- Mustang to acquire 80% of Montepuez Minerals Pty Ltd (“MM”) with rights to earn 70% - 80% of three highly prospective ruby licences covering 15,800 hectares in the Montepuez area, Mozambique
- Montepuez area is a renowned ruby province and has become the largest single source of ruby production globally
- Gemfields PLC (AIM:GEM) discovered the world’s largest known ruby deposit located adjacent to Montepuez licences
- Gemfields recently realised US$122 million in four separate auctions for approximately 6 million carats of the 16 million carats of rubies mined during its bulk sampling phase
- Strong global demand for coloured gemstones with Mozambique alluvial rubies selling for >US$600 per carat with quality that matches Burmese ‘Pigeon-Blood’ rubies
- Mustang conservatively targeting 170,000 carats of ruby recoveries during first 12 months of bulk sampling operations
- Mustang currently finalising funding plans for bulk sampling program and will provide update shortly
Mustang Resources Ltd
(ASX:MUS) (“Mustang” or the “Company”) is pleased to announce that it has agreed to acquire majority interests in three highly prospective ruby prospecting and exploration licences located in the world-class Montepuez area in Northern Mozambique (subject to a number of conditions precedent, including shareholder approvals at an EGM).
For further information please download PDF attached:
