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Manica Alluvial Update

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By LSE RNS

RNS Number : 7010R
Xtract Resources plc
25 September 2017
 

 

 

25 September 2017

 

Xtract Resources Plc

("Xtract" or the "Company")

Manica Alluvial Update

 

The Board of Xtract Resources Plc ("Xtract" or the "Company") is pleased to provide a further update on the Manica alluvial mining contractors' progress towards operations commencing on the Manica concession.

 

Highlights

 

·    Omnia Mining have deposited approximately 25,000 tonnes of alluvial materials on the plant stockpile ready for processing

 

·    Omnia Mining have pre-stripped a considerable amount of overburden in advance of the alluvial face

 

·    Process Plant is in position and all items have been run and tested.  A single water pipeline remains to be installed

 

·    Sino Minerals have exposed a considerable amount of alluvial materials prior to their extraction

 

·    Sino Minerals are approaching their commitment by the installation of three smaller plants.  All of these plants are on site and will be assembled over the coming weeks

 

·     Some revenue expected for September 2017, with rapid build-up from both contractors during October 2017

 

Colin Bird, Chairman said: "I am pleased to be able to report that both contractors are aggressively pursuing their production goals.  September 2017 should see Omnia Mining in production with Sino Minerals commencing production mid-October 2017.  Unlike a hard rock operation, an alluvial operation demands less complex start up procedures and I am hopeful for steady state production by the end of October 2017.

 

During the recent weeks a number of new initiatives have been initiated and are actively being pursued.  The thrust of these initiatives is area consolidation, accelerated hard rock production and re-evaluation of existing exploration sites."

 

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

 


This information is provided by RNS
The company news service from the London Stock Exchange
 
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