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 New Energy Minerals Ltd
The Company is currently fast tracking its world-class Caula Vanadium-Graphite project in Northern Mozambique, located along strike from the Syrah Resources Ltd (ASX:SYR) Balama Project, with first cash flows targeted for H2 of 2019 from trial mining operations. New Energy Minerals' Caula project hosts a JORC (Measured) vanadium-graphite resource of 22 Mt @ 0.37% V2O5 (0.2% cut-off) and 13.4% TGC (8% cut-off) for 81,600 tonnes of vanadium pentoxide (180 million pounds) and 2.93 Mt of contained graphite.
New Energy minerals has a highly experienced Board of Directors, management, finance, exploration and geological team, with a 15-year track record of investment and successful project development in Mozambique and the Africa region. The Company aims to become a major provider of vanadium and graphite, both key components used in battery production.
New Energy Minerals Ltd