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Xtract Resources Plc
Summary
| Project: | Manica | |
|---|---|---|
| Deposit: | Fair Bride | |
| Location: | Mozambique | |
| Commodities: | Gold | |
| Date: | 2/28/2017 | |
| Report Code: | SAMREC | |
| Report Type: | Feasibility Study | |
| Project Stage: | Pursuing Resource Increase/Upgrade | |
| Report details: | 28-2-2017: Xtract Resources Plc announces a Feasibility Study report for its Fair Bride deposit at the Manica project. Initial ore reserve + feasibility study results incl. post-tax NPV (8.4%) of $42M, IRR of 41.1%. The Board of Xtract Resources Plc ("Xtr | |
| Resources: | (Reserve, P+P): 3.21Mt @ 2.62g/t Au for 269.5koz Au contained at Manica Fair Bride | |
| CP/QP: | [Overall Report]: Dean Van Heerden;Colin Bird (Minxcon Pty Ltd.;Internal) | |
| ABSTRACT: | The Board of Xtract Resources Plc ("Xtract" or the "Company") are pleased to announce that the Definitive Feasibility Study ("DFS") for the open pit operation of the Company's Manica Fair Bride Gold Project in Mozambique ("Project" or "Fair Bride") has been completed by Minxcon (Pty) Ltd ("Minxcon") and the results of which are summarised below. Colin Bird, Executive Chairman, said: "I am pleased to report that the DFS has produced a robust Project which is neither complex nor capital demanding. The Project has major upside potential which can be exploited later against a fully paid for processing plant. Opportunity exists for hard rock consolidation which we are exploring. The alluvial opportunity is extensive and we are currently discussing and negotiating third party mining contracts. We are already working on reducing capital numbers and introducing practical engineering to further reduce risk and enhance project financial parameters." Daan van Heerden of Minxcon, said: "The Manica study has produced a robust project targeted toward simplicity and predictability. We concur with managements approach to the concession and agree that the previously announced hybrid approach might have led to enhanced capital and operating risk." The Mineral Reserve is based on the Mineral Resources Statement and the DFS which includes the appropriate application of Modifying Factors, Minxcon has prepared a SAMREC-compliant estimate of Mineral Reserves as at 27 February 2017. | |
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