Colin Bird, Executive Chairman of Xtract Resources plc (XTR.L) Podcast
June 2, 2020
The Board of Xtract Resources Plc ("Xtract" or the "Company") is pleased to announce that the Company has concluded a conditional Sale and Purchase Agreement (the "Acquisition Agreement" ) to acquire the entire issued share capital of ProsepectOre Ltd ("ProspectOre") for a total consideration of £1.25 million, to be satisfied in new Xtract ordinary shares.
ProspectOre currently owns a 100% interest in the Bushranger Copper-Gold Project, located in the Lachlan Fold Belt ("LFB"), New South Wales, Australia's world-class copper-gold province. The Lachlan Fold Belt has recently undergone a resurgence in mineral exploration following the discovery of new, large scale, porphyry systems such as Alkane Resources Limited Boda discovery which add to the existing mineral endowment of the LFB due to mines such as Newcrest's giant Cadia-Ridgeway operation.