25 May 2012

Nyota scoops £9.7m

03/02/2012 Robert Tyerman

Gold hopeful Nyota Minerals (NYO) has raised £9.66 million at 6p to pursue its Tulu Kapi and Northern Block projects in Ethiopia. Established gold miner and Nyota shareholder Centamin Egypt has put £4 million into the placing, increasing its holding to 14 per cent.

AIM-quoted Nyota, steered by chief executive officer Richard Chase, says the placing proceeds will enable it to maintain exploration drilling at Northern Block and to take Tulu Kapi, now reckoned to hold a potential inferred 1.46 million oz of gold, beyond a definitive feasibility study. Chase describes Centamin's support as 'encouraging, both for the prospects of Tulu Kapi and for wider exploration within our Ethiopian assets'.

Floated at 40p 11 years ago with a completely different focus, Nyota shares have had a rough ride. Growth Company Investor highlighted them a year ago at 9.25p before later suggesting partial profit taking at 20.25p.

They now trade at 8.10, valuing the company at £36 million, and offer speculative prospects.

Tags: AIM market, Centamin Egypt, Ethiopian gold, Richard Chase

Sector: Mining

Companies: Nyota Minerals

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