Last checked at 2 Oct 2014 07:00
2 October 2014
Xtract Resources Plc
("Xtract" or "the Company")
Sale of 100% of Mejillones Phosphate Deposit
Xtract Resources Plc (AIM: XTR) announces that it has signed an agreement to sell 100% of the Mejillones phosphate deposit to Mines Global ('MG') for a total consideration of £400,000. The consideration is payable in two tranches, £250,000 within 14 days of signature date and the balance of £150,000 upon successful transfer of all the licences representing the project to a local subsidiary of MG in Chile.
Jan Nelson, CEO of Xtract Resources, commented; "The sale of the Mejillones project is in line with our stated strategy of focusing all our management time and resources on continuing to build the Chepica Gold-Copper mine into a profitable mining operation. The additional funds strengthen our financial position at a time of increased activity as we work towards achieving peak production at Chepica."
ENDS
Enquiries:
Xtract Resources Plc | Jan Nelson, CEO
| +44 (0)20 3416 6471
|
Cenkos Securities Plc | Alan Stewart Derrick Lee | +44 (0)131 220 6939 |
Hume Capital Securities plc | Jon Beliss Abigail Wayne | +44 (0)20 3693 1470 |
St James's Corporate Services Limited | Phil Dexter
| +44 (0)20 7796 8647 +44 (0)7798 634398 |
Gable Communications Limited | John Bick Xtract@gablecommunications.com | +44 (0)20 7193 7463 +44 (0) 7872 061007 |