Results of AGM and Alluvial Update

RNS Number : 4521S

Xtract Resources plc

25 June 2018

 

For immediate release

25 June 2018

Xtract Resources Plc

("Xtract" or the "Company")

 Results of AGM and Alluvial Update

Result of AGM

The Company is pleased to announce that at the Company's Annual General Meeting ("AGM") held on Friday, 22 June 2018, all Resolutions, were passed duly passed.

Manica alluvial production

As previously reported on 14 June 2018, the Company's cumulative production to date is ahead of Q1 2018 and the Company expects to report its production for Q2 in mid-July. From the outset, Sino Minerals, who have had exclusive mining rights to the Eastern half of the Manica Mining concession, have been able to apply themselves and have contributed most of alluvial production to date with modest returns and we expect that they will further continue in the coming months.

The mining results in the Western half, which Moz Gold have the exclusive mining rights to, have been unsatisfactory, primarily due to the nature of the gold, being fine gold and a plant not fit for purpose of the recovering this gold. Moz Gold's contribution has not been material to overall production and it has now halted production. Xtract continues to review new contractor proposals for the Western half.

The convertible loan agreement entered with Moz Gold in December 2017, provides Xtract with security over the processing plant and test work needs to be completed before the Company decides either to utilise the plant for its own account or, alternatively make it available to new contractors who would be responsible for all necessary modifications. Moz Gold has also made no payments in respect of previously announced historic performance penalties and accrued but unpaid run-of-mine payments and these remain due. 

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 Joel Silberstein, Director.

Enquiries:

Xtract Resources Plc	Colin Bird, Executive Chairman	[phone] www.xtractresources.com
Beaumont Cornish Limited Nominated Adviser and Joint Broker	Roland Cornish Michael Cornish Felicity Geidt	[phone] www.beaumontcornish.co.uk
Novum Securities Limited Joint Broker	Colin Rowbury	[phone] www.novumsecurities.com

ENDS

 

END

 

 

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