Ethiopian mine developer Nyota Minerals (ASX:NYO, LON:NYO) kept busy during the third quarter despite it being the rainy season in Western Ethiopia.
Despite the rains, a significant site visit was able to go ahead in October to familiarise a contractor plus existing and potential new project management with the proposed alluvial operations, chief executive officer Richard Chase revealed.
Reviewing third quarter operations, Chase said the company completed the sale of its stake in the Tulu Kapi project, and made the annual renewal applications for its Northern Block exploration licences.
Nyota received A$1.3mln from the sale of 25% of Tulu Kapi, giving it a cash balance at the end September of A$1.33mln.
This cash position, combined with the company's significantly reduced overhead costs, is expected to allow it to pursue its Ethiopian alluvial gold opportunity as well as having funds to assess new project opportunities, the company said.
