Xtract Resources plc Results of AGM and Alluvial Update (4521S)
25 June 2018 - 7:20PM
UK Regulatory
TIDMXTR
RNS Number : 4521S
Xtract Resources plc
25 June 2018
For immediate release
25 June 2018
Xtract Resources Plc
("Xtract" or the "Company")
Results of AGM and Alluvial Update
Result of AGM
The Company is pleased to announce that at the Company's Annual
General Meeting ("AGM") held on Friday, 22 June 2018, all
Resolutions, were passed duly passed.
Manica alluvial production
As previously reported on 14 June 2018, the Company's cumulative
production to date is ahead of Q1 2018 and the Company expects to
report its production for Q2 in mid-July. From the outset, Sino
Minerals, who have had exclusive mining rights to the Eastern half
of the Manica Mining concession, have been able to apply themselves
and have contributed most of alluvial production to date with
modest returns and we expect that they will further continue in the
coming months.
The mining results in the Western half, which Moz Gold have the
exclusive mining rights to, have been unsatisfactory, primarily due
to the nature of the gold, being fine gold and a plant not fit for
purpose of the recovering this gold. Moz Gold's contribution has
not been material to overall production and it has now halted
production. Xtract continues to review new contractor proposals for
the Western half.
The convertible loan agreement entered with Moz Gold in December
2017, provides Xtract with security over the processing plant and
test work needs to be completed before the Company decides either
to utilise the plant for its own account or, alternatively make it
available to new contractors who would be responsible for all
necessary modifications. Moz Gold has also made no payments in
respect of previously announced historic performance penalties and
accrued but unpaid run-of-mine payments and these remain due.
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. The
person who arranged for the release of this announcement on behalf
of the Company was Joel Silberstein, Director.
Enquiries:
Xtract Resources Plc Colin Bird, +44 (0)20 3416 6471
Executive Chairman www.xtractresources.com
Beaumont Cornish Limited Roland Cornish +44 (0)207628 3369
Nominated Adviser and Michael Cornish www.beaumontcornish.co.uk
Joint Broker Felicity Geidt
Novum Securities Limited Colin Rowbury +44 (0)207 399 9427
Joint Broker www.novumsecurities.com
ENDS
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END
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