had good news in May when, according to independent technical study by Minxcon, gold resource increased by 36% to 1.26Moz and the volume available to be mined increased by 56%. This forms part of the bankable feasability study that is due, with assurance from new CEO Colin Bird, to be completed in November.
The original outcome of this was an agreed sale of the mine for $17.5 million. Although this sale has now not gone ahead as of beginning of October and Xtract have decided that Manica not Chepica is its best project. Also the continued involvement of MTI is encouraging.
Am I right in saying that the decision to sell Manica at that time was due to over-fixation on Chepica, and that this is why there was a change in the board to Colin Bird?
If the predicted figures for annual revenues are anywhere near correct, then the current market cap of £3m is far too low, and IMO this will be a genuine turning point in the rather chequered history of Xtract.
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