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Xtract Resources PLC - Australia and Africa-focused resource, development and mining company - Says in its first quarter ended March 31, production at the Fair bride deposit reached 4,522 ounces at an average of USD1,895 per ounce. Fair Bride is a mining deposit within the Manica Concession in Mozambique. Xtract says there are clear indications that results are improving significantly and that the second quarter is showing a marked improvement. The company adds that the unit cash cost for the second quarter is expected to be in-line with similar sized operations on a global basis as the operation stabilises.
Executive Chair Colin Bird said: "We are very pleased with the progress being made at Manica and the first quarter was excellent when one considers the effect of the heavy and prolonged rains that the project was exposed to during the post-commissioning phase."
Current trading share: 1.59 pence, up 13%
12-month change: down 58%
By Will Neill, Alliance News reporter
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