Share Talk Interviews Colin Bird, Executive Chairman Xtract Resources plc (XTR.L)
August 25, 2020
Additional Manica Gold Hard Rock Mining Agreement
The Board of Xtract Resources Plc ("Xtract" or the "Company") is pleased to announce that the Company's wholly-owned Mozambican subsidiary, Explorator Limitada ("Explorator") has concluded an additional mining contractor agreement ("Boa EsperanzaAgreement") with Longhau Tianci Mining Co Ltd ("Longhau" or"Contract Miner") for the exploitation of the Boa Esperanza hard rock gold deposit at its Manica mining concession in Mozambique.
Colin Bird, Executive Chairman said: "I am pleased to report the conclusion of negotiations and signing of the Boa Esperanza agreement with Longhau. Boa Esperanza has had only limited drilling and as such the contractor plans to open the veins progressively and follow the vein and ore shoot.
This approach is common to this type of ore body and it is not unusual for mines to still be in production for many years after their original ore estimate.
This new agreement provides the Company with another potential source of cash flow concurrent with the Guy Fawkes agreement. We are also pleased to report that the previous onerous Covid-19 lockdown protocols in South Africa have been reduced and we are confident that border restrictions will be lifted to allow the importing of machinery from South Africa to Mozambique."