Last checked at 12 Oct 2017 11:23
For immediate release
12 October 2017
Xtract Resources Plc
("Xtract" or the "Company")
Manica Alluvial Update
The Board of Xtract Resources Plc ("Xtract" or the "Company") is pleased to announce that alluvial mining contractor Omnia Mining, has commenced production on the western half of the Manica concession. The alluvial collaboration agreement which was concluded on 18 June 2017, provides for monthly payments to the Company's wholly-owned Mozambican subsidiary Explorator Limitada, against monthly-run-of mine performance.
Highlights
· Omnia Mining commenced processing alluvials through their plant on 11 October 2017
· All equipment, processing and mining in place for continuing production
· 40,000 tonnes of alluvials ready for processing and 30 000 tonnes exposed in pit
· First income anticipated at the end of November 2017
Colin Bird, Executive Chairman said: "I am pleased to report that after having completed all of the process preparation Omnia Mining are now in commercial production. We look forward to a stable operation and rapid increase in hourly production to 400 tonnes per hour or more."
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
Photographs will be added to the Company's website as the project develops.
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: corpfin@b-cornish.co.uk
| ||
Beaufort Securities | Jon Belliss
| +44 (0)207 382 8300 |