Full Year Statutory Accounts
Sydney, Sep 29, 2017 AEST (ABN Newswire) - 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 New Energy Minerals Ltd
New Energy Minerals Ltd (ASX:NXE) (FRA:GGY) is an ASX listed junior mining company, that recently announced the divestment of the Company's Caula vanadium - graphite project and the Montepuez Ruby project in Mozambique.
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