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Manica Hard Rock Project Progress Update

4 Sep 2019 14:24

RNS Number : 2407L
Xtract Resources plc
04 September 2019
 

 

For immediate release

4 September 2019

 

Xtract Resources Plc

("Xtract" or the "Company")

Manica Hard Rock Project Progress Update

 

The Board of Xtract Resources Plc ("Xtract" or the "Company") is pleased to announce that Mutapa Mining and Processing LDA ("MMP") has provided the Company with an update on current progress on the design and build on the Manica hard rock open pit mine, as well as progress made to date on the Manica hard rock project, and that MMP expects to meet the targets and performance dates as set out in the collaboration agreement ("Collaboration Agreement" or "Agreement") entered into with MMP on 29 May 2019 for the mining and mineral processing of the Company's Manica hard rock gold deposits ("Hard Rock Project").

 

Highlights

 

·; MMP has completed the Hard Rock Project operational budget and plan, with environmental and social risks identified and built into the plan

·; MMP has exchanged letters of intent with suppliers on certain long lead items including items such as elution heater package, feed thickener, flocculant plant and tower crane

·; Deposits have been paid to commence remedial work on existing crushing and grinding circuits

·; Tailings design consultants have conducted a site visit and agreed all parameters for design

 

 

Colin Bird, Executive Chairman said: "Our partners, MMP, have approached the Manica Hard Rock Project in very positive and professional manner. Their investigations and planning have led them to a point where they have identified critical items which have the longer lead delivery times. To this end they have letters of intent agreed and deposits paid thereby ensuring no delays are expected to the contractual planned start date.

 

We are very encouraged by MMP's commitment and look forward to primary mining and processing commencing with a well designed and built plant together with an optimal mine plan. We share a common belief in the further exploration potential of the concession and the district and will be developing a plan to pursue mutually agreed targets once all of the operational decisions have been made and execution is in progress."

 

Fairbride Hard Rock Mining and Collaboration Agreement Targets and Performance

 

The Collaboration Agreement was entered into on 29 May 2019 inter alia by the Company, the Company's wholly owned subsidiary, Explorator Limitada ("Explorator"), and MMP.

 

Under the Agreement, MMP agreed to the following performance targets:

 

- commence construction (as demonstrated by the placement of an order for the CIL), as soon as possible but in any event no later than 1 November 2019 (with a long stop date of 1 February 2020); and

- Construction installation work on the CIL is planned to be completed with commercial production being achieved by 1 July 2020 (with a long stop date of 1 October 2020). Commercial production is defined in the Collaboration Agreement as a being installation of a processing plant with a throughput capacity of not less than 29,000 tonnes per month (being 70% of the planned 42,000 tonnes per month throughput).

 

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 Colin Bird, Director.

 

Enquiries:

 

Xtract Resources Plc

Colin Bird,

Executive Chairman

 

+44 (0)20 3416 6471

www.xtractresources.com

Beaumont Cornish Limited

Nominated Adviser and Joint Broker

Roland Cornish

Michael Cornish

Felicity Geidt

+44 (0)207628 3369

www.beaumontcornish.co.uk

 

Novum Securities Limited

Joint Broker

 

Colin Rowbury 

 

+44 (0)207 399 9427

www.novumsecurities.com  

 

 

ENDS

This information is provided by RNS, the news service of the London Stock Exchange. RNS is approved by the Financial Conduct Authority to act as a Primary Information Provider in the United Kingdom. Terms and conditions relating to the use and distribution of this information may apply. For further information, please contact rns@lseg.com or visit www.rns.com.
 
END
 
 
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Date   Source Headline
23rd Feb 20249:00 amRNSCompletion of Disposal of Manica Gold Project
16th Feb 20249:05 amRNSDisposal of Manica Gold Project
13th Feb 20241:15 pmRNSResult of Meeting
8th Feb 20247:00 amRNSUpdate on Zambian Copper Joint Venture & Strategy
24th Jan 202411:00 amRNSProposed disposal of Manica Gold Project
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23rd Oct 20231:32 pmRNSManica Q2 2023 Gold Production Update
29th Sep 202311:10 amRNSHalf-year Report
24th Aug 20239:24 amRNSZambian exploration licences joint venture
28th Jul 20236:00 pmRNSResult of AGM
20th Jul 20239:05 amRNSBushranger Pre-Concentration Test Results
6th Jul 20237:00 amRNSManica Q1 2023 Gold Production Update
5th Jul 202310:28 amRNSNotice of AGM
29th Jun 20234:16 pmRNSFinal Results
20th Jun 202312:55 pmRNSAccounts and Annual General Meeting update
6th Apr 20237:00 amRNSFourth quarter 2022 production update
30th Mar 20237:00 amRNSChange of auditor
7th Mar 20234:35 pmRNSPrice Monitoring Extension
7th Mar 20237:00 amRNSUpdate on Open Pit Mining Study for Bushranger
26th Jan 20237:00 amRNSKakuyu Copper Project Zambia update
23rd Jan 20234:40 pmRNSSecond Price Monitoring Extn
23rd Jan 20234:35 pmRNSPrice Monitoring Extension
13th Jan 20239:44 amRNSDirector/PDMR Shareholding
9th Jan 20231:25 pmRNSThird quarter 2022 production update
19th Dec 202211:42 amRNSAscot Prospect Maiden Mineral Resource
15th Dec 20223:53 pmRNSKakuyu copper project Zambia
8th Dec 20224:08 pmRNSHolding(s) in Company
5th Dec 202210:32 amRNSTotal Voting Rights
23rd Nov 202211:05 amRNSSecond Price Monitoring Extn
23rd Nov 202211:00 amRNSPrice Monitoring Extension
23rd Nov 20227:00 amRNSRacecourse Prospect Updated Mineral Resource
22nd Nov 202212:21 pmRNSApplication update
4th Nov 202210:43 amRNSAward of share options and settlement shares
6th Oct 202211:00 amRNSAscot Prospect final assay results
30th Sep 202210:52 amRNSHalf-year Report
30th Sep 20227:00 amRNSProduction update
24th Aug 202210:20 amRNSResult of AGM
15th Aug 20221:05 pmRNSBushranger results of metallurgical test work
8th Aug 20224:40 pmRNSSecond Price Monitoring Extn
8th Aug 20224:35 pmRNSPrice Monitoring Extension
8th Aug 20222:06 pmRNSSecond Price Monitoring Extn
8th Aug 20222:00 pmRNSPrice Monitoring Extension
4th Aug 20229:13 amRNSBushranger completion of phase two drilling
29th Jul 202211:37 amRNSNotice of AGM
27th Jul 202212:14 pmRNSBushranger assay results and drilling update
21st Jul 20227:00 amRNSFair Bride Update
7th Jul 202212:18 pmRNSBushranger assay results and drilling update
1st Jul 202211:06 amRNSSecond Price Monitoring Extn
1st Jul 202211:00 amRNSPrice Monitoring Extension
30th Jun 20224:33 pmRNSFinal Results

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