Proactive Investors - Run By Investors For Investors

Xtract Resources PLC RNS Release

Manica Concession Alluvial Gold Update

RNS Number : 9235C
Xtract Resources plc
25 January 2018



For immediate release

25 January 2018


Xtract Resources Plc

("Xtract" or the "Company")

 Manica Concession Alluvial Gold Update


The Board of Xtract Resources Plc ("Xtract" or the "Company") is pleased to announce preliminary unaudited results for alluvial mining contractors for the Manica Concession for the period 1 October to 31 December 2017 (the "Period").




·     Combined attributable contractor income for the Period amounted to US$801,000

·     Xtract's net share of the combined attributable contractor income is US$320,000 (equivalent to 40% of total attributable contractor income, the balance of 60% attributable to Nexus under the Collaboration Agreement as announced previously on 20 June 2017)

·     A total of 2.828 kg of gold was on hand for the account of Xtract and Nexus as at 31 December 2017 (approximate gross value of US$111,000) - this gold had been smelted but not yet sold

·     Mozambican alluvial operational costs for the Period amounted to US$254,000 (attributable 40% to Xtract and 60% to Nexus)

·     Contractors' operations continue to improve reflected in an increase in overall production

·     Xtract continues to explore opportunities to work with other operators and review other concessions in the Manica and surrounding areas


Colin Bird, Executive Chairman said : "The last quarter represented the commencement of operations with its attendant set-backs and problems. The contractors solved the issues with design modifications, extraction scheduling changes and increased equipment. The operations are progressing favourably, and we expect first quarter results for the period ending 31 March 2018 to show an overall improvement in productivity and attributable income to Xtract. We have a clear mission on the opportunities presented in the district. We are highly encouraged by a positive start and industry interest in our Fair Bride hard rock project"


Further details are available from the Company's   website which details the company's project portfolio as well as a copy of this announcement:  


This announcement contains inside information for the purposes of Article 7 of EU Regulation No. 596/2014 on market abuse.


Enquiries :

Xtract Resources Plc

Colin Bird, Executive Chairman


+44 (0)20 3416 6471


Beaumont Cornish

Michael Cornish

Roland Cornish

Felicity Geidt

+44 (0)207628 3369

Email: [email protected]


Beaufort Securities

Jon Belliss


+44 (0)207 382 8300


This information is provided by RNS
The company news service from the London Stock Exchange

Xtract Resources PLC Timeline

December 06 2017

© Proactive Investors 2018

Proactive Investor UK Limited, trading as “Proactiveinvestors United Kingdom”, is Authorised and regulated by the Financial Conduct Authority.
Registered in England with Company Registration number 05639690. Group VAT registration number 872070825 FCA Registration number 559082. You can contact us here.

Market Indices, Commodities and Regulatory News Headlines copyright © Morningstar. Data delayed 15 minutes unless otherwise indicated. Terms of use