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03/7/14 - A$0.02
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nyota minerals ltd (NYO) Details

Nyota Minerals Limited explores for and develops gold properties in Ethiopia. It primarily holds interests in two exploration licenses, including the Brantham and Towchester licenses that cover approximately 2,300 square kilo meters in the Northern Blocks in Ethiopia. The company is based in West Perth, Australia.

6 Employees
Last Reported Date: 09/30/14

nyota minerals ltd (NYO) Top Compensated Officers

Chief Executive Officer, Managing Director, E...
Total Annual Compensation: A$247.7K
Chief Financial Officer
Total Annual Compensation: A$166.6K
Business Development Manager
Total Annual Compensation: A$163.3K
Compensation as of Fiscal Year 2014.

nyota minerals ltd (NYO) Key Developments

Nyota Minerals Limited Provides Licensing Renewal Update for Its 100% Owned Northern Block Exploration Licenses in Western Ethiopia

Nyota Minerals Limited to provide a licensing update for its 100% owned Northern Block exploration licenses in Western Ethiopia ('Northern Blocks') and its strategy. The application for the renewal of the Towchester license was for the Gombo block only. The decision having been taken that further exploration expenditure could not be justified on the Dura Block as the likelihood of discovering a deposit that is economically viable at this time, is low and without a commitment to exploration expenditure the chances of the license being renewed were also low. The application for the renewal of the Brantham license included only the statutory 25% reduction in the area. The main body of the license being characterized by a northwest alignment of anomalies and targets extending for approximately 45km from Boka West in the southeast to Tsoli-Mole in the northwest, running through Bendokoro in the middle and interpreted to be located along a NW-SE trending regional scale structure. In the event the following license areas have been renewed this week by the Ministry of Mines with an effective date of 30 July: Brantham 717 km2 (reduced from 1,346 km2); Towchester 48 km2 (reduced from 1,002 km2), excluding the mining licence application area of 48km2. The new licenses keep intact the NW-SE lineament of anomalies within the Brantham area and preserve for Nyota the extension of that lineament in the Towchetser license; which is particularly important as this is immediately adjacent to the Boka West target. However the remainder of the Towchester license has either been relinquished or was not renewed. The application for a Mining License, submitted in the name of Towchester for the conversion of a portion of the exploration license as it was in April 2014, is unaffected by the decision not to renew or to issue exploration licenses for any areas that will be affected by the rising water of the dam. Indeed, the intent of this application and its timeliness was precisely because the river gravels will be submerged and their value otherwise lost. The application is still being considered by the Ministry of Mines and, as is necessary, by other government departments. Those deliberations are internal and Nyota cannot, therefore, report progress with the application. The need to preserve cash and to focus human resources means that the preparations reported in September have been suspended until such time as it has a clear and unequivocal view of the likely outcome and timing.

Nyota Minerals Limited Reports Consolidated Cash Flow Results for the first Quarter Ended of September 30, 2014; Provides an Operational Update for its 100% Owned Northern Block Exploration Licences in Western Ethiopia

Nyota Minerals Limited reported consolidated cash flow results for the first quarter ended of September 30, 2014. For the quarter, the company reported Payments for exploration & evaluation was AUD 189,000. Net operating cash flows were negative at AUD 568,000. The company announced the results from the Boka West and Bendokoro targets in the Brantham Licence continue to be encouraging and a short drill programme has been proposed for both targets in the licence renewal for 2014 to 2015. These programmes will aim to test the continuity at relatively shallow depths (a maximum of 75m vertical from surface) of gold mineralization intercepted in surface trenches. Gold mineralization has been identified at both the Bar and Cloen targets in the Towchester licence. However, the continuity, width and grade of the mineralization together with the demand for annual work commitments and licence renewals led Nyota to relinquish the whole Dura block when it applied for the renewal of the Towchester Licence.

Nyota Minerals Limited, Annual General Meeting, Nov 19, 2014

Nyota Minerals Limited, Annual General Meeting, Nov 19, 2014., at 10:00 W. Australia Standard Time. Location: Suite 2, 47 Havelock Street. Agenda: To adopt the company's 2014 remuneration report.


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