Yesterday Xtract Resources Plc updated the markets with a Company and Manica Alluvial Gold Update and we took the opportunity to speak with Colin Bird the Executive Chairman.
Highlights
· Total alluvial mining contractor gold production of 33.85Kg for the quarter (equivalent to approximately 1,088 ounces) with 14.5Kg produced post-period end in July
· Total of 9.50Kg (equivalent to approximately 305 ounces) attributable to Explorator (including Nexus under the Collaboration Agreement)
· Combined attributable revenue to Explorator from gold sales for the Period amounted to US$643,586
Colin Bird, Executive Chairman said: “The financial performance numbers show improvements on previous quarters reflecting the strong gold price, cost-cutting measures and reduced land compensation costs.
Being an alluvial project, the quarterly production was slightly lower mainly due to increased stripping ratios, thin gravels and lower grade. However, total alluvial mining production for the month of July alone is expected to be around 14.50Kg, which is the second-best month in terms of production for 2019 and at current gold prices the best month in terms of revenue accrued to Explorator for 2019.
Conditions, therefore, appear to be improving and we look forward to a stronger 3rd quarter. The hard rock contractors are progressing satisfactorily with site visitations from geotechnical engineers and process engineers in order to finalise design parameters.
Our partner has assigned permanent staff to the project and we are pleased with the progress both technically and administratively.”
