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XTR - Xtract Resources News Story

1.15p 0.0  2.2%

Last Trade - 18/10/19

Sector
Basic Materials
Size
Micro Cap
Market Cap £4.93m
Enterprise Value £4.58m
Revenue £1.24m
Position in Universe 1652nd / 1854

Xtract Resources plc - Chepica Update and Q4 Production Presentation

Wed 27th January, 2016 11:52am
RNS Number : 1764N
Xtract Resources plc
27 January 2016

27 January 2016

Xtract Resources Plc

("Xtract" or "the Company")

Chepica Update and Q4 Production Update Presentation

Xtract Resources Plc (AIM:XTR) announces an update on the Chepica Gold and Copper Mine in Chile, ('Chepica') and the Q4 presentation on 3rd February 2016.

Chepica

On 13 January 2016 Xtract announced that it expected approval by the Inspector of Mines to restart the processing plant by 20 January 2016. All work required by the Inspector of Mines and the Inspector of Works has been agreed and completed. The Company was subsequently informed, however, that the Inspector of Mines will visit the mine to provide final sign off on the changes implemented.

The Company has now been advised that the Inspector of Mines had to push back his visit to Chepica, which has been confirmed for the 1st of February 2016, and it is fully expected that the mine will be granted approval to restart the plant on this date.

Jan Nelson, CEO commented: "Both Eduard Victor our COO and I are in Chile and have had numerous meetings with the Inspector of Mines to ensure that approval to restart the processing plant is granted. Despite all changes being implemented the Inspector of Mines requires a site visit to grant final approval. Due to commitments elsewhere in the country at short notice, the first available date for such site inspection is now next Monday.

"Although we have lost a full month of production in terms of the sale of concentrate and therefore revenue, we continue to stockpile ore. Whilst the situation is frustrating to management and shareholders our immediate focus is to get approval to restart the processing plant."

Q4 Production Update Presentation

Jan Nelson, CEO, will be in London to present the Q4 production update on Wednesday, 3rd February 2016.

Shareholders are invited to the presentation which will take place at 12.45pm in London EC4.

Pre-registration is required for this presentation. For full details and to confirm attendance please email: xtract@gablecommunications.com.

Enquiries:

Xtract Resources Plc

Jan Nelson, CEO

+44 (0)20 3416 6471

Cenkos Securities plc

Derrick Lee

Beth McKiernan

+44 (0)131 220 6939

Beaufort Securities

Jon Belliss

+44 (0)207 382 8300

St James's Corporate Services

Phil Dexter

+44 (0)20 7796 8647

+44 (0)7798 634398

Gable Communications

Justine James

xtract@gablecommunications.com

+44 (0)20 7193 7463

+44 (0) 7525 324431


This information is provided by RNS
The company news service from the London Stock Exchange
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