Xtract Resources plc Manica Update (2742L)
30 September 2016 - 4:01PM
UK Regulatory
TIDMXTR
RNS Number : 2742L
Xtract Resources plc
30 September 2016
30 September 2016
This announcement contains inside information
Xtract Resources Plc
Manica Update
The Board of Xtract Resources Plc ("Xtract" or the "Company")
announces that, further to the notification by the Company on 17
August 2016, the conditional sale and purchase agreement between
the Company, Nexus Capital Limited and Mineral Technologies
International Limited ("MTI") through which the Company was to
dispose of its 100% interest in the Manica gold project for US$17.5
million, has lapsed due to certain conditions precedent not being
met and will therefore not be effected.
The Company confirms that its discussions with MTI, regarding
revisions to the existing joint venture agreement between the
parties, to mine the alluvial gold deposit at Manica, are
progressing well and the Company anticipates that a satisfactory
conclusion for both parties can be announced soon.
Colin Bird, Executive Chairman, said: "The ending of the sale
and purchase agreement brings clarity and certainty to our
ownership of the Manica gold project. Manica is one of the more
advanced low cost open pit projects in Southern Africa and is well
placed in the population of emerging gold mines. The discussions
with MTI, regarding the alluvial project are ongoing and
progressing satisfactorily. The Company has commissioned the final
leg of the environmental study which is required to complete the
full bankable feasibility study. We anticipate delivery of the
bankable feasibility study no later than the end of November 2016,
which will provide us with flexibility when assessing our strategic
options".
Enquiries:
Xtract Resources Colin Bird, Executive +44 (0)20
Plc Chairman 3416 6471
Cenkos Securities Derrick Lee +44 (0)131
plc Beth McKiernan 220 6939
+44 (0)207
Beaufort Securities Jon Belliss 382 8300
This information is provided by RNS
The company news service from the London Stock Exchange
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