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Rapid ruby inventory growth; taking ~405,000cts to initial tender in October; Mustang secures 25-year tenure with award of first mining concession

Quarterly Activities Report
Quarterly Activities Report
Sydney, Oct 27, 2017 AEST (ABN Newswire) - Mustang Resources Ltd (ASX:MUS) (OTCMKTS:GGPLF) provides the Company's Quarterly Activities Report.



- Inventory soars from 120,000cts at end of June quarter, 2017 to 352,000cts (as at 10 October 2017)

- Mustang to take ~405,000cts to its maiden public tender in October - more than double its original target

- More than 120 people from 42 leading global ruby buyers attending the inaugural tender in Mauritius (to take place, 27-30 October)

- Award of first mining concession (upgraded from the previous prospecting & exploration licence) gives Mustang security of tenure to undertake its planned processing plant extensions after the maiden tender

- Outstanding quarter means Mustang is firmly on track to achieve its key objective of becoming a leading global supplier of high-quality rubies through regular closedbid tenders

- Mustang plans to grow its ruby inventory rapidly to hold at least two tenders totalling one million carats in CY2018 and three tenders per year from CY2019


- Caula confirmed as a Tier-1 project with more than half its graphite classed as jumbo and large flake

- Results show Caula's potential to be a low-cost supplier to the expandable graphite and lithium battery industries


- Mustang secured $8.5m funding package from leading institutional investor, ensuring it is fully-funded through to first ruby tender

- Updated broker research issued by Baker Young Stockbrokers (12 October 2017), with share price target of 21.5c

- $0.736m cash on hand at 30 September excluding undrawn convertible note facility at end of quarter

To view the full report, please visit:

About New Energy Minerals Ltd

New Energy Minerals LtdNew Energy Minerals Ltd (ASX:NXE) (FRA:GGY) is an ASX listed junior mining company, that recently announced the divestment of the Company's Caula vanadium - graphite project and the Montepuez Ruby project in Mozambique.



Managing Director:
Christiaan Jordaan
T: +61-2-9239-3119

Media & Investor Relations:
Paul Armstrong
T: +61-8-9388-1474

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