Sydney - Mustang Resources (ASX:MUS) (OTCMKTS:GGPLF) is pleased to announce that it has taken another key step in its strategy to establish Montepuez as a world-class ruby project, upgrading another exploration licence to a mining concession. The Government of Mozambique has issued Mining Concession 8955C over the area previously covered by Prospecting & Exploration Licence 8245L, which forms an integral part of the Company's Montepuez Ruby Project.
The mining concession is valid for an initial term of 25 years, taking it up to 5 December 2042.
The majority of the ruby bulk sampling and pitting conducted by Mustang over the past seven months has been undertaken on licence 8245L.
Mustang will now complete an Environmental Impact Assessment ("EIA") and associated enjoyment of land ("DUAT") within 3 years from the grant of the Concession. Mine development must start within 24 months after the grant of the environmental licence or the DUAT, whichever is the latter, provided that production starts within 4 years after the mining concession being granted.
Mustang Managing Director Dr. Bernard Olivier said: "The area covered by the new Mining Concession represents a crucial part of the deposit and most of the ground covered by our current bulk sampling and test pitting campaign. The granting of the Mining Concession marks another important step in our strategy to establish Mustang as a consistent supplier of ethically mined rubies".
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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 three licences and now one mining concession covering 19,300 hectares directly adjacent to the world’s largest ruby deposit discovered by Gemfields Plc in 2012. Since supply of rubies from sources outside Mozambique has become fractured and unreliable, Mustang stands to capitalise on the current high demand around the world for ethically produced rubies by becoming a reliable, consistent supplier of high-quality rubies.
The Company is currently fast-tracking its work program on the Montepuez Ruby Project with extensive secondary deposits discovered and low-cost bulk sampling well underway. First rough ruby sales are scheduled for 27 to 30 October 2017 in Port Louis, Republic of Mauritius under a closed bid tender of more than 350,000 cts gem quality rubies.
Visit the Mustang website at http://www.mustangresources.com.au for more information.
Contact:
Mustang Resources Ltd.
Media & Investor Relations: Paul Armstrong
E: paul@readcorporate.com.au
T: +61-8-9388-1474
