Name of the Project
Fair Bride hard-rock gold mining operations.

Location
The Fair Bride deposit is situated in the Odzi-Mutare-Manica greenstone belt of Mozambique.

Project Owner/s
Xtract Resources, through its wholly owned Mozambique subsidiary Explorator Limitada.

Project Description
Manica has total proven and probable reserves of 3.21-million tonnes grading 2.62 g/t gold, and total mineral resources of 13.95-million tonnes grading 176 g/t gold.

The Fair Bride deposit, which is the main deposit at Manica, has a 1.262-million-ounce South African Code for the Reporting of Exploration Results, Mineral Resources and Mineral Reserves-compliant gold resource.

Contractor mining with conventional openpit mining methods using truck-and-excavator combinations will be used. The drill-and-blast technique will be used to mine harder material.

The material will be crushed in a three-stage crushing circuit before processing in a ball milling and classification circuit.

The project is expected to produce an estimated 215 293 oz of gold over its seven-year mine life.

Potential Job Creation
Not stated.

Net Present Value/Internal Rate of Return
The project has a net present value, at an 8.4% discount rate, of $42-million and an internal rate of return of 41.1%, with a payback of two years.

Capital Expenditure
Project value is estimated at $43.68-million.

Planned Start/End Date
Not stated.

Latest Developments
First gold has been poured at the Fair Bride operation. The production was started with the introduction of low-grade ore to commission all parts of the processing circuit.

The company will make a further announcement as and when the plant progresses into regular production.

Key Contracts, Suppliers and Consultants
Sino Minerals Investment (mining contractor agreement for alluvial gold deposits); Omnia Mining and Moz Gold (mining contractor agreement for alluvial deposits) and Mutapa Mining and Processing (independent mineral processing contractor).

Contact Details for Project Information
Xtract Resources, tel +44 20 3416 6471 or email info@xtractresources.com.