Business
Company and Manica Alluvial Gold Update
Company and Manica Alluvial Gold Update.
About this update from Xtract Resources Plc
[{"type":"text","content":"\n \nRNS Number : 5993H Xtract Resources plc 01 August 2019 \n\n \n \nFor immediate release\n1 August 2019\n \nXtract Resources Plc\n(\"Xtract\" or the \"Company\")\nCompany & Manica Alluvial Gold Update \n \nThe 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 June 2019 (the \"Period\").\n \n \nHighlights\n \n· Total alluvial mining contractor gold production of 33.85Kg for the quarter (equivalent to approximately 1,088 ounces) with 14.5Kg produced post-period end in July\n· Total of 9.50Kg (equivalent to approximately 305 ounces) attributable to Explorator (including Nexus under the Collaboration Agreement)\n· Combined attributable revenue to Explorator from gold sales for the Period amounted to US$643,586\n \n \nColin Bird, Executive Chairman said: \"The financial performance numbers show improvements on previous quarters reflecting the strong gold price, cost cutting measures and reduced land compensation costs. Being an alluvial project, the quarterly production was slightly lower mainly due to increased stripping ratios, thin gravels and lower grade. However, total alluvial mining production for the month of July alone is expected to be around 14.50Kg, which is the second best month in terms of production for 2019 and at current gold prices the best month in terms of revenue accrued to Explorator for 2019. Conditions therefore appear to be improving and we look forward to a stronger 3rd quarter. The hard rock contractors are progressing satisfactorily with site visitations from geotechnical engineers and process engineers in order to finalise design parameters. Our partner has assigned permanent staff to the project and we are pleased with the progress both technically and administratively.\"\n \n \n \n \n \nProduction summary\nPreliminary unaudited results for alluvial mining contractors for the Manica Concession for the three-month periods ended 30 June 2019, 31 March 2019, 31 December 2018 and 30 September 2018 are set out in the table below. In addition to the information included in the table, the table below provides a furthe...