First ruby tender a fortnight awaySydney, Oct 10, 2017 AEST (ABN Newswire) - Mustang Resources (ASX:MUS) (OTCMKTS:GGPLF) is pleased to announce that its ruby inventory has grown strongly to 352,260 carats, putting the Company in an outstanding position in the lead-up to its maiden rough ruby tender to be held between 27 and 30 October 2017 in Port Louis, Mauritius.
- 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
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 three licences and now one mining concession covering 19,300 hectares directly adjacent to the world’s largest ruby deposit discovered by Gemfields PLC in 2012. Since supply of rubies from sources outside Mozambique has become fractured and unreliable, Mustang stands to capitalise on the current high demand around the world for ethically produced rubies by becoming a reliable, consistent supplier of high-quality rubies.
The Company is currently fast-tracking its work program on the Montepuez Ruby Project with extensive secondary deposits discovered and low-cost bulk sampling well underway. First rough ruby sales are scheduled for 27 to 30 October 2017 in Port Louis, Republic of Mauritius under a closed bid tender of more than 350,000 cts gem quality rubies.
Visit the Mustang website at http://www.mustangresources.com.au for more information.
Mustang Resources Ltd