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Xtract Resources plc (XTR)

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Wednesday 06 December, 2017

Xtract Resources plc

Manica Concession Alluvial Gold Update

RNS Number : 5653Y
Xtract Resources plc
06 December 2017
 

 

 

For immediate release

6 December 2017

 

Xtract Resources Plc

("Xtract" or the "Company")

 Manica Concession Alluvial Gold Update

First gold poured at Manica

 

The Board of Xtract Resources Plc ("Xtract" or the "Company") is pleased to announce the results for alluvial miner Sino Mineral's initial start-up operations on the eastern half of the Manica Concession up to the end of November 2017.

 

Highlights

 

·     A total of 6.287 kg of tax-paid gold on hand for October and November and available for dispatch to the South African refinery (attributable 40% to Xtract and 60% to Nexus Capital Limited under the Collaboration Agreement signed on 20 June, 2017)

·     Dore bars approximately 94% gold by value

·     Approximate gross value of US$230,000 to Xtract and Nexus

·     Net value to Xtract is approximately US$92,000

·     Xtract expects that Alluvial gold production will now increase on a monthly basis

 

Colin Bird, Executive Chairman said: "The period ended 30 November 2017 was a start-up period for our contractors resulting in stop-start operations and plant fixing. We are encouraged by this initial result and perceive further alluvial and hard rock opportunities emerging at the Manica site".

 

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 Plc

Colin Bird, Executive Chairman

 

+44 (0)20 3416 6471

 

Beaumont Cornish

Michael Cornish

Roland Cornish

Felicity Geidt

+44 (0)207628 3369


Email: [email protected]

 


Beaufort Securities

Jon Belliss

 

+44 (0)207 382 8300

ENDS


This information is provided by RNS
The company news service from the London Stock Exchange
 
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