Drilling at Guy Fawkes - one of the primary areas of focus within the Manica concession

Auroch Minerals shareholders have approved the disposal of the Mozambique-based Manica gold project, which will be acquired by Xtract Resources, the AIM-listed gold and copper mining and development company.

Xtract Resources CEO Jan Nelson, former CEO of Pan African Resources
Xtract Resources CEO Jan Nelson, former CEO of Pan African Resources

Jan Nelson, Xtract’s CEO is eager to develop the Manica project into an operational mine having been involved in its early stage progression and advancement at former company Pan African Resources.

Completion of the transaction however remains subject to the company obtaining the necessary approvals under the Mozambique Mining Act and other applicable laws relating to the change of control of Auroch Minerals subsidiary and communicating such change of control to the Mozambican mining authorities.

“We are pleased to have received approval from Auroch shareholders and look forward to the relevant approvals being granted by the Mozambican mining authorities.  We continue to advance negotiations with regard to the project finance as part of the final completion of this exciting acquisition,” says Nelson.

Top Stories:

AMCU president: SA will burn if past mining “ills” are not addressed

Joburg Indaba writes open letter to new mining minister

Paladin Energy’s Malawi exploration rights deferred pending new Mining Act