logo-loader
viewXtract Resources PLC

Company & Manica Alluvial Gold Update

/**/ sup{font-size:80%}h1{margin-top:0cm;margin-right:0cm;margin-bottom:12.0pt;margin-left:35.45pt;text-align:justify;text-justify:inter-ideograph;text-indent:-35.45pt;line-height:135%;font-size:11.0pt;font-family:"CG Times","serif";font-weight:bold;text-decoration:underline;}h2{margin-top:0cm;margin-right:0cm;margin-bottom:12.0pt;margin-left:35.45pt;text-align:justify;text-justify:inter-ideograph;text-indent:-35.45pt;line-height:135%;font-size:11.0pt;font-family:"CG Times","serif";font-weight:normal;}h3{margin-top:0cm;margin-right:0cm;margin-bottom:12.0pt;margin-left:70.9pt;text-align:justify;text-justify:inter-ideograph;text-indent:-35.45pt;line-height:135%;font-size:11.0pt;font-family:"CG Times","serif";font-weight:normal;}h4{margin-top:0cm;margin-right:0cm;margin-bottom:12.0pt;margin-left:106.3pt;text-align:justify;text-justify:inter-ideograph;text-indent:-35.4pt;line-height:135%;font-size:11.0pt;font-family:"CG Times","serif";font-weight:normal;}h5{margin-top:0cm;margin-right:0cm;margin-bottom:12.0pt;margin-left:0cm;text-align:justify;text-justify:inter-ideograph;text-indent:0cm;line-height:135%;font-size:11.0pt;font-family:"CG Times","serif";font-weight:normal;}h6{margin-top:12.0pt;margin-right:0cm;margin-bottom:3.0pt;margin-left:0cm;text-align:justify;text-justify:inter-ideograph;text-indent:0cm;line-height:135%;font-size:11.0pt;font-family:"Times New Roman","serif";font-weight:normal;font-div:italic;}p{margin-right:0cm;margin-left:0cm;font-size:10.0pt;font-family:Times;}ol{margin-bottom:0cm;}ul{margin-bottom:0cm;}link{ color: blue } visited{ color: purple } .cg{size:595.0pt 842.0pt;margin:72.0pt 70.9pt 72.0pt 70.9pt;}div.cg{}p.es{margin:0cm;margin-bottom:.0001pt;font-size:12.0pt;font-family:"Cambria","serif";font-weight: bold; text-align: justify; text-justify: inter-ideograph}span.eq{font-family:"Calibri","sans-serif"}p.et{margin:0cm;margin-bottom:.0001pt;font-size:12.0pt;font-family:"Cambria","serif";font-weight: bold; text-align: right}span.eo{font-size:11.5pt;font-family:"Calibri","sans-serif"}p.eu{margin:0cm;margin-bottom:.0001pt;font-size:12.0pt;font-family:"Cambria","serif";font-weight: bold; text-align: center}p.ev{margin:0cm;margin-bottom:.0001pt;font-size:12.0pt;font-family:"Cambria","serif";text-align: center}p.ew{margin:0cm;margin-bottom:.0001pt;font-size:12.0pt;font-family:"Cambria","serif";text-align:justify;text-justify:inter-ideograph}p.ex{margin:0cm;margin-bottom:.0001pt;font-size:11.0pt;font-family:"Cambria","serif";text-align:justify;text-justify:inter-ideograph} p.ey{margin:0cm;margin-bottom:.0001pt;font-size:11.0pt;font-family:"Cambria","serif";font-weight: bold; text-align: justify; text-justify: inter-ideograph}p.ez{margin:0cm;margin-bottom:.0001pt;font-size:11.0pt;font-family:"Cambria","serif";margin-left:36.0pt;text-align:justify;text-justify: inter-ideograph;text-indent:-18.0pt}span.ej{font-size:11.5pt;font-family: