Business
Operations Update
Operations Update.
About this update from Xtract Resources Plc
[{"type":"text","content":"\n \nRNS Number : 5144M Xtract Resources plc 21 January 2016 \n\n21 January 2016\n \nXtract Resources Plc \n(\"Xtract\" or \"the Company\")\n \n Operations update\n \nXtract Resources Plc (AIM: XTR) is pleased to provide an update on the Chepica Gold and Copper Mine in Chile, ('Chepica'), the Manica gold project acquisition in Mozambique ('Manica') and the Carolusberg and O'Kiep Copper projects in South Africa.\n \nChepica Gold Mine\nOn 13 January 2016 it was announced that the Company expected approval by the Inspector of Mines to restart the processing plant by 20 January 2016. All work required by the Inspector of Mines and the Inspector of Works has been agreed and completed. The Company was subsequently informed, however, that the Inspector of Mines will visit the mine to provide final sign off on the changes implemented later this week and as such, Xtract expects approval shortly and will provide an update once received. Underground mining and blasting continues without interruption, with the ore mined continuing to be stockpiled.\n \nSurface drilling at Chepica continues and the first set of samples have been submitted to the laboratory in Santiago. The Company will report on the progress of the drilling as soon as assay results have been received.\n \nQuarterly update presentation\nThe quarterly update for Q4 of 2015 will take place on 3 February 2016 in London. The Company will report on the results of the quarter, the impact of mine stoppage announced on 29 December 2015 and provide production targets for Q1 2016. Shareholders are invited to the presentation and pre-registration is required, details of which will be announced shortly. \n \nManica Gold project transaction update\nOn 29 June 2015 Xtract announced that it had signed an agreement ('acquisition agreement') with Auroch Minerals NL (\"Auroch\") to acquire a 100% of the Manica Gold project in Mozambique. Revised terms of the acquisition agreement were announced on 10 September 2015 and as part of this agreement the date for the fulfillment of all conditions regarding the acquisition changed from 31 December 2015 to 29 February 2016. \n \nXtract is pleased to announce that Auroch has received a final ruling from the Honorable President of the Mozambique Tax Authority, who has determined a total of US$699,000 du...