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Full Year Statutory Accounts
Full Year Statutory Accounts
Sydney, Sep 29, 2017 AEST (ABN Newswire) - Mustang Resources Ltd (ASX:MUS) continued with development of its new assets, being ruby and graphite exploration projects in Mozambique with a principal focus on the Montepuez Ruby Project.

Significant capital raisings have allowed the Company to acquire a new ruby asset and further strengthen its consolidated statement of financial position.

Operations

Further exploration success in relation to the Montepuez Ruby Project has seen the Company rapidly advancing the bulk sampling and exploration program. Early success has encouraged the Company to move to invest in the expansion and upgrade of its 1,500tpd bulk sampling plant which necessitated additional capital expenditure, but with rubies already having been recovered in the shallow gravels, the Company is confident of continuing exploration success The Company is also committed to additional resource definition work on the graphite licences targeting the delineation of a maiden JORC Indicated and Inferred Mineral Resource and the completion of a scoping study shortly thereafter.

To view the Annual Report, please visit:
http://abnnewswire.net/lnk/NB5019JY


About New Energy Minerals Ltd

New Energy Minerals Ltd (ASX:NXE) (FRA:GGY) is an ASX listed company focused on the mining and exploration of Vanadium and Graphite – two commodities critical for the 'New Energy Market'.

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.

  


Contact

Managing Director:
Christiaan Jordaan
E: info@mustangresources.com.au
T: +61-2-9239-3119

Media & Investor Relations:
Paul Armstrong
E: paul@readcorporate.com.au
T: +61-8-9388-1474



Related Companies

New Energy Minerals Ltd   

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