4th Aug 2015 07:43
LONDON (Alliance News) - Shares in Xtract Resources PLC were trading higher on Tuesday morning after the company said it has intersected a second high-grade gold reef system at the Chepica mine in Chile.
Xtract said the discovery follows another it made in mid-July and development work is now underway on the second system. The new systems will increase the flexibility of the operations at Chepica, the company said.
"The discovery of the two reef systems at the Colin Mining area is changing the way in which we are looking at the long term development of the Chepica Mine. Production is on target, and I look forward to providing a quarterly production update to shareholders on October 20," said Chief Executive Jan Nelson.
Xtract shares were up 9.4% to 0.273 pence on Tuesday morning, one of the best performers in the AIM All-Share.
By Sam Unsted; [email protected]; @SamUAtAlliance
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