- MarketCap: ~A$35 million - only listed ruby miner in the world
- Flagship Montepuez Project located next to Gemfields PLC (Pre takeover marketcap: ~A$300 million
o GEM:US$280 million of rough ruby sales from 8 auctions since June 2014
- Mustang identified multiple ruby deposits in 193 km2 land package
- Initial bulk sample confirms significant new ruby discovery on recently acquired licence
- Plant working at full capacity of ~1,500 tpd with consistent daily recoveries of high-quality rubies
- Current ruby inventory of > 147,000 cts, up from 500 cts in October 2016
- Mustang on track for first sales revenue with 200,000 cts auction in Port Louis, Mauritius 27 to 30 October 2017
- Leading global ruby buyers have confirmed their attendance at the auction
- Additional upside from Caula Graphite Project a shallow high grade graphite deposit
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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) Ruby Inventory Rises to 176,500cts Following a Record Month of Production
Mustang Resources Ltd (ASX:MUS) Ruby Inventory Grows to 147,000cts as October Auction Dates Are Confirmed