Nyota Minerals Limited

30 September 2013

Nyota Minerals Limited

(?Nyota? or ?the Company?)

UPDATE ON STATUS OF ANNUAL REPORT

SUSPENSION OF TRADING ON ASX

Nyota Minerals Limited (ASX/AIM: NYO), the gold exploration and development company in East Africa, previously announced that it was in discussions with various parties in respect of its current funding requirements.  The Board had hoped that such discussions would have been sufficiently far advanced to enable the publication of the Company?s 2013 audited financial statements, on a going concern basis, by 30 September 2013, the deadline prescribed in the Australian Corporations Act. 

Whilst these talks are at an advanced stage, and a further announcement is expected in the near future, it has not been possible to meet the deadline of 30 September.  As such the Company?s shares will be automatically suspended from trading on the ASX as from tomorrow, Tuesday 1 October 2013.  There will be no suspension of trading on AIM, as the AIM Rules allow a longer period for a company to prepare and publish its audited financial statements.

As announced in the Company?s quarterly report on 31 July 2013, the Directors had determined that to progress directly to mine development as envisaged in the Feasibility Study was not viable at this time.  The Company has presented these findings to the Ministry of Mines and is pleased to announce that, agreement has been reached with the Ministry of Mines for Nyota to continue the exploration and evaluation of Tulu Kapi, subject to funding, in order to improve the economic returns from the project.

However, as a consequence of not being able to progress directly to developing a mine at Tula Kapi, the Company expects the 2013 Annual Report will include a significant non-cash impairment charge, in the range of A$45m to A$55m, to the carrying value of Nyota?s exploration assets.  The impairment charge will impact the Company?s balance sheet and profit & loss account but will have no impact on cashflow.

As part of minimising the Company's financial commitments during these discussions, the Company has decided to put the Tulu Kapi camp on care and maintenance until a definitive plan is agreed.

A further announcement on the financial statements for the year ended 30 June 2013 will be made as soon as possible.

For further information please visit www.nyotaminerals.com or contact: