Mustang Resources Ltd: Full Year Statutory Accounts
Sydney - Mustang Resources Ltd. (ASX:MUS) continued with development of its new assets, being ruby and graphite exploration projects in Mozambique with a principal focus on the Montepuez Ruby Project.Significant capital raisings have allowed the Company to acquire a new ruby asset and further strengthen its consolidated statement of financial position.
Operations
Further exploration success in relation to the Montepuez Ruby Project has seen the Company rapidly advancing the bulk sampling and exploration program. Early success has encouraged the Company to move to invest in the expansion and upgrade of its 1,500tpd bulk sampling plant which necessitated additional capital expenditure, but with rubies already having been recovered in the shallow gravels, the Company is confident of continuing exploration success The Company is also committed to additional resource definition work on the graphite licences targeting the delineation of a maiden JORC Indicated and Inferred Mineral Resource and the completion of a scoping study shortly thereafter.
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About Mustang Resources Ltd:
Listed on the Australian Securities Exchange, Mustang Resources Ltd. (ASX:MUS) (FRA:GGY) is an emerging gemstone developer and producer focused on the near-term development of the highly prospective Montepuez Ruby Project in northern Mozambique.
The Montepuez Ruby Project consists of four licences covering 19,500 hectares adjacent to the world’s largest ruby deposit discovered by Gemfields Plc (LON:GEM) in 2012. Since supply of rubies from sources outside Mozambique has become fractured and unreliable, Mustang stands to capitalise on the current demand around the world for ethically produced rubies by becoming a reliable, consistent supplier of high-quality rubies.
The Company is fast-tracking its work program on the Montepuez Ruby Project with high priority targets being identified and low-cost bulk sampling well underway. First rough ruby sales are scheduled for October 2017 under a closed bid tender of an estimated 200,000 cts gem quality rubies.
Visit the Mustang website at http://www.mustangresources.com.au for more information.
Contact:
Mustang Resources Ltd.
Managing Director: Christiaan Jordaan
E: info@mustangresources.com.au
T: +61-2-9239-3119
Media & Investor Relations:
Paul Armstrong
E: paul@readcorporate.com.au
T: +61-8-9388-1474
