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Company & Manica Alluvial Gold Update
Company & Manica Alluvial Gold Update.
About this update from Xtract Resources Plc
[{"type":"text","content":"\n \nRNS Number : 7460X Xtract Resources plc 01 May 2019 \n\n \n \nFor immediate release\n1 May 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 31 March 2019 (the \"Period\").\n \nHighlights\n \n· Total alluvial mining contractor gold production of 40.20Kg (equivalent to approximately 1,293 ounces) \n· Total of 11.26Kg (equivalent to approximately 323 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$408,197\n· Discussions advancing favourably with hard rock production plan\n \n \nColin Bird, Executive Chairman said: \"The results from operations were a little flat due to the rainy season and high stripping ratio against low grade gravel. The recent cyclone did not affect production directly but had a knock-on effect on material transport and in particular diesel. The modest alluvial results are mitigated by the improved percentage the Company receives from operations and in the coming months this could produce improved results notwithstanding the vagaries of gold distribution in the gravel. The hard rock production planning is progressing favourably with a number of options being considered. The Company expects to announce a decision before the end of the second Quarter 2019\".\n \n \nProduction summary\nPreliminary unaudited results for alluvial mining contractors for the Manica Concession for the three-month periods ended 31 March 2019, 31 December 2018, 30 September 2018 and 30 June 2018 are set out in the table below. In addition to the information included in the table, the table below provides a further breakdown of costs between operational costs, production tax and land resettlement costs:\n \n \n \n \n \n \n \n\n\n\n\n\n\n1st Quarter\n ended \n31 March 2019\n\n\n4th Quarter\n ended \n31 December 2018\n\n\nAmended 3rd Quarter en...