Shareholder Letter - Retraction of Peer Comparison
Shareholder Letter - Retraction of Peer Comparison
Sydney, Sep 6, 2018 AEST (ABN Newswire) - On 31 August 2018 Mustang Resources Limited (ASX:MUS) (OTCMKTS:MTTGF) ("Mustang", the "Company") issued a shareholder letter entitled "Mustang to be renamed "New Energy Minerals Ltd to reflect its focus on the world-class Caula Vanadium-Graphite Project".

Following discussions with the ASX, Mustang hereby retracts the peer comparison information contained in the shareholder letter.

Retracted Statements;

On pages 2 and 3 of the shareholder letter, information was provided in the form of peer comparisons with other African graphite companies. The peer comparisons compared the JORC Measured Resources, Flake sizes and Grades of different African focused graphite companies, based on published results from peer companies noted in the shareholder letter.

The peer comparison in respect of Resources only compared the Resource in the Measured Resource category (highest degree of geological confidence) and did not include Inferred Resources nor Indicated Resources, nor did it demonstrate if any of the Indicated or Measured Resources have been converted to a Reserve.

Accordingly, African Graphite Companies Peer Comparison - Table 1 on page 2 and the reference to it are retracted.

African Graphite Peer Comparison - Figure 1 on page 3 and the reference to it are retracted.

Accordingly, investors should not rely on the retracted information as a basis for an investment decision in relation to Mustang's shares.

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.



Managing Director:
Mustang Resources Limited
Bernard Olivier
M: +61-4-08948-182
T: +27-66-4702-979

Media & Investor Relations:
Jane Morgan Management
Jane Morgan
T: +61-405-555-618

Related Companies

New Energy Minerals Ltd   

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