Symbol}table.fa{margin-left:-5.4pt;border-collapse:collapse;border:none}td.eh{width:145.4pt;border:solid windowtext 1.0pt; padding:0cm 5.4pt 0cm 5.4pt}td.eg{width:73.75pt;border:solid windowtext 1.0pt; border-left:none;padding:0cm 5.4pt 0cm 5.4pt}p.fb{margin:0cm;margin-bottom:.0001pt;font-size:11.0pt;font-family:"Cambria","serif";font-weight: bold; text-align: right}td.ef{width:67.15pt;border:solid windowtext 1.0pt; border-left:none;padding:0cm 5.4pt 0cm 5.4pt}td.ee{width:60.1pt;border:solid windowtext 1.0pt; border-left:none;padding:0cm 5.4pt 0cm 5.4pt}td.ed{width:145.4pt;border:solid windowtext 1.0pt; border-top:none;padding:0cm 5.4pt 0cm 5.4pt} td.eb{width:73.75pt;border-top:none;border-left: none;border-bottom:solid windowtext 1.0pt;border-right:solid windowtext 1.0pt; padding:0cm 5.4pt 0cm 5.4pt}p.fc{margin:0cm;margin-bottom:.0001pt;font-size:11.0pt;font-family:"Cambria","serif";text-align: right}td.ea{width:67.15pt;border-top:none;border-left: none;border-bottom:solid windowtext 1.0pt;border-right:solid windowtext 1.0pt; padding:0cm 5.4pt 0cm 5.4pt}td.dz{width:60.1pt;border-top:none;border-left:none; border-bottom:solid windowtext 1.0pt;border-right:solid windowtext 1.0pt; padding:0cm 5.4pt 0cm 5.4pt}span.dy{font-size:10.0pt;font-family: "Calibri","sans-serif"}span.dx{font-size:10.0pt;font-family:"Calibri","sans-serif"}p.fd{margin:0cm;margin-bottom:.0001pt;font-size:11.0pt;font-family:"Cambria","serif";font-div: italic; text-align: right}p.fe{margin:0cm;margin-bottom:.0001pt;font-size:11.0pt;font-family:"Cambria","serif";text-align: center}span.dv{font-size:10.0pt; font-family:"Calibri","sans-serif"}p.l,li.l,div.l{margin:0cm;margin-bottom:.0001pt;font-size:11.0pt;font-family:"Cambria","serif";} p.ff{margin:0cm;margin-bottom:.0001pt;font-size:11.0pt;font-family:"Cambria","serif";font-div: italic; margin-left: 49.65pt; text-align: justify; text-indent: -49.65pt; text-justify: inter-ideograph}p.fg{margin:0cm;margin-bottom:.0001pt;font-size:11.0pt;font-family:"Cambria","serif";font-div: italic; text-align: justify; text-justify: inter-ideograph}p.fh{margin:0cm;margin-bottom:.0001pt;font-size:11.0pt;font-family:"Cambria","serif";font-div: italic; margin-left: 36.0pt; text-align: justify; text-indent: -36.0pt; text-justify: inter-ideograph}table.fi{width:452.95pt;margin-left:-5.4pt;border-collapse:collapse}td.dq{width:109.7pt;border-top:none;border-left: none;border-bottom:solid windowtext 1.0pt;border-right:solid windowtext 1.0pt; padding:0cm 5.4pt 0cm 5.4pt}td.do{width:63.9pt;border:solid windowtext 1.0pt; border-left:none;padding:0cm 5.4pt 0cm 5.4pt}p.fj{margin:0cm;margin-bottom:.0001pt;font-size:11.0pt;font-family:"Cambria","serif";font-div: italic; font-weight: bold; text-align: right}td.dn{width:74.3pt;border:solid windowtext 1.0pt; border-left:none;padding:0cm 5.4pt 0cm 5.4pt}td.dm{width:76.75pt;border:solid windowtext 1.0pt; border-left:none;padding:0cm 5.4pt 0cm 5.4pt}td.dk{width:109.7pt;border-top:none;border-left: