Rapid ruby inventory growth; taking ~405,000cts to initial tender in October; Mustang secures 25-year tenure with award of first mining concession
Quarterly Activities Report
Sydney, Oct 27, 2017 AEST (ABN Newswire) - Mustang Resources Ltd (
ASX:MUS) (GGPLF:OTCMKTS) provides the Company's Quarterly Activities Report.
Highlights
MONTEPUEZ RUBY PROJECT, MOZAMBIQUE
- Inventory soars from 120,000cts at end of June quarter, 2017 to 352,000cts (as at 10 October 2017)
- Mustang to take ~405,000cts to its maiden public tender in October - more than double its original target
- More than 120 people from 42 leading global ruby buyers attending the inaugural tender in Mauritius (to take place, 27-30 October)
- Award of first mining concession (upgraded from the previous prospecting & exploration licence) gives Mustang security of tenure to undertake its planned processing plant extensions after the maiden tender
- Outstanding quarter means Mustang is firmly on track to achieve its key objective of becoming a leading global supplier of high-quality rubies through regular closedbid tenders
- Mustang plans to grow its ruby inventory rapidly to hold at least two tenders totalling one million carats in CY2018 and three tenders per year from CY2019
BALAMA GRAPHITE PROJECT, MOZAMBIQUE
- Caula confirmed as a Tier-1 project with more than half its graphite classed as jumbo and large flake
- Results show Caula's potential to be a low-cost supplier to the expandable graphite and lithium battery industries
CORPORATE
- Mustang secured $8.5m funding package from leading institutional investor, ensuring it is fully-funded through to first ruby tender
- Updated broker research issued by Baker Young Stockbrokers (12 October 2017), with share price target of 21.5c
- $0.736m cash on hand at 30 September excluding undrawn convertible note facility at end of quarter
To view the full report, please visit:
http://abnnewswire.net/lnk/5KK717I3
About New Energy Minerals Ltd
New Energy Minerals Ltd (ASX:NXE) (FRA:GGY) is an ASX listed junior mining company, that recently announced the divestment of the Company's Caula vanadium - graphite project and the Montepuez Ruby project in Mozambique.
| ||
|
