Sale Mejillones Phosphate Deposit

RNS Number : 2311T

Xtract Resources plc

02 October 2014

 



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	[phone]
Cenkos Securities Plc	Alan Stewart Derrick Lee	[phone]
Hume Capital Securities plc	Jon Beliss Abigail Wayne	[phone]
St James's Corporate Services Limited	Phil Dexter	[phone] [phone]
Gable Communications Limited	John Bick [e-mail]	[phone] [phone]

 

END

 

 

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