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Ruby Project Operations Update
Ruby Project Operations Update
Sydney, Feb 13, 2018 AEST (ABN Newswire) - Mustang Resources (ASX:MUS) (OTCMKTS:GGPLF) is pleased to announce that bulk sample processing and exploration activities on its Montepuez Ruby Project, in Northern Mozambique are delivering increasingly strong results.

Key Points

- Exploration, pitting and trenching program increases known gravel extension from 3.3km to 4.2km

- Exploration program identifies additional gravel bed targets over a 3km-long river and associated tributaries system

- Optimisation of processing plant with improvements and upgrades completed during December quarter 2017

- Average grade increases 10% from October 2017 onwards compared with average grade for all previously processed material

- Ongoing bulk sampling and processing of stockpiled material delivers positive results

- 80,658 tonnes processed in Q4 2017 with 29,983 carats recovered at an average grade of 0.37ct / tonne

- 17,025 tonnes processed in Q1 to date with 7,495 carats recovered at an average grade of 0.44ct / tonne

The results demonstrate that Mustang's strategy to establish Montepuez as a world-class ruby project with consistent production and exploration upside is on track.

Mustang Managing Director Dr. Bernard Olivier said: "Having spent time on site in recent weeks, I am very pleased to report that exploration, bulk sampling and processing activities on the Montepuez Ruby Project are meeting our targets. These results reflect the skills and commitment of Mustang's motivated and experienced operational team.

"The Q4 2017 plant optimisation program is generating the intended results with further improvements and upgrades now being implemented. The overall results demonstrate that Montepuez is highly prospective and technically sound.

"We will provide an update shortly on the marketing and sales progress we are making."


The ongoing exploration activities conducted during Q4 2017 and Q1 2018 have already delivered positive results. The exploration, pitting, trenching and bulk sampling program has now extended the gravel bed extension from 3.3km to 4.2km. At total of 69 sampling pits were developed and processed during the period while a total of 14,502 tonnes of material were excavated and extracted as part of the bulk sampling process. The geology team has also analysed the exploration dataset and selected further targets for additional pitting. During the remainder of Q1 2018, the exploration program will focus on identifying further high-grade targets for large-scale bulk sampling excavation and processing, as well as further delineating the dimensions and ruby distribution of the deposit, which remains open in all directions.

Bulk Sampling and Processing

During Q4 2017, significant improvements were made to the processing plant to optimise its efficiencies and reduce processing costs. Average grades increased by more than 10% from October 2017 onwards compared with the total average grade achieved from previous bulk sampling.

Mustang is also implementing further processing, sorting and grading improvements to increase overall efficiencies.

Ongoing processing of bulk sample material since October 2017 has returned the following results:

- 80,658 tonnes processed in Q4 2017 with 29,983 carats recovered at an average grade of 0.37ct / tonne

- 17,025 tonnes processed in Q1 to date with 7,495 carats recovered at an average grade of 0.44ct / tonne

As at 31 January 2018, the Company had inventory available for sale of 302,028 carats.

To view figures, please visit:

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.



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

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