REG - Xtract Resources plc - Sale Mejillones Phosphate Deposit <Origin Href="QuoteRef">XTR.L</Origin>
RNS Number : 2311TXtract Resources plc02 October 20142October 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 RNSThe company news service from the London Stock ExchangeENDDISFSDFUFFLSEFS
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