6th May 2015 07:04
LONDON (Alliance News) - Xtract Resources PLC on Wednesday said concentrate gold grades at the Chepica mine in Chile have been increased ten-fold following the start of surface mining at the site, boosting its revenue and with expectations that revenue from the site will increase significantly in May.
Xtract said gold concentrate grades at the site have been increased to more than 400 grams per tonne, from 40 grams per tonne previously, with copper and silver values both remaining stable.
The higher grade has pushed up Xtract's revenue from the site, and revenue is now expected to increase significantly in March from the sale of the concentrate.
"Commencement of mining operations on surface at Salvadori has not only increased our flexibility with regards to achieving our planned daily tonnage target but it has also delivered a substantial increase in the grade," said Xtract Chief Executive Jan Nelson.
Xtract shares were up 28% to 0.319 pence just after the open on Wednesday, the best performer in the AIM All-Share.
By Sam Unsted; [email protected]; @SamUAtAlliance
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