7th Jul 2015 08:51
LONDON (Alliance News) - Xtract Resources PLC on Tuesday said it has received further tests showing improved recoveries potential at the Fair Bride gold project in Mozambique.
Xtract acquired the site in June and initial reports had indicated recoveries of more than 80% in the sulphide ore. But further test work has indicated recoveries of 91% to 94%, which could impact positively both on the cash costs of the project and on the revenue profile.
"The flotation results commissioned by the Auroch team show a considerable improvement in recoveries of sulphide zone. This will impact significantly on the potential revenues that the project could generate. This clearly highlights the quality of this project and the potential returns Xtract could generate from this project," said Jan Nelson, Xtract's chief executive.
Shares in Xtract were up 1.9% to 0.26 pence on Tuesday.
By Sam Unsted; [email protected]; @SamUAtAlliance
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