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Nyota Minerals Limited (AIM: NYO), the gold exploration company in East Africa, has provided an operational update for its 100 percent owned Northern Block exploration licenses in Western Ethiopia.
It said that solid progress had been made advancing a Mining License application to rapidly exploit the Abay River (or Blue Nile) gravel terraces through the development of a mechanized mining and processing operation.
Richard Chase, chief executive officer, said: “I am pleased with the progress made in respect to a Mining License to exploit the potential of the gold-bearing river terraces located on our Northern Blocks. If successful, we will have highlighted a low cost opportunity to rapidly generate cash flow in the immediate future.
“We have also prioritized our hard rock gold targets across the tenures through full analysis of exploration work. With this in mind, I look forward to providing updates in respect to both these areas over the coming months.
“Field work is expected to recommence during Q4 2014; although the rate of progress will be influenced by the renewal of the licenses (which is pending) and by the outcome of discussions with the Ethiopian Ministry of Mines concerning the alluvial mining license. We will also continue to evaluate new opportunities inside and outside of Ethiopia and to establish the best path forward for Nyota.
“The past year has been characterized by a significant amount of corporate restructuring and considering the difficulties I would like to thank our small Ethiopian team for their hard work, resilience and dedication.”