Xtract announces enhanced terms for Manica gold project

7th December 2017 By: Anine Kilian - Contributing Editor Online

JOHANNESBURG (miningweekly.com) Aim-listed Xtract Resources’ Mozambique subsidiary Explorator has negotiated enhanced terms for the exploration of alluvial gold deposits in the western portion of its Manica mining concession, in Mozambique, the company announced on Thursday.

Explorator initially concluded mining contractor agreements for Manica with contractors Omnia Mining and Moz Gold in June for the exploitation of the alluvial deposits. Under the amended agreement, the western mining area will be divided into two blocks, M block and O block.

Omnia Mining will cancel all their rights and benefits under the June agreement and will enter into a new agreement with the company for all the O blocks on the permitted area within 60 days.
"The size of the project is such that the division of the western half of the alluvial project was agreed to in the best interest of all parties, especially on the basis that Omnia has a significant alluvial plant some 3 km west of the Manica concession that has large capacity and is currently underutilised," chairperson Colin Bird said in a statement.