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Xtract Resources PLC - mining company focused on Africa and Australia - Receives total gold production of 2,176 ounces for the quarter ended March 31 at the Manica concession in Mozambique. The company says the first quarter value of gold produced amounts to $794,797. Combined attributable revenue from gold sales and other income during the period amounts to $614,257.
Executive Chair Colin Bird says: ‘The results for Q1 of this year were satisfactory, especially when one considers that the results were achieved during an aggressive rain and cyclone season. As at today's date, Fair Bride production has started with the introduction of low-grade ore to commission all parts of the processing circuit.
‘We expect that by the end of Q3 Fair Bride should be up to full commercial production. The production will build up gradually as some of the gold gets locked up in the circuit and faults are identified and rectified.’
Fair Bride is an ‘open cut gold deposit that is a part of the Manica Gold project’, the company notes.
Current stock price: down 6.5% at 4.63 pence on Wednesday
12-month change: up 33%
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