Xtract Resources plc Manica Gold Update (0194P)
14 Octubre 2021 - 1:00AM
UK Regulatory
TIDMXTR
RNS Number : 0194P
Xtract Resources plc
14 October 2021
For immediate release
14 October 2021
Xtract Resources Plc
("Xtract" or the "Company")
Manica Gold Update
The Board of Xtract Resources Plc ("Xtract" or the "Company")
announces the preliminary unaudited results for all alluvial and
hard rock mining contractors for the Manica Concession for the
three-month period ended 30 September 2021 (the "Period").
Highlights
-- Total mining contractor gold production of 49.34Kg for the
quarter, equivalent to approximately 1,586 ounces including initial
hard rock production from Guy Fawkes of 170 equivalent ounces of
gold
-- Total of 13.60Kg (equivalent to approximately 437 ounces) attributable to Explorator
-- Value of Explorator share of gold produced US$784,998
-- Gold sales in period of 152 ounces
-- Combined attributable revenue to Explorator from gold sales
and other income for the Period amounted to US$373,781
-- Guy Fawkes development continued during the period and Fair bride progressed
Colin Bird, Executive Chairman said : "The quarter ended 30
September 2021, was the third best period for production since we
commenced alluvial mining at Manica and production in September
2021 was 46% higher any other previous month. Our policy is to have
a number of sites operated by different contractors and continue on
this basis into 2022. The Fair Bride and Guy Fawkes hard rock
projects are both advancing satisfactorily, and we look forward to
increased production from Guy Fawkes in the final quarter and
initial production from Fair Bride towards the end the of
2021."
Production summary
Preliminary unaudited results for alluvial and hard rock mining
contractors for the Manica Concession for the three-month periods
ended September 2021, 30 June 2021, 31 March 2021 and 31 December
2020 and 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. To date, the Company has only
reported results from alluvial operations. The quarter ended 30
September 2021 is the first quarter which includes results from
hard rock operations. The Company's current focus is to continue to
progress the Fair Bride hard rock operation.
3rd Quarter 2nd Quarter 1st Quarter 4th Quarter
ended ended ended ended
30 September 30 June 31 March 31 December
2021 2021 2021 2020
Production and Sales
:
-------------- ------------ ------------ -------------
Total contractor gold
production -alluvial
(equivalent ounces) 1,416 427 284 400
-------------- ------------ ------------ -------------
Total contractor gold 170 - - -
production- hard rock
(equivalent ounces)
-------------- ------------ ------------ -------------
Total contractor gold
production (equivalent
ounces) 1,586 427 284 400
-------------- ------------ ------------ -------------
Total Explorator share
of gold produced (equivalent
ounces) 437 120 79 112
-------------- ------------ ------------ -------------
Value of Explorator US$784,998 US$218,413 US$143,848 US$205,900
share of gold produced
(value in US$)(Note
3)
-------------- ------------ ------------ -------------
Explorator share of
gold sold (equivalent
ounces) 152 139 - 117
-------------- ------------ ------------ -------------
Explorator attributable US$220,737 US$213,576 - US$201,310
revenue from gold sales
-------------- ------------ ------------ -------------
Other Income US$153,044 - - -
-------------- ------------ ------------ -------------
Direct Operational
Production Costs:
-------------- ------------ ------------ -------------
Explorator total direct US$142,786 US$130,697 US$121,093 US$95,595
operational production
costs (Note 1)
-------------- ------------ ------------ -------------
Total Costs:
-------------- ------------ ------------ -------------
Explorator total direct US$210,344 US$150,681 US$145,367 US$153,549
production costs (Note
2)
-------------- ------------ ------------ -------------
Cost per ounce of gold US$474 US$1,258 US$1,828 US$1,371
produced
-------------- ------------ ------------ -------------
Note 1: Direct operational production costs include and not
limited to Explorator salaries, rent, vehicles expenses and
utilities for both alluvial and hard rock operations
Note 2: Total costs comprises direct operational production
costs plus total Production Tax and Land Resettlement Costs as
detailed below:
3rd Quarter 2nd Quarter 1st Quarter 4th Quarter
ended ended ended ended
30 September 30 June 31 March 31 December
2021 2021 2021 2020
------------------
Production Tax US$33,743 US$19,948 US$7,933 US$20,429
Land resettlement US$33,815 - US$16,341 US$37,525
costs
-------------- ------------ ------------ -------------
Note 3: Calculation based on the number of ounces produced
during each month of the quarter multiplied by
the closing month end spot rate.
Note 4: Presence of gold in alluvial deposits is unpredictable
and therefore operational results will vary month-to-month.
Further 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
This announcement contains inside information for the purposes
of Article 7 of EU Regulation 596/2014 as it forms part of UK
domestic law by virtue of the European Union (Withdrawal) Act 2018.
The person who arranged for the release of this announcement on
behalf of the Company was Joel Silberstein, Director.
Enquiries :
Xtract Resources Plc Colin Bird, +44 (0)20 3416 6471
Executive Chairman www.xtractresources.com
Beaumont Cornish Limited Roland Cornish +44 (0)207628 3369
Nominated Adviser and Michael Cornish www.beaumontcornish.co.uk
Joint Broker Felicity Geidt
Novum Securities Limited Jon Bellis +44 (0) 207 399 9427
Joint Broker Colin Rowbury www.novumsecurities.com
ENDS
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END
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