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nyota minerals ltd (NYO) Details

Nyota Minerals Limited explores for and develops gold properties in Ethiopia. The company has a 25% interest in the Tulu Kapi gold project located in the Western Wellega Zone of the Oromia region in Western Ethiopia. It also holds interests in two exploration licenses, including the Brantham and Towchester licenses that cover approximately 2,300 sq km in the Northern Blocks in Ethiopia. The company is based in West Perth, Australia.

89 Employees
Last Reported Date: 02/5/14

nyota minerals ltd (NYO) Top Compensated Officers

Chief Executive Officer, Managing Director, E...
Total Annual Compensation: A$291.9K
Chief Financial Officer
Total Annual Compensation: A$229.2K
Finance Director, Company Secretary, Non-Exec...
Total Annual Compensation: A$179.2K
Business Development Manager
Total Annual Compensation: A$275.1K
Compensation as of Fiscal Year 2013.

nyota minerals ltd (NYO) Key Developments

Nyota Minerals Limited Reports Operating Results for the Quarter Ended June 30, 2014

Nyota Minerals Limited announced operating results for the quarter ended June 30, 2014. In Northern Blocks, Field work re-commenced on the Northern Blocks in January 2014 and continued until the rainy season in early July. All work is now suspended until mid-September; after the rains. The programme has been undertaken by Nyota's in-country geological team, focusing on those targets that were prioritised by the independent technical review undertaken by SRK Exploration in February; as reported in the previous quarterly report and available on the Company's website. These include the Boka Sirba, Boka West, Bar Cloen and Bendokoro targets. With no access to the Tulu Kapi sample preparation facility, laboratory analysis of exploration samples has been undertaken in Ethiopia by Ezana Mining Analytical Laboratory in Mekele, Tigray Region. Prior to commencing and during the work, Nyota's Technical Director, Dr. Evan Kirby, the CEO and the Chief Geologist have all undertaken monitoring visits. The impact has been to reduce sample freight and analysis costs by more than half. The results of the fieldwork are still being received and analysed and will be reported in full when complete; most likely in August. At this stage, results from the Boka West and Bendokoro targets continue to be encouraging whilst those from Boka Sirba, where the geology has been more difficult to interpret, are much less so. Further submissions and discussions have also been had with the Ethiopian Ministry of Mines regarding the potential to establish a large-scale mechanised gold mining project working the old gravel terraces and other alluvial deposits of the Abay River that transect the Northern Block licences. The water level in the Abay River will rise significantly when the Grand Ethiopian Renaissance Dam is complete. Nyota's proposal has as its main objective the rapid development of a cost effective operation for the maximum recovery of gold from the catchment area that will be flooded before dry mining of the gravels becomes impossible. The level of the Abay River when flooded will not affect the hard-rock targets that are being explored by Nyota, specifically including the Boka West and Benodokoro targets. Nyota is waiting for a formal response from the Ministry of Mines. In TULU KAPI, 25% project level ownership; additional interest through shares held in KEFI. Both of these interests are subject to possible reduction. During the period KEFI has continued with its evaluation of the deposit including surface trenching and infill drilling within the existing known limits of mineralization. KEFI reported exploration results on 20 June, 2014 (JORC Code 2012). Highlights of the reverse circulation infill drilling include 12m at 4.23g/t Au, 5m at 9.71g/t Au, 2m at 24.86g/t Au, 8m at 4.24g/t Au, 4m at 10.36g/t Au and 4m at 9.80g/t Au. Results of the surface trenching programme at Tulu Kapi confirmed continuity of mapped mineralization and returned new mineralized intervals, including 8.5m at 1.96g/t Au, 8.5m at 1.96g/t Au, 8.1m at 4.67g/t Au, 3.2m at 12.91g/t Au and 5.8m at 1.91g/t Au. KEFI reports that the results support its structural interpretation and modeling of the orebody. This is significant as the Tulu Kapi project has complex geology /gold distribution and has required an equally complex methodology to allow interpretation for mine planning and having now completed this field work KEFI considers that the resource model is ready for updating after which it will be used for estimating ore reserves and finalising mine planning.

Nyota Minerals Limited Reports Consolidated Cash Flow Results for the Fourth Quarter and Year Ended June 30, 2014; Provides Cash Flow Guidance for the First Quarter of Fiscal 2015

Nyota Minerals Limited reported consolidated cash flow results for the fourth quarter and year ended June 30, 2014. For the quarter, the company reported net operating cash outflow was AUD 213,000. For the year to date, the company reported net operating cash outflow was AUD 4,457,000. For the next quarter, the company expects cash outflows of AUD 200,000.

Nyota Minerals Limited, Special/Extraordinary Shareholders Meeting, Sep 03, 2014

Nyota Minerals Limited, Special/Extraordinary Shareholders Meeting, Sep 03, 2014., at 11:00 W. Australia Standard Time. Location: The Celtic Club. Agenda: To consider and approve the sale transaction; and to approve the capital reduction and the KEFI distribution.


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