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Xtract Resources shares advance as it moves for gold in Chile

Published: 09:27 17 Oct 2013 BST

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Re-launched Xtract Resources (LON:XTR) is continuing its transformation with the potential acquisition of a producing gold mine in Chile.

It has paid US$250,000 for an exclusive four month option period in which it can conduct due diligence over the Chépica mine and the Mejillones Phosphate project.

“Having outlined the strategy to focus on precious and base metal opportunities that could deliver near term production and cash flow, the board believes the Chépica gold and copper mine could represent a major step in achieving our stated strategy,” said chief executive Jan Nelson.

“Should our due diligence prove successful, our primary focus would be on financing and developing the mining operation, however, the phosphate deposit represents additional upside that can be exploited through JV [joint venture] partners.”

On AIM Xtract shares climbed 14% to 0.27p.

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