Xtract Resources and partner identify mine sites in Mozambique
Source - SMW
Xtract Resources said partner Omnia had completed construction of a gold processing plant at the Mancia concession in Mozambique.
Commissioning of the 40k tonne per month plant was planned in November, the company said.
The partners had meanwhile identified 12 potential mining sites within a 15 kilometer radius of the Omnia plant.
Eight of the potential mining sites were already within the existing license areas of the joint venture parties.
'The general Manica area has abundant gold mineralisation occurrences with varying mineralisation hosts and types,' executive chairman Colin Bird said.
'The objective of the Omnia Agreement is to allow us to process these ore types with no alternative sophisticated processing equipment available in the area.'
'We are currently carrying out financial and technical exercises to assist us to decide whether to work the various veins sequentially or to install a total capability plant suitable for all ore types.'
'Should we elect the latter route, then Fair Bride may well be processed through the Omnia plant subject to final agreement with Omnia.'
At 9:30am: (LON:XTR) Xtract Resources Plc share price was +0.15p at 1.08p