Nyota Minerals Ltd has discovered a gold source characterised as a feeder zone style mineralisation, as announced by the company. This gold mining project made the discovery of "abundant and visible" gold in Tulu Kapi of the Oromia Region.
This mineral exploring company, with a reputation of being well funded, is listed in the Investment Market (AIM) of the London Stock Exchange (AIM:NYO) as well as in the Australian Stock Exchange (ASX:NYO). On the morning of Friday, December 10, 2010, its official web site shared the breaking news and watched their shares roll in at more than 21pc.
The company had done a lot of fund raising and researching for gold rich mining areas within Tulu Kapi and managed to raise 59.5 million Br to fund the ongoing drilling work there in December 2009.
Nyota Minerals entered Ethiopia and acquired 3,000 square kilometers in Tulu Kapi to extend their mineral resources exploitation programme in relation with some gold projects. On this plot, the company has established a total contingent Joint Ore Reserves Committee (JORC).
