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Manica Alluvial Gold & Corporate Update

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RNS Number : 1177T
Xtract Resources plc
12 November 2019
 

 

 

For immediate release

12 November 2019

 

Xtract Resources Plc

("Xtract" or the "Company")

Manica Alluvial Gold & Corporate 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 30 September 2019 (the "Period").

 

Highlights

·    Total alluvial mining contractor gold production of 30.92Kg for the quarter (equivalent to approximately 994 ounces)

·    Total of 8.66Kg (equivalent to approximately 278 ounces) attributable to Explorator (including Nexus under the Collaboration Agreement)

·    Combined attributable revenue to Explorator from gold sales and other income for the Period amounted to US$467,683

·    Post-period end in October  a total of 14.96Kg of mining contractor gold produced with a current gross value of US$699,000

·    Manica hard rock continues to progress and all aspects of operations advancing satisfactorily with long lead items ordered before due date

·    Preparation to commence drilling program in Zambia currently being finalised

·    Kalengwa metallurgical test work being carried out in South Africa and Zambia including separation and flotation test work

·    Review of the Company's corporate structure to facilitate new projects and their implementation   

 

Colin Bird, Executive Chairman said: "The alluvial production at the Manica concession continues to be profitable for the Company and also provides the necessary cash flow whilst we develop the Fairbride Project in Mozambique as well as the Kalengwa Project in Zambia. The alluvials have provided positive cash flow on a monthly basis despite there being volatility in the gold yield, excess overburden removal or a combination of the two. At the same time, we have generally been quite cost efficient with matters under our control, which has assisted to maintain profitability during difficult operational periods.

 

We are pleased with all aspects of the Manica hard rock development as well as the initial results of the Kalengwa tailings test work and we will report the full set of results as soon as they are available. The Company has carried out several field reviews of the Matrix, Eureka and Kalengwa projects and have identified drilling targets for all properties.

 

We have reviewed our management structure and are making several changes to meet the requirements of the Company's aggressive production development and new exploration targets in Zambia."

 

 

Production summary

Preliminary unaudited results for alluvial mining contractors for the Manica Concession for the three-month periods ended 30 September 2019, 30 June 2019, 31 March 2019 and 31 December 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:

 

 

3rd Quarter

 ended

30 September 2019

2nd Quarter

 ended

30 June 2019

1st Quarter

 ended

31 March 2019

4th Quarter

 ended

31 December 2018

Production and Sales:

 

 

 

 

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

994

1,088

1,293

1,328

Explorator share of gold produced (equivalent ounces)

278

305

323

332

Explorator share of gold sold (equivalent ounces)

 

337

533

340

307

Explorator attributable revenue from gold sales

US$467,683

US$643,568

US$408,197

US$310,000

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

US$233,482

US$321,784

US$204,099

 

US$155,00

Direct Operational Production Costs:

 

 

 

 

Explorator total direct alluvial operational production costs (Note 2)

 

US$140,477

US$125,666

US$138,634

US$146,299

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

 

US$70,238

US$62,833

US$69,317

 

US$73,149

 

Total Costs:

 

 

 

 

Explorator total direct alluvial production costs (Note 3)

 

    US$231,462

    US$199,595

     U$238,610

US$254,296

Cost per ounce of gold produced

US$832

US$655

US$738

US$820

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

US$115,731

US$99,797

US$119,305

US$127,148

 

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%.Under the New Collaboration Agreement, Explorator's gold revenue and costs increased to 50%.

 

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:

 

                     

 

3rd Quarter ended 30 September  2019

2nd Quarter ended 30 June  2019

1st Quarter ended 31 March  2019

4th Quarter ended 31 December 2018

Production Tax

US$64,492

US$67,564

US$81,571

US$100,675

Land resettlement costs

US$26,494,

US$6,365

US$18,405

US$7,322

 

 

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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