Nyota Minerals looks to Northern Block gold licenses to create value
 Richard Chase, Nyota chief executive, said: "We started the new year in a positive way, taking decisive decisions that we believe will re-position Nyota."
Nyota Minerals ( ASX: NYO, LON: NYO) is focused on creating value from its Northern Block gold exploration licences in Ethiopia at a time when the equity capital markets for junior miners are "unforgiving", it said, issuing a quarterly report.
A full field work program at the blocks was started, initially focused on the Boka West target, which is near drill-ready, and the Boka Sirba, Bar and Cloen targets, and the three months to end March has also seen a competent person's report (CPR) completed.
The quarter also saw an updated resource for the Tulu Kapi gold project, where the firm has a 25% direct interest following its disposal to Kefi Minerals ( LON:KEFI).
Richard Chase, Nyota chief executive, said: "We started the new year in a positive way, taking decisive decisions that we believe will re-position Nyota.
"However, the public equity capital markets remain unforgiving for junior mineral exploration companies and further rationalisation has therefore been undertaken whilst alternative financing options are being advanced.
"Having reduced the company's corporate cost base as low as we feel is possible, we are focused on creating value from our 100% owned exploration assets whilst exploring new opportunities.
"Further, KEFI are continuing to make significant and rapid progress with the Tulu Kapi project, which we expect will add value to it." |
