Xtract Resources PLC (AIM:XTR) is a gold and copper exploration and development Company with projects in Chile and Mozambique.
The Chépica Gold and Copper Mine in Chile is advancing well and the mine is on track to move into profitability in April 2015. Underground development has accelerated and the focus is to develop the reef horizon in order to commence stoping at the end of H1 2015. At the new Salvadori prospect, which forms part of the Chépica mine, a new gold reef has been discovered at surface which will increase mining flexibility in addition to having a positive impact on the grade recovered at the mine.
In Mozambique, Xtract has acquired the Manica Gold Project and this, combined with gold production from the producing Chepica in Chile, will enable the Company to deliver on its strategy of target production 100,000oz gold by 2018.