Nyota Minerals (LON:NYO, ASX:NYO) said the development of the Tulu Kapi gold project has proceeded at a rapid pace with ‘pleasing results’, since it was acquired in October 2009.
In its full-year results, the company reflected on a transformational twelve month period.
Shortly after Nyota took control of the Ethiopian asset, though its acquisition of Minerva Resources, a 690,000 ounce maiden gold resource was declared at Tulu Kapi. This was later upgraded, and the project now has a JORC Inferred resource of 1.38 million ounces.
External consultants are currently assisting Nyota with resource estimation and the commissioning of a Preliminary Economic Assessment feasibility study.
The company was also boosted by the addition of a significant funding partner: the International Finance
Corporation (IFC) - part of the World Bank – invested £3.4m into the company back in April.
Furthermore, to support the development of Tulu Kapi, Nyota is divesting non-core interests. It has already transferred its 50% stake in Swazi Gold Ventures to its JV partner in preparation for the sale.
In newly appointed chief operating officer Terry Tucker, the company has strengthened its management team, to "ensure the effective transition of the Tulu Kapi project from exploration to project financing and development".