solid windowtext 1.0pt;border-bottom:none;border-right:solid windowtext 1.0pt; padding:0cm 5.4pt 0cm 5.4pt} span.dl{font-size: 10.0pt;font-family:"Calibri","sans-serif"}td.dj{width:63.9pt;border:none;border-right:solid windowtext 1.0pt; padding:0cm 5.4pt 0cm 5.4pt}td.dh{width:74.3pt;border:none;border-right:solid windowtext 1.0pt; padding:0cm 5.4pt 0cm 5.4pt}p.fk{margin:0cm;margin-bottom:.0001pt;font-size:11.0pt;font-family:"Cambria","serif";font-div: italic; margin-left: 49.65pt; text-align: right; text-indent: -49.65pt}td.dg{width:76.75pt;border:none;border-right:solid windowtext 1.0pt; padding:0cm 5.4pt 0cm 5.4pt}td.df{width:109.7pt;border:solid windowtext 1.0pt; border-top:none;padding:0cm 5.4pt 0cm 5.4pt}td.de{width:63.9pt;border-top:none;border-left:none; border-bottom:solid windowtext 1.0pt;border-right:solid windowtext 1.0pt; padding:0cm 5.4pt 0cm 5.4pt}td.dd{width:74.3pt;border-top:none;border-left:none; border-bottom:solid windowtext 1.0pt;border-right:solid windowtext 1.0pt; padding:0cm 5.4pt 0cm 5.4pt}td.dc{width:76.75pt;border-top:none;border-left: none;border-bottom:solid windowtext 1.0pt;border-right:solid windowtext 1.0pt; padding:0cm 5.4pt 0cm 5.4pt}span.fl{font-size:11.5pt;font-family:"Calibri","sans-serif"; color:black} p.fm{margin-right:0cm;margin-left:0cm;font-size:12.0pt;font-family:"Times New Roman","serif";margin-top:0cm;margin-right:.2pt;margin-bottom:0cm; margin-left:0cm;margin-bottom:.0001pt;text-align:justify;text-justify:inter-ideograph}span.fn{font-size:11.5pt;font-family:"Calibri","sans-serif"; letter-spacing:1.5pt}span.fo{font-size:11.5pt;font-family:"Calibri","sans-serif";color:black}a.cw{font-weight: bold}span.fp{color: #0000EE; font-family: "Calibri","sans-serif"; font-size: 11.5pt; font-weight: bold}span.cu{font-size:10.0pt;font-family:"Arial","sans-serif"; color:black}table.fq{width:459.0pt;margin-left:-5.4pt;border-collapse:collapse}tr.cp{height:19.55pt}td.ct{width:145.15pt;padding:0cm 5.4pt 0cm 5.4pt; height:19.55pt}td.cs{width:137.25pt;padding:0cm 5.4pt 0cm 5.4pt; height:19.55pt} td.cq{width:144.2pt;padding:0cm 5.4pt 0cm 5.4pt; height:19.55pt}span.cr{font-family:"Calibri","sans-serif";color:black}tr.ck{height:34.5pt}td.cn{width:145.15pt;padding:0cm 5.4pt 0cm 5.4pt; height:34.5pt}p.fr{margin:0cm;margin-bottom:.0001pt;font-size:12.0pt;font-family:"Cambria","serif";font-div: italic; text-align: justify; text-justify: inter-ideograph}span.co{font-size:11.0pt;font-family:"Calibri","sans-serif"}td.cm{width:137.25pt;padding:0cm 5.4pt 0cm 5.4pt; height:34.5pt}td.cl{width:144.2pt;padding:0cm 5.4pt 0cm 5.4pt; height:34.5pt}span.cj{color:black}span.fs{color:blue;text-decoration:underline;font-family:"Calibri","sans-serif"} p.ft{margin-top:0cm;margin-right:0cm;margin-bottom:13.5pt;margin-left:0cm;font-size:12.0pt;font-family:"Times New Roman","serif";margin-bottom:0cm;margin-bottom:.0001pt;text-align:justify; text-justify:inter-ideograph} /**/
RNS Number : 7460X
Xtract Resources plc
01 May 2019
 

