Xtract Resources plc Manica Alluvial Update (7235M)

TIDMXTR

RNS Number : 7235M

Xtract Resources plc

01 August 2017

For immediate release

1 August 2017

Xtract Resources Plc

("Xtract" or the "Company")

Manica Alluvial Update

The Board of Xtract Resources Plc ("Xtract" or the "Company") are pleased to announce an update on the Mining Contractor agreements concluded with Omnia Mining Ltd on 19 June 2017 and with Sino Minerals Investment Limited 11 July 2017.

Highlights

   --     Almost all of Omnia equipment currently on site and being installed 
   --     First alluvial mining to commence before the end of August 2017 
   --     Sino Minerals have paid first initial payment, which was a condition 
   --     Initial 200 tonne per hour plant secured and in country 

-- Mine planning and logistical layouts being developed to facilitate mining by end of August 2017 (Omnia)

   --     Omnia settling dams currently being excavated 

Colin Bird, Chairman said: "Omnia Mining and Sino Minerals are aggressively pursuing development of the proposed mining operations on our Manica Gold Property. The work to date gives us confidence that operations will start on or before time and that the two operators are competent in this type of mining. We continue to pursue various financing and development proposals for the hard rock propositions."

Shareholders are invited to participate in a live interactive webcast, scheduled to commence later today at 11am. Please use the following link to connect to the live webcast:

http://webcasting.brrmedia.co.uk/broadcast/5979ef969ff3a6521c9fdf16

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.

Enquiries:

 
 Xtract Resources       Colin Bird, Executive             [phone] 
  Plc                    Chairman                          6471 
                        Michael Cornish 
                         Roland Cornish                   [phone] 
 Beaumont Cornish        Felicity Geidt                    3369 
  Email: [e-mail] 
                                                          [phone] 
 Beaufort Securities    Jon Belliss                        8300 
 

This information is provided by RNS

The company news service from the London Stock Exchange

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August 01, 2017 05:19 ET (09:19 GMT)