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Xtract Resources PLC

Company & Manica Alluvial Gold Update

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RNS Number : 4279O
Xtract Resources plc
29 January 2019
 

 

 

For immediate release

29 January 2019

 

Xtract Resources Plc

("Xtract" or the "Company")

Company & Manica Alluvial Gold Update

 

The Board of Xtract Resources Plc ("Xtract" or the "Company") announces the preliminary unaudited results for alluvial mining contractors for the Manica Concession for the three-month period ended 31 December 2018 (the "Period").

 

Highlights

 

·    Total alluvial mining contractor gold production of 41.29Kg (equivalent to approximately 1,328 ounces)

·     Total of 10.32Kg (equivalent to approximately 332 ounces) attributable to Explorator (including Nexus under the Collaboration Agreement)

·     Combined attributable revenue to Explorator from gold sales for the Period amounted to US$310,000

·     Xtract continue to review the alluvial operations and introduce more equipment

·     Plans being made to concurrently work the upper terraces

·     Test work carried out over the border in Zimbabwe to extend alluvial income

·    DFS revised to accommodate less complex ore with the technical and financial study to be released shortly

 

 

Colin Bird, Executive Chairman said: "The quarter under review produced modest results compared to previous quarters and reflects the lower grade areas having been ceded back to the Company together with compensation paid to local farmers . The areas mined during this quarter were marginal but considered appropriate for processing, despite lower grades. We expect to see improving production against an improving gold price. We recognise the inconsistency of alluvials, but over the last year have gained considerable insights into the intricacies of alluvial miming and this has moved up into test work programme in neighbouring countries. We now have a very clear vision how to effectively mine the hard rock occurrences which are less metallurgically challenging. The Company is talking to potential partners and investors to develop the Manica project and the board intend to release revised scoping numbers in the near future ".

 

Production summary

Preliminary unaudited results for alluvial mining contractors for the Manica Concession for the three-month periods ended 31 December 2018, 30 September 2018, 30 June 2018 and 31 March 2018 are set out in the table below. In addition to the information included in the table set out in the announcement dated 16 July 2018, the table below provides a further breakdown of costs between operational costs, production tax and land resettlement costs:

 

 

 

 

 

 

4th Quarter

 ended

31 December 2018

Amended 3rd  Quarter ended

30 September 2018

2nd  Quarter ended

30 June 2018

1st  Quarter ended

31 March

2018

Production and Sales:

 

 

 

 

Total contractor alluvial gold production (equivalent ounces) (Note 4)

1,328

1,811

1,703

1,200

Explorator share of gold produced (equivalent ounces)

332

453

426

297

Explorator share of gold sold (equivalent ounces)

 

307

251

283

314

Explorator attributable revenue from gold sales

US$310,000

US$242,000

US$291,000

US$333,000

Xtract share of Explorator attributable revenue from gold sales (Note 1)

US$155,00

US$121,000

(Note 1)

US$116,400

US$133,200

Direct Operational Production Costs:

 

 

 

 

Explorator total direct alluvial operational production costs (Note 2)

 

US$146,299

US$129,150

US$148,696

US$155,882

Xtract share of Explorator alluvial direct alluvial operational production costs (Note 2)

 

US$73,149

 

US$64,575

(Note 1)

US$59,478

US$62,352

Total Costs:

 

 

 

 

Explorator total direct alluvial production costs (Note 3)

 

US$254,296

US$292,181

US$315,581

US$268,000

Cost per ounce of gold produced

US$820

US$645

US$741

US$902

Xtract share of Explorator alluvial direct alluvial production costs (Note 3)

US$127,148

US$146,090

(Note 1)

US$126,232

US$107,200

 

Note 1:         Under the Collaboration Agreement between Explorator and Nexus Capital Limited (previously Mineral Technologies International Limited, "Nexus") as previously announced on 20 June 2017, Xtract's net share of Explorator's gold revenue and costs was 40% for the two three-month periods ended 30 June 2018. Under the New Collaboration Agreement for the three-month period ended 30 September 2018 and 31 December 2018, Explorator's gold revenue and costs increases to 50%. The previously announced revenue and costs for the 3rd Quarter have therefore been updated for the amended  terms under the New Collaboration Agreement.

 

Note 2:         Direct operational production costs include and not limited to Explorator salaries, rent, vehicles expenses and utilities.

 

Note 3:   Total costs comprises direct operational production costs plus total Production Tax (6% of the value of total production which varies according to the level of production) and Land Resettlement Costs as detailed below:

 

                     

 

4th Quarter ended 31 December 2018

3rd Quarter ended 30 September 2018

2nd Quarter ended 30 June 2018

1st Quarter ended 31 March 2018

Production Tax

US$100,675

US$115,400

US$104,448

US$76,118

Land resettlement costs

US$7,322

US$47,631

US$62,437

US$36,000

 

 

Note 4:   Presence of gold in alluvial deposits is unpredictable and therefore operational results will vary month-to-month.

 

 

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.

 

 

 

Enquiries:

 

Xtract Resources Plc

Colin Bird,

Executive Chairman

 

+44 (0)20 3416 6471

www.xtractresources.com

Beaumont Cornish Limited

Nominated Adviser and Joint Broker

Roland Cornish

Michael Cornish

Felicity Geidt

+44 (0)207628 3369

www.beaumontcornish.co.uk

 

Novum Securities Limited

Joint Broker                  

 

Colin Rowbury 

 

+44 (0)207 399 9427

www.novumsecurities.com  

 

 

 

 

 

 

 

 

ENDS


This information is provided by RNS, the news service of the London Stock Exchange. RNS is approved by the Financial Conduct Authority to act as a Primary Information Provider in the United Kingdom. Terms and conditions relating to the use and distribution of this information may apply. For further information, please contact [email protected] or visit www.rns.com.
 
END
 
 
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