The Company is also pleased to announce the release of an updated presentation titled "An Emerging Gemstone Miner in Mozambique".
Overview: Mustang Poised For Rapid Growth
- Market Cap ~ A$41M - one of only 2 listed ruby miners in the world
- Flagship Montepuez Project located next to London-listed Gemfields Plc. (
- Multiple ruby deposits identified in 195sqkm land package
- Aggressive drilling campaign to build inventory & JORC Resource in H2 2017
- Throughput rates now ramping up to three times previous rate following successful plant relocation
- First commercial parcel of rubies totalling 6,221cts sent to USA in January 2017
o Aim to establish market values and customer relationships
- Mustang on track for first sales revenue in Q2 2017
- Agreement to acquire a 65% interest in adjacent ruby licence where artisanals are mining gem-quality rubies from a shallow deposit 3km SE from existing plant
- Additional upside from Balama Graphite Project, located in world-class graphite province
Summary: Key Investment Takeaways
- Premier ruby project in a world-class gemstone province
- Management team with in country experience & "skin in the game"
- First sales revenue expected Q2 2017, plus maiden JORC resource in H2 2017
- Outstanding exploration upside and growth potential
- Acquiring adjacent licence where local miners are recovering large gem-quality stones from a shallow deposit, complementary to growing bulk sampling program
- Heavily oversubscribed February placement to a select group of new and existing institutions and sophisticated investors to raise $5.88 million
- Additional upside from low cost graphite project in world-class district
To view the full presentation, please visit:
About Mustang Resources Ltd
Listed on the Australian Securities Exchange, Mustang Resources Limited (ASX:MUS) (FRA:GGY) is an emerging gemstone developer and producer focused on the near-term development of the highly prospective Montepuez Ruby Project in northern Mozambique.
The Montepuez Ruby Project consists of four licences covering 19,500 hectares adjacent to the world’s largest ruby deposit discovered by Gemfields PLC (LON:GEM) in 2012. Since supply of rubies from sources outside Mozambique has become fractured and unreliable, Mustang stands to capitalise on the current demand around the world for ethically produced rubies by becoming a reliable, consistent supplier of high-quality rubies.
The Company is fast-tracking its work program on the Montepuez Ruby Project with high priority targets being identified and low-cost bulk sampling well underway. First rough ruby sales are scheduled for October 2017 under a closed bid tender of an estimated 200,000 cts gem quality rubies.
Visit the Mustang website at http://www.mustangresources.com.au for more information.
Media & Investor Relations:
Mustang Resources Ltd (ASX:MUS) Expects Major Cash Injection with Planned Sale of Entire Ruby Inventory in October 2017
Mustang Resources Ltd (ASX:MUS) Ruby Inventory Grows to 147,000cts as October Auction Dates Are Confirmed
Mustang Resources Ltd (ASX:MUS) Caula Confirmed as Tier-1 Project with More Than Half Its Graphite Classed as Jumbo and Large Flake