4th Mar 2020 18:31
(Alliance News) - Xtract Resources PLC said Wednesday its alluvial mining production at its Manica concessions in the final quarter was consistent with previous results from the property.
In the three months to December 31, Xtract saw total alluvial mining of 32.5 kilograms, about 1,045 ounces. About 9.1 kilograms of this is attributable to Xtract.
Attributable revenue from gold sales in the period totalled USD241,284.
Xtract said Manica hard rock continues to progress "satisfactorily".
Executive Chair Colin Bird said: "The final quarter results are fairly consistent with the alluvial results in general for the property. The overburden remains deep relative to the overall gold grades of the gravel impacting on production results.
"The viable alluvials are expected to be extracted by the end of the year or possibly sooner. We expect that the cessation of alluvial mining will be replaced by hard rock mining with our partners Mutapa Mining & Processing. Progress on all matters concerning the hard rock mining as well as detailed report will be tabled to shareholders by the end of March 2020."
Shares in Xtract closed 1.9% higher in London on Wednesday at 0.79 pence each.
By Paul McGowan; [email protected]
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