First ruby tender a fortnight away
Inventory Exceeds 350,000 Carats, Mining Concession Granted
- Mustang set to take to tender around twice as many carats as originally targeted
- More than 40 leading global ruby buyers have officially registered for the tender with applications still coming in
- Mustang secures 25-year tenure with the award of its first Mining Concession at Montepuez Ruby Project
- This security of tenure paves the way for Mustang to undertake its planned processing plant expansions after its maiden tender
The highly successful program means Mustang is set to take to tender around double the 200,000 carats it originally targeted when it initially selected the sale date.
Mustang achieved a new production record in the month of September, recovering 27,131 carats from 47,160 tonnes processed with consistent head feed grades of ~50 to 60 carats per 100 tonnes and retained a plant stockpile of 55,815 tonnes at 5 October 2017. Furthermore, continued strong results were also achieved from the artisanal development program, thanks to the success of implementing mobile processing equipment and delivering increased process water supplies.
Mustang is also pleased to announce that 42 leading global ruby buyers from Thailand, India, Sri Lanka, Hong Kong and Europe have officially registered to take part in the tender and have signed tender access agreements. In addition to the ruby buyers, representatives from the Mozambican Government have also been invited to attend the tender.
Mustang's strategy to establish strong, sustainable production and cashflow has also been underpinned through the grant of Mining Concession 8921C by the Ministry of Minerals & Energy. This concession is the first Mining Concession granted to the Company at Montepuez and is valid until 13 September 2042. It replaces exploration and prospecting licence 4143L and secures a 25-year tenure, thereby paving the way for planned processing capacity increases following the maiden tender.
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