gold
Gold nuggets
Xtract Resources, through its agreements with Omnia Mining and with Sino Minerals Investment reports that alluvial mining at Manica is imminent.

“Omnia Mining and Sino Minerals are aggressively pursuing development of the proposed mining operations on our Manica gold property in Mozambique,” states Xtract Resources chairman, Colin Bird.

“The work to date gives us confidence that operations will start on or before time and that the two operators are competent in this type of mining.

“We continue to pursue various financing and development proposals for the hard rock propositions,” he explains.

Almost all of Omnia equipment currently on site and being installed and Sino Minerals have paid first initial payment.

Mine planning and logistical layouts are being developed to facilitate mining by end of August 2017 and settling dams are currently being excavated.

“The alluvial agreement is a very positive move for Xtract Resources, providing potential significant cash flows with upside based on contractual minimums,” states Bird.

“We fully expect to receive some income during the build-up to September.

“In the meantime, we have further evaluated the Manica concession and see much potential to value add to our hard rock as well as possible further alluvial mining. We are also reviewing financing alternatives for the open pit mine and will keep the market informed with our progress,” concludes Bird.

Feature image credit: Wikimedia