StockMarketWire.com - Xtract Resources said contractor mining production from its Manica concession in Mozambique fell in the first quarter.

Production for the three months through March was 1,293 ounces, down from 1,328 in the fourth quarter of 2018 and 1,811 in the third quarter of 2018.

Revenue from gold sales, however, rose to $408k in the first quarter, up from $310k in the fourth quarter of 2018.

'The results from operations were a little flat due to the rainy season and high stripping ratio against low grade gravel,' executive chairman Colin Bird said.

'The recent cyclone did not affect production directly but had a knock-on effect on material transport and in particular diesel.'

'The modest alluvial results are mitigated by the improved percentage the company receives from operations and in the coming months this could produce improved results notwithstanding the vagaries of gold distribution in the gravel.'

'The hard rock production planning is progressing favourably with a number of options being considered.'

'The Company expects to announce a decision before the end of the second quarter of 2019.'


At 2:27pm: [LON:XTR] Xtract Resources Plc share price was 0p at 0.73p



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