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Insurance Claim Settled
Insurance Claim Settled
Sydney, Jan 12, 2018 AEST (ABN Newswire) - Mustang Resources Limited (Company or Mustang) (ASX:MUS) (OTCMKTS:GGPLF) is pleased to advise that it has received the proceeds of the insurance claim relating to the rubies and corundum stolen in the robbery at its Montepuez Ruby Project in September 2017 (see ASX release dated 26 September 2017).

Following an assessment by Lloyds Underwriters, Mustang has received payment of A$423,650 in full and final settlement of the claim.

Since the incident, Mustang has upgraded its security measures and general controls on site.

Mustang Directors would like to express appreciation to the members of its on-site team at Montepuez for the efforts made to plan and implement the revised security measures and for their commitment to the project.


About Mustang Resources Ltd

New Energy Minerals Ltd is an ASX-listed company (ASX:MUS) focused on the development of the Caula Vanadium-Graphite Project in Northern Mozambique, located along strike from the Syrah Resources Ltd (ASX:SYR) Balama Project. In July 2018 New Energy Minerals announced a maiden vanadium mica-hosted JORC Measured Resource for Caula of 22Mt at 0.37% V2O5 for 81,600 tonnes of contained vanadium pentoxide. The Company concurrently announced a 317% increase in its JORC Graphite Resource to 21.9Mt at 13.4% Total Graphitic Carbon ("TGC") (8% cut-off), for a total of 2,933,100 tonnes of contained Graphite, all in the measured category.

The Company has a highly experienced board and management team with a 15-year track record of investment and successful project development in Mozambique and the Africa region. With the aim to become a key provider of vanadium and graphite, both key components used in battery production.

  


Contact

Media & Investor Relations:
Paul Armstrong
E: paul@readcorporate.com.au
T: +61-8-9388-1474



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