 

 

For immediate release

1 May 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 March 2019 (the "Period").

 

Highlights

 

·     Total alluvial mining contractor gold production of 40.20Kg (equivalent to approximately 1,293 ounces)

·     Total of 11.26Kg (equivalent to approximately 323 ounces) attributable to Explorator (including Nexus under the Collaboration Agreement)

·     Combined attributable revenue to Explorator from gold sales for the Period amounted to US$408,197

·     Discussions advancing favourably with hard rock production plan

 

 

Colin Bird, Executive Chairman said: "The results from operations were a little flat due to the rainy season and high stripping ratio against low grade gravel. The recent cyclone did not affect production directly but had a knock-on effect on material transport and in particular diesel. The modest alluvial results are mitigated by the improved percentage the Company receives from operations and in the coming months this could produce improved results notwithstanding the vagaries of gold distribution in the gravel. The hard rock production planning is progressing favourably with a number of options being considered. The Company expects to announce a decision before the end of the second Quarter 2019".

 

 

Production summary

Preliminary unaudited results for alluvial mining contractors for the Manica Concession for the three-month periods ended 31 March 2019, 31 December 2018, 30 September 2018 and 30 June 2018  are set out in the table below. In addition to the information included in the table, the table below provides a further breakdown of costs between operational costs, production tax and land resettlement costs:

 

 

 

 

 

 

 


1st Quarter

 ended

31 March 2019

4th Quarter

 ended

31 December 2018

Amended 3rd  Quarter ended

30 September

2018

 

2nd  Quarter ended

30 June 2018

Production and Sales:





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

1,293

1,328

1,811

1,703

Explorator share of gold produced (equivalent ounces)

323

332

453

426

Explorator share of gold sold (equivalent ounces)

 

340

307

251

283

Explorator attributable revenue from gold sales

US$408,197

US$310,000

US$242,000

US$291,000

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

US$204,099

 

US$155,00

US$121,000

(Note 1)

US$116,400

Direct Operational Production Costs:





Explorator total direct alluvial operational production costs (Note 2)

 

US$138,634

US$146,299

US$129,150

US$148,696

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

 

US$69,317

 

US$73,149

 

US$64,575

(Note 1)

US$59,478

Total Costs:





Explorator total direct alluvial production costs (Note 3)

 

     U$238,610

US$254,296

US$292,181

US$315,581

Cost per ounce of gold produced

US$738

US$820

US$645

US$741

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

US$119,305

US$127,148

US$146,090

(Note 1)

US$126,232

 

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 three-month period ended 30 June 2018. Under the New Collaboration Agreement for the three-month period ended 30 September 2018, 31 December 2018 and 31 March 2019, Explorator's gold revenue and costs increased to 50%. The previously announced revenue and costs for the 3rd Quarter ended 30 September 2018 reflect 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:

 

                     


1st Quarter ended 31 March  2019

4th Quarter ended 31 December 2018

3rd Quarter ended 30 September 2018

2nd Quarter ended 30 June 2018

Production Tax

US$81,571

US$100,675

US$115,400

US$104,448

Land resettlement costs

US$18,405

US$7,322

US$47,631

US$62,437

 

 

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
 
 
UPDKMGGKLMDGLZG

Quick facts: Xtract Resources PLC

Price: 1

Market: LSE
Market Cap: £4.39 m
Follow

Create your account: sign up and get ahead on news and events

NO INVESTMENT ADVICE

The Company is a publisher. You understand and agree that no content published on the Site constitutes a recommendation that any particular security, portfolio of securities, transaction, or investment strategy is...

FOR OUR FULL DISCLAIMER CLICK HERE

Watch

Xtract Resources boosts its interest in Zambia with Eureka project

Colin Bird, executive chairman of Xtract Resources PLC (LON:XTR), caught up with Proactive London's Andrew Scott to discuss an option agreement they've signed on the Eureka copper/gold project in Zambia. Xtract will have an option to acquire a 50% stake in the project before 1 October...

on 5/3/19