Business
Results of AGM and Alluvial Update
Results of AGM and Alluvial Update.
About this update from Xtract Resources Plc
[{"type":"text","content":"\n \nRNS Number : 4521S Xtract Resources plc 25 June 2018 \n\n \n \nFor immediate release\n25 June 2018\n \nXtract Resources Plc\n(\"Xtract\" or the \"Company\")\n Results of AGM and Alluvial Update\n \nResult of AGM\n \nThe Company is pleased to announce that at the Company's Annual General Meeting (\"AGM\") held on Friday, 22 June 2018, all Resolutions, were passed duly passed.\n \nManica alluvial production \n \nAs previously reported on 14 June 2018, the Company's cumulative production to date is ahead of Q1 2018 and the Company expects to report its production for Q2 in mid-July. From the outset, Sino Minerals, who have had exclusive mining rights to the Eastern half of the Manica Mining concession, have been able to apply themselves and have contributed most of alluvial production to date with modest returns and we expect that they will further continue in the coming months. \n \nThe mining results in the Western half, which Moz Gold have the exclusive mining rights to, have been unsatisfactory, primarily due to the nature of the gold, being fine gold and a plant not fit for purpose of the recovering this gold. Moz Gold's contribution has not been material to overall production and it has now halted production. Xtract continues to review new contractor proposals for the Western half. \n \nThe convertible loan agreement entered with Moz Gold in December 2017, provides Xtract with security over the processing plant and test work needs to be completed before the Company decides either to utilise the plant for its own account or, alternatively make it available to new contractors who would be responsible for all necessary modifications. Moz Gold has also made no payments in respect of previously announced historic performance penalties and accrued but unpaid run-of-mine payments and these remain due. \n \nFurther 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 \n \nThis 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 Joel Silberstein, Director.\n \nEnquiries:\n ...