---COMPANY CORRECTION: LIFE OF MINE CASH COST HAS BEEN AMENDED TO $549/OZ FROM 757/OZ---
Earlier this month the mining firm received Mozambique government approval to acquire the site.
Xtract cautioned the numbers, which are part of the overall definitive feasibility study (DFS), had not been verified by independent consultants and have a high probability of changing as the DFS is completed.
The NPV has been increased to US$70mln compared to US$50mln as stated previously in a preliminary economic assessment (PEA) by vendor Auroch Minerals.
The internal rate of return (IRR) is now put at 50% compared to 58%, assuming a gold price of US$1,250 per ounce.
The life of mine (LOM) increased to 12 years, compared to eight previously and production is expected to kick off in the fourth quarter of 2017.
The start-up capital costs are US$35 million compared to a PEA capital estimate of US$28.4 million for open pit and plant.
Cash costs have been put at US$549 an ounce compared to a cash cost in the PEA of US$650 an ounce, while EBITDA (underlying earnings) was put at US$245 million (assuming life of mine of 12 years) compared to a PEA EBITDA of US$130 million (assuming LOM of eight years).
Xtract chief Jan Nelson said: "The economic metrics of the Manica Gold project remain robust and the company's in-house estimates of EBITDA have significantly increased relative to the increased capital requirement compared to the PEA.
"The Manica Project remains at the low end of the cost scale and we are now focusing on completing the DFS and starting mine construction.
"We are completing a new resource calculation for the Manica project and expect to provide an update to the market as soon as possible. We will also report on the alluvial mining plan for the project within Q2 2016."