Xtract Resources plc Manica Concession Alluvial Gold Update (9235C)
25 January 2018 - 9:27PM
UK Regulatory
TIDMXTR
RNS Number : 9235C
Xtract Resources plc
25 January 2018
For immediate release
25 January 2018
Xtract Resources Plc
("Xtract" or the "Company")
Manica Concession Alluvial Gold Update
The Board of Xtract Resources Plc ("Xtract" or the "Company") is
pleased to announce preliminary unaudited results for alluvial
mining contractors for the Manica Concession for the period 1
October to 31 December 2017 (the "Period").
Highlights
-- Combined attributable contractor income for the Period amounted to US$801,000
-- Xtract's net share of the combined attributable contractor
income is US$320,000 (equivalent to 40% of total attributable
contractor income, the balance of 60% attributable to Nexus under
the Collaboration Agreement as announced previously on 20 June
2017)
-- A total of 2.828 kg of gold was on hand for the account of
Xtract and Nexus as at 31 December 2017 (approximate gross value of
US$111,000) - this gold had been smelted but not yet sold
-- Mozambican alluvial operational costs for the Period amounted
to US$254,000 (attributable 40% to Xtract and 60% to Nexus)
-- Contractors' operations continue to improve reflected in an increase in overall production
-- Xtract continues to explore opportunities to work with other
operators and review other concessions in the Manica and
surrounding areas
Colin Bird, Executive Chairman said: "The last quarter
represented the commencement of operations with its attendant
set-backs and problems. The contractors solved the issues with
design modifications, extraction scheduling changes and increased
equipment. The operations are progressing favourably, and we expect
first quarter results for the period ending 31 March 2018 to show
an overall improvement in productivity and attributable income to
Xtract. We have a clear mission on the opportunities presented in
the district. We are highly encouraged by a positive start and
industry interest in our Fair Bride hard rock project"
Further details are available from the Company's website which
details the company's project portfolio as well as a copy of this
announcement: www.xtractresources.com
This announcement contains inside information for the purposes
of Article 7 of EU Regulation No. 596/2014 on market abuse.
Enquiries:
Xtract Resources Colin Bird, Executive +44 (0)20 3416
Plc Chairman 6471
Michael Cornish
Roland Cornish +44 (0)207628
Beaumont Cornish Felicity Geidt 3369
Email: corpfin@b-cornish.co.uk
+44 (0)207 382
Beaufort Securities Jon Belliss 8300
ENDS
This information is provided by RNS
The company news service from the London Stock Exchange
END
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