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Xtract “very, very pleased” with progress at Manica

Xtract Resources PLC’s (LON:XTR) chairman tells Proactive that the metals explorer is “very, very pleased” with the progress being made at its Manica gold project in Mozambique.

“I think the market doesn’t quite get how positive we are about Manica,” Colin Bird says.

“We’re very, very pleased with progress at Manica.”    

The asset has a net present value of US$55mln, capital investment of around US$30mln, a seven-year mine life and a 2.26 g/t grade. Bird tells investors that these fundamentals are unlikely to change.

“I want our shareholders to know that the DFS [definitive feasibility study] is unlikely to change. Where we’re at now is basically dotting the i’s and crossing the t’s,” he says.

He also explains why the company has halted its investment in the Chepica project.

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