lpdegeer
25 Jun 2015
Chépica becomes bigger and bigger and that has been the case since the beginning. Projected margins are very comfortable!
Innovation
25 Jun 2015
Xtract Resources Plc ("Xtract" or "the Company")   Chepica Mine - Delivering on key milestones  Xtract Resources Plc (AIM:XTR) announces an operational update on key milestones at the Chepica Gold and Copper Mine in Chile ("Chepica"). On 30 March 2015, the Company raised £1.75m which was to be deployedtowards further underground development at Chepica and to carry out drilling and metallurgical test work on the Xtract's sulphide copper tailings dumps in South Africa ('O'Kiep Project').  The Company can confirm that good progress has been made at Chepica and the following objectives have been achieved:  ·     The mine reached its target of achieving profitability one month ahead of schedule in May 2015  ·     The mine is on track to achieve a profit margin of 60% by the end of Q3 2015 (exceeding management's pre-fundraising commitments to investors of 35%)  ·     The mine is on track to make a monthly profit of US$500k by the end of August 2015. Whilst there will be some seasonal variations going forward, Xtract expects this level of profitability to be maintained on average in each quarter as per the pre-fundraising commitments to investors  ·     Xtract also expects the mine's quarterly revenue from Q3 onwards to comfortably exceed its earlier estimate of US$1.2m per quarter as per the pre-fundraising commitments to investors  ·     Open pit mining commenced in March 2015, six months ahead of schedule (as per pre-fundraising commitments), and mining is continuing on two open pit areas, with a third open pit area currently being prepared for mining  ·     The Company plans to commit 27% (or US$700k) of the funds raised in March to provide (a) underground support, (b) new development and (c) on-mine exploration  ·     The Company intends that a further US$500k will be spent  on on-mine exploration and drilling in Q3  ·     Xtract is also committed to developing the Colin, Francisco and Theoni prospects, in addition to a fourth prospect, Chepica Main, to increase mining flexibility and avoid the risk of production stoppage as was committed to investors as part of fund-raising  ·     Since the fundraising, the mine has produced consistently and without interruptions  ·     Chepica is also on target to achieve throughput of 10,000t by September 2015 (as per pre-fundraising commitments to investors)  Going forward, Xtract intends to provide quarterly updates with particular reference to production at the Chepica mine.  The Company will provide an update on the progress of the South African copper projects and expenditure at the Annual General Meeting to be held at 13.30 on the 29 June 2015 at the Pelham Hotel, 15 Cromwell Place, South Kensington, London, SW7 2LA. Notice of the Company's 2015 Annual General Meeting has been posted to shareholders, and the Annual Report for the year ended 31 December 2014 is also available on the Company's website  www.xtractresources.com.  Jan Nelson, CEO of Xtract, said: "We are absolutely delighted with the excellent progress made at Chepica over the past few months and that we are on track to exceed forecasted revenue and profit for Q3 2015, as we committed to investors as part of our fundraising.   The team has made excellent progress at Chepica and we intend to keep this momentum up as we develop out this exciting project."  The pre-funding commitments were given to investors as part of the fund raising and the presentation is available on the Company's website.
lpdegeer
25 Jun 2015
I think that Jan Nelson is on of the most successful mining executives in the business and to me his greatest virtue is to call in help at the right time to overcome problems that would have floored the majority and us shareholders with it! It must not be easy for PAF to have let him go. We expect an RNS update on OKiep copper tailings and more of Chépica as well as possible news about new operations. All the rest does not really matter imo.
lpdegeer
22 Jun 2015
The final results from TIGER RESOURCES FINANCE PLC for the Year Ended 31 December 2014, makes interesting reading and their portfolio gives a clue about the miserable year that seem to have had in which their pro-active investments XTR are providing good news. To me three small companies stand out being: JLP, Sunrise Resources (SRES) and Sovereign Mines of Africa (SMA)!
lpdegeer
22 Jun 2015
There is a lot of talk that China's currency the yuan will be granted reserve currency status i n October this year.
Innovation
22 Jun 2015
Good morning from Ruislip London
lpdegeer
19 Jun 2015
It seems to me that Chépica is getting a lot bigger than is being let on although it required top mining technology to overcome serious problems. JN seems to have the gift to see through difficult mining operations but wants in all cases for the minerals to be there!
lpdegeer
18 Jun 2015
We should get more info about May operations in due course, but it may well be that the discoveries around Chépica have increased the costs since a lot of work is going on in trying to figure out what the most profitable way is to exploit the assets here. Climate derisking is probably not Capex but running costs and I am not sure if the 3D work is Capex or not.
lpdegeer
18 Jun 2015
What I liked most in the RNS is the risk prevention measures which have been taken in view of the coming rainy season, and of course also the announced updated Resource Estimate in the coming month.
lpdegeer
18 Jun 2015
Chépica continues to surprise and it seems that we have still a long way to go before having a final idea how big this asset really is!
lpdegeer
16 Jun 2015
MEASURED 85 kilotonnes , 4.0 g/ton Gold, 9.4 g/ton Silver, 0,50% Copper. INDICATED: 93 kilotonnes, 4.2 g/t Gold, 9.5 g/t Silver, 0,52% Copper. INFERRED 41 kilotonnes, 4.0 g/t Gold, 8.7 g/t Silver, 0,52% Copper Resource classification has been reported at a cut-off of 1.3 g/t Gold, not capped. A resource cut-off of 1.3 g/t Gold was based on experience with the mill on site at Chépica and other operations in the region, and the Company considers that 1.3 g/t is an appropriate indication of commercial viability. Estimation was based on 50 of 66 drill holes corresponding to 5.299 metres of diamond core drilling, together with 17 underground channel samples and two trench samples totalling 92,5 metres in length. The resources were estimated by Ordinary Kriging using block model sizes of 2.5 by 2.5 by 5 metres. Qualified Person: Mr Terence Walker, M.Sc, P.Geo; Mr. Walker has reviewed the contents of this news release. It looks like we will be going a long way at Chépica's exciting site!
lpdegeer
16 Jun 2015
Chépica Copper-Gold Project Mineral Resource Statement As of May 8, 2009:
lpdegeer
16 Jun 2015
From the revival tent: A CNW release from June,18th 2009 mentions POLAR STAR FILES NI 43-101 REPORT ON CHÉPICA COPPER/GOLD PROJECT IN CHILE it reads: As announced on May 21, 2009, the Company together with SRK Consulting of Santiago Chile have refined the geostatistical parameters of the resource model presented in the draft recieved in April. The main difference being the change from one generalized search ellipsoid in the April draft to two sub-ellipsoids orientated parallel to the strike of both sections of the Chépica Number 1 Vein system. The Company has now filed the NI 43-101 compliant Technical Report on SEDAR. Highlights of the report: Total Measured and Indicated Resources of the Chépica Number 1 Vein system are 178.000 tonnes grading 4.1 grams/tonne gold, 9.5 grams/tonne silver and 0,51% copper using an uncapped cut-off grade of 1,3 grams/tonne gold. The current Chépica plant should allow for processing at the designed capacity of 120 tonnes/day of sulphide ore. Operating cost of US$ 8/ton are in keeping with the design and size of the panel. SKR Consulting is of the opinion that there are excellent opportunities at Chépica to expand the current size of the copper/gold project..Later will come back with the Chépica Copper-Gold Project Mineral Resource Statement as from May 8, 2009.
lpdegeer
16 Jun 2015
Greece is causing waves and for my money an euro Grexit is more and more likely and whatever happens they will probably stay in the EU. We have learned so far from Jan that eventual placings are done for specific reasons which clearly all add value to XTR; the money is not needed and or used to fill up financial holes!
lpdegeer
15 Jun 2015
Jan plans to turn XTR into a major mining house, so it looks like the mid tier plans have been already gone by the board! Very exciting times ahead with also possible more and very good news from Chepica.
