Business
Enhanced terms Manica Western Alluvial Concession
Enhanced terms Manica Western Alluvial Concession.
About this update from Xtract Resources Plc
[{"type":"text","content":"\n \nRNS Number : 6281Y Xtract Resources plc 07 December 2017 \n\n \nFor immediate release\n7 December 2017\n \nXtract Resources Plc\n(\"Xtract\" or the \"Company\")\n Xtract announces significantly enhanced terms for the western portion of the Manica alluvial concession \n \nThe Board of Xtract Resources Plc (\"Xtract\" or the \"Company\") is pleased to announce that the Company's wholly-owned Mozambican subsidiary, Explorator Limitada (\"Explorator\") has negotiated significantly enhanced terms for the western portion of the alluvial concession under the existing Mining Contractor agreement dated 19 June 2017 (\"June Mining Contractor Agreement\" or \"June Agreement\") with Omnia Mining Ltd and Moz Gold Group Limitida (\"Contract Miners\") for the exploitation of alluvial gold deposits at its Manica mining concession in Mozambique.\n \nHighlights\n \n· Addendum to the June Mining Contract Agreement agreed between the Company and the Contract Miners\n· Western mining area to be divided into two blocks (\"M\" blocks and \"O\" blocks)\n· Moz Gold Group Limitada (\"Moz\") appointed on an exclusive basis to conduct alluvial mining and process on the M blocks\n· Omnia Mining Limited (\"Omnia\") has agreed to enter into a new agreement for the O blocks\n \nColin Bird, Executive Chairman said: \n\"The size of the project is such that the division of the western half of the alluvial project was agreed to in the best interest of all parties, especially on the basis that Omnia has a significant alluvial plant some 3km west of the Manica Concession that has large capacity and is currently under-utilised. The amended June Agreement is expected to enable a significant increase in production from the two plants which will have the effect in increasing revenue whilst reducing operating risk.\" \n \nAddendum to the June Mining Contractor Agreement \nPursuant to the Addendum to the June Mining Contractor Agreement, Explorator has appointed Moz Group Limitada on an exclusive basis to conduct alluvial mining on the Permitted Area (the \"M\" Blocks) and to process the mined ore for the recovery of Gold.\nOmnia Mining Limited will cancel all their rights and benefits under the June Mining and ...