For immediate release
25 June 2018
Xtract Resources Plc
("Xtract" or the "Company")
Results of AGM and Alluvial Update
Result of AGM
The Company is pleased to announce that at the Company's Annual General Meeting ("AGM") held on Friday, 22 June 2018, all Resolutions, were passed duly passed.
Manica alluvial production
As previously reported on 14 June 2018, the Company's cumulative production to date is ahead of Q1 2018 and the Company expects to report its production for Q2 in mid-July. From the outset, Sino Minerals, who have had exclusive mining rights to the Eastern half of the Manica Mining concession, have been able to apply themselves and have contributed most of alluvial production to date with modest returns and we expect that they will further continue in the coming months.
The mining results in the Western half, which Moz Gold have the exclusive mining rights to, have been unsatisfactory, primarily due to the nature of the gold, being fine gold and a plant not fit for purpose of the recovering this gold. Moz Gold's contribution has not been material to overall production and it has now halted production. Xtract continues to review new contractor proposals for the Western half.
The convertible loan agreement entered with Moz Gold in December 2017, provides Xtract with security over the processing plant and test work needs to be completed before the Company decides either to utilise the plant for its own account or, alternatively make it available to new contractors who would be responsible for all necessary modifications. Moz Gold has also made no payments in respect of previously announced historic performance penalties and accrued but unpaid run-of-mine payments and these remain due.
Further details are available from the Company's website which details the company's project portfolio as well as a copy of this announcement: www.xtractresources.com
This announcement contains inside information for the purposes of Article 7 of EU Regulation No. 596/2014 on market abuse. The person who arranged for the release of this announcement on behalf of the Company was Joel Silberstein, Director.
Xtract Resources Plc
+44 (0)20 3416 6471
Beaumont Cornish Limited
Nominated Adviser and Joint Broker
+44 (0)207628 3369
Novum Securities Limited
+44 (0) 207 399 9427
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