4th Feb 2010 08:04
Nyota Minerals Limited ('Nyota' or the 'Company')
SALE OF INTEREST IN PHILIPPINE COAL PROJECT
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SUMMARY
·; Sale of the Company's 8% holding in the Philippine Daguma coal project for USD1.7 million (after costs) ·; Funds to advance exploration of the Ethiopian Tulu Kapi/ Ankore gold project
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Nyota advises that it has completed the sale to a Philippine private company of its 8% minority contributing interest in the Philippine Daguma coal project for a net cash consideration of USD1.7 million. In disposing of this non-core asset Nyota has added to cash reserves available to be allocated to developing the promising Ethiopian Tulu Kapi Gold Project.
Following this sale the Company has completed its strategy to exit from the Philippines and now has no Philippine situated project interest.
Melissa Sturgess, Nyota CEO, confirmed today that "this exit from the Philippines strengthens our cash position to focus on our primary objective to quickly and efficiently substantially increase the JORC measured gold resource at Tulu Kapi.
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)75 282 33383
Or visit: http://www.nyotaminerals.com
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