Correction to Announcement of 11 April
Maiden Ruby Sales from Thailand Office - Correction
The Company has identified a numerical (spreadsheet) error in the historical sales database for carats sold and the average value per carat received. The sentence reporting those items should read:
"Total sales of A$1.23 million have been generated since September 2017 to date from the sale of 100,184 carats at an average price of A$12.29 per carat."
In addition, the Company received an insurance claim pay-out of A$423,650 from the theft of 19,000 carats as announced in September 2017, resulting in total revenues of $1.655 million since September 2017, rather than the $1.757 million as reported in the original announcement.
The sales figure of $230,953 for maiden sales from the Chantaburi office in Thailand is unchanged.
Mustang's Managing Director, Dr Bernard Olivier, said: "It is regrettable that the historical sales database contained an error and we have now conducted a full internal audit of all of our historical sales and stock figures and are also upgrading our database and accounting software and systems to ensure that no further errors occur with the reporting of these historical sales figures."
A corrected replacement release is attached hereto (see link below).
To view the release, please visit:
About Mustang Resources Ltd
Mustang Resources Limited (ASX:MUS) (FRA:GGY) is an ASX listed company focused on the development of the Caula Vanadium-Graphite Project in Northern Mozambique, located along strike from the Syrah Resources Ltd (ASX:SYR) Balama Project. In July 2018 Mustang announced a maiden vanadium JORC Measured Resource for Caula of 22Mt at 0.37% V2O5 for 81,600 tonnes of contained vanadium pentoxide. The Company concurrently announced a 317% increase in its JORC Graphite Resource to 21.9Mt at 13.4% Total Graphitic Carbon ("TGC") (8% cut-off), for a total of 2,933,100 tonnes of contained Graphite, all in the measured category.
The Company has a highly experienced board and management team with a 15-year track record of investment and successful project development in Mozambique and the Africa region. With the aim to become a key provider of graphite and vanadium, both key components used in battery production, the company currently has a scoping study underway, which is due for completion in Q3 2018.
Visit the Mustang website at http://www.mustangresources.com.au for more information.
Mustang Resources Ltd