Mozambique Mining: Xtract Resources buys gold mine license in Manica province

The total cost of the license is US$12.5 million to be paid with a cash payment in the amount of US$4.5 million dollars, the delivery of shares valued at US$6.5 million and the assumption of US$1.5 million in outstanding debts.

Xtract Resources, a 50-percent subsidiary of the Cambrian Mining Plc group, also said that a preliminary study conducted by Auroch Minerals showed the deposit called “Fair Bride” has an annual gold production capacity worth US$55 million. (macauhub/MZ)

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