Mustang hands over its Mozambique Project’s Scoping Study to Bara International

Key Takeaways:

• Mustang has appointed Bara International of South Africa to carry out the scoping study for the Vanadium-Graphite project at Caula, Mozambique.
• There are multiple milestones for this project and these are spread over a time-frame of one year, with the last one being the cashflow from the mine flowing in during the first
  quarter of 2019.
• Managing Director of Mustang, Dr Bernard Olivier, has described Bara’s appointment as being crucial for the scheme of things to proceed as scheduled for this project.

In its latest update released on 31 st May, 2018, Mustang Resources announced that it had appointed Bara International, a renowned specialist, to carry out the Scoping Study for the
Vanadium-Graphite project located at Caula, Mozambique. As an engineering consultant operating out of Johannesburg, Bara boasts of having wide-ranging experience in handling vanadium and graphite in Africa. Milestones for this project have been neatly categorized by the company into seven broad outlines, wherein the first one dates back to 2017 when samples of graphite and vanadium obtained from three drill-holes were submitted for analysis to SGS South Africa. Depending on the results that are expected to be released over the next 15 days, the findings would be incorporated within the model and facilitate estimating of compliant report for the two minerals.

Subsequent milestones include sorting of ores mined at Caula, the responsibility for which has been handed over to Australian firm TOMