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REG - Xtract Resources plc - Sale Mejillones Phosphate Deposit <Origin Href="QuoteRef">XTR.L</Origin>

RNS Number : 2311T
Xtract Resources plc
02 October 2014

2October 2014

Xtract Resources Plc

("Xtract" or "the Company")

Sale of 100% of Mejillones Phosphate Deposit

Xtract Resources Plc (AIM: XTR) announces that it has signed an agreement to sell 100% of the Mejillones phosphate deposit to Mines Global ('MG') for a total consideration of 400,000. The consideration is payable in two tranches, 250,000 within 14 days of signature date and the balance of 150,000 upon successful transfer of all the licences representing the project to a local subsidiary of MG in Chile.

Jan Nelson, CEO of Xtract Resources, commented; "The sale of the Mejillones project is in line with our stated strategy of focusing all our management time and resources on continuing to build the Chepica Gold-Copper mine into a profitable mining operation. The additional funds strengthen our financial position at a time of increased activity as we work towards achieving peak production at Chepica."

ENDS

Enquiries:

Xtract Resources Plc

Jan Nelson, CEO

+44 (0)20 3416 6471

Cenkos Securities Plc

Alan Stewart

Derrick Lee

+44 (0)131 220 6939

Hume Capital Securities plc

Jon Beliss

Abigail Wayne

+44 (0)20 3693 1470

St James's Corporate Services Limited

Phil Dexter

+44 (0)20 7796 8647

+44 (0)7798 634398

Gable Communications Limited

John Bick

Xtract@gablecommunications.com

+44 (0)20 7193 7463

+44 (0) 7872 061007


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