06:57 Wed 01 May 2019
Xtract Resources plc - Company & Manica Alluvial Gold Update
For immediate release
("Xtract" or the "Company")
Company & Manica Alluvial Gold Update
The Board of
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
· Discussions advancing favourably with hard rock production plan
Production summary
Preliminary unaudited results for alluvial mining contractors for the Manica Concession for the three-month periods ended
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1st Quarter ended |
4th Quarter ended |
Amended 3rd Quarter ended 30 September 2018
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2nd Quarter ended |
Production and Sales: |
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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)
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340 |
307 |
251 |
283 |
Explorator attributable revenue from gold sales |
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Xtract share of Explorator attributable revenue from gold sales (Note 1) |
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(Note 1) |
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Direct Operational Production Costs: |
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Explorator total direct alluvial operational production costs (Note 2)
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Xtract share of Explorator alluvial direct alluvial operational production costs (Note 2)
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(Note 1) |
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Total Costs: |
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Explorator total direct alluvial production costs (Note 3)
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U$238,610 |
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Cost per ounce of gold produced |
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Xtract share of Explorator alluvial direct alluvial production costs (Note 3) |
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(Note 1) |
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Note 1: Under the Collaboration Agreement between
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:
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1st Quarter ended |
4th Quarter ended |
3rd Quarter ended |
2nd Quarter ended |
Production Tax |
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Land resettlement costs |
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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
Enquiries:
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Executive Chairman
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+44 (0)20 3416 6471 |
Nominated Adviser and Joint Broker |
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+44 (0)207628 3369 |
Joint Broker |
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+44 (0)207 399 9427 |
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ENDS
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