study for the Tulu Kapi Project ("the Project" or "Tulu Kapi"). Venmyn is an internationally recognised South African independent mining and minerals advisor specialising in the technical and economic evaluation of mineral projects.

With the intention of developing Tulu Kapi into a viable mining operation, the Study was commissioned to establish whether, at this early stage, based on high level estimates of the capital and operating costs typically associated with a resource of this type, the Project is feasible.

The Study was prepared as a 'Preliminary Assessment' under the internationally-recognised Canadian mineral resource classification scheme National Instrument 43-101.

The Study considered three mining scenarios:

·; the merits of establishing an opencast operation based on the currently defined inferred JORC resource of 690,000oz of gold (Base Case Scenario or Scenario 1);

·; the potential upside that could be realised should the current resource extension drilling be successful (Scenario 2); and

·; the possibility of an underground operation.

The Study's key conclusions were:

- Tulu Kapi represents a highly prospective gold project within Ethiopia, with the potential for a number of other prospective targets to add to the current Mineral Resource over time;

- at sustained gold prices above US$950/oz, allowing for a discount of approximately 15% to the current gold price, Tulu Kapi has the potential to be developed into a viable open-pit mining operation, even based on the current Mineral Resource, which the Company expects to increase significantly with further Project development;

- additional resource drilling planned for completion in 2010 has the potential to further improve the Project's size and attractiveness;

- investigation of a conceptual resource extension has demonstrated the potential viability of a single Big Pit to mine each of the Project deposits, rather than separate, adjacent smaller pits;

- as a result of these encouraging results, Venmyn considers that the immediate exploration focus of the Project should be in the upgrading of the current Mineral Resource model, particularly the up-plunge area of mineralisation, north-east of the most recent drilling programme campaign and in-fill drilling to satisfy the requirements of Indicated and Measured resource categories;

- other satellite exploration targets identified on the current exploration licence areas also have the potential to be developed into future open pit and underground mining areas; and

- regionally, the evidence to date suggests the existence of a much larger goldfield within the greater Tulu Kapi/Ankore licence area.

Further details about the 3 conceptual mine designs considered in the Study are as follows:

Scenario 1 (Base Case):

This scenario involved the establishment of an opencast operation based on the currently defined Mineral Resource. It considered a single optimised pit design based on Ordinary Kriging Block Model data with a cut-off grade of 0.5g/t Au. Production was planned at a delivery of 100,000 tonnes per month ("tpm") of ROM to the gold processing plant. Project construction is completed in Years 1 to 2. First production occurs during Year 3. Steady state production is achieved in Year 5. Total project life, including the construction period, is planned for 12 years.

Scenario 2:

Scenario 2 described the probable extension of additional resource potential outside of the current block model boundary, into adjacent exploration areas (currently the focus of a drilling campaign). This scenario investigated the design of an enlarged pit shell and was referred to as the "Big Pit" Scenario. This required the development of a conceptual block model describing probable mineralisation trends into the north-eastern extension of the currently known resource area. A cut-off grade of 0.5g/t Au was used. Similar operational ramp-up parameters to the Base Case Scenario were considered. Based on a production rate of 100,000tpm, the total operational life in this scenario was extended to 20 years.

Scenario 3:

Scenario 3 considered the possibility of an underground operation at Tulu Kapi, within the current and extended block model areas. The pit optimisation studies from scenarios 1 and 2 indicated that limited ore resources were available for underground mining after the pit designs and that there was no immediate case for an underground operation given the current knowledge of the resources.

Venmyn developed two financial models for the Base Case and "Big Pit" Scenarios described above based on information available as well as that attributable to internationally comparable industry projects. The Study is a preliminary exercise commissioned firstly to demonstrate the robustness of the Project (even at the current stage of its development) and secondly to provide Nyota with operating parameters which can be reflected in ongoing and future resource drilling priorities as the Project is developed and the resource base expands. Venmyn has not reported specific NPV or Project values due to the limitations of the assumptions made at this early stage of Project development. However, it did conclude that the financial models demonstrate that at sustained gold prices above US$950/oz, the Project has the potential to be developed into a viable open-pit mining operation. Moreover, the financial assessment demonstrates the potential of the Project to generate cash flows that could result in a payback of capital within 4-5 years from the date of first production.

The financial models prepared by Venmyn indicate the following:

Capital costs for the Base Case scenario and utilised in the financial models were estimated at approximately US$62 million. Capital cost estimates were completed to a conceptual level of accuracy of +/- 35%. Operating costs utilised in the financial models were also estimated to a conceptual level of accuracy of +/- 35%, benchmarked from recent similar operations in Africa. Indicative unit operating costs of US$530/oz were used in the Base Case scenario financial model.

A copy of the Venmyn Pre-Scoping Study can be found on the Nyota Minerals website. This Study will form the basis of future Pre-Feasibility and Definitive Feasibility Studies.

TO VIEW THE VENMYN PRE-SCOPING STUDY, PLEASE CLICK ON THE FOLLOWING WEB LINK:

http://www.rns-pdf.londonstockexchange.com/rns/4260G_-2010-2-1.pdf

For further information please contact:

Melissa Sturgess

Nyota Minerals Limited

(+44) (0)78 2555 1397 or [email protected]

Richard Brown/ Richard Greenfield

Ambrian Partners Limited

(+44) (0)20 7634 4700

Press enquiries

Charlie Geller or Leesa Peters

Conduit PR

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

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

The technical exploration and mining information contained in this Announcement has been reviewed and approved by Mr RN Chapman. Mr Chapman has sufficient experience which is relevant to the style of mineralisation and type of deposit under consideration and to the activity to which he is undertaking to qualify as a Competent Person as defined in the 2004 Edition of the 'Australasian Code for Reporting of Exploration Results, Mineral Resources and Ore Reserves and as a qualified person under the AIM Note for Mining, Oil and Gas Companies. Mr Chapman is an employee of Mineral Exploration Management Limited, an independent geological consultancy established in 2005 and is a member of the Australasian Institute of Mining and metallurgy (Aus.I.M.M). Mr Chapman consents to the inclusion in this Announcement of such information in the form and context in which it appears. Venmyn has consented to the inclusion in this Announcement of its name in the form and context in which it appears.