Xtract Resources plc Manica Alluvial Update (7010R)

TIDMXTR

RNS Number : 7010R

Xtract Resources plc

25 September 2017

25 September 2017

Xtract Resources Plc

("Xtract" or the "Company")

Manica Alluvial Update

The Board of Xtract Resources Plc ("Xtract" or the "Company") is pleased to provide a further update on the Manica alluvial mining contractors' progress towards operations commencing on the Manica concession.

Highlights

-- Omnia Mining have deposited approximately 25,000 tonnes of alluvial materials on the plant stockpile ready for processing

-- Omnia Mining have pre-stripped a considerable amount of overburden in advance of the alluvial face

-- Process Plant is in position and all items have been run and tested. A single water pipeline remains to be installed

-- Sino Minerals have exposed a considerable amount of alluvial materials prior to their extraction

-- Sino Minerals are approaching their commitment by the installation of three smaller plants. All of these plants are on site and will be assembled over the coming weeks

-- Some revenue expected for September 2017, with rapid build-up from both contractors during October 2017

Colin Bird, Chairman said: "I am pleased to be able to report that both contractors are aggressively pursuing their production goals. September 2017 should see Omnia Mining in production with Sino Minerals commencing production mid-October 2017. Unlike a hard rock operation, an alluvial operation demands less complex start up procedures and I am hopeful for steady state production by the end of October 2017.

During the recent weeks a number of new initiatives have been initiated and are actively being pursued. The thrust of these initiatives is area consolidation, accelerated hard rock production and re-evaluation of existing exploration sites."

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

Photographs will be added to the Company's website as the project develops.

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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September 25, 2017 05:44 ET (09:44 GMT)