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Xtract’s Manica sale off the table

Xtract will no longer be selling the Manica gold project under the terms announced with Nexus and Mineral Technologies
Xtract’s Manica sale off the table
Manica is one of the more advanced open pit gold projects in the region

Xtract Resources PLC (LON:XTR) will no longer be selling its Manica gold asset under the terms of the current deal with Nexus Capital and Mineral Technologies.

Executive chairman Colin Bird said that the ending of the sale and purchase agreement brought “clarity and certainty” as to the ownership of Manica, after negotiations had dragged out for many months.

He also highlighted that Manica is one of the more advanced, low cost open pit gold projects in Africa, and that a bankable feasibility study is due by the end of November.

Xtract also released results for the six months to June which showed revenues of £290,000 and a net loss of £5.24 mln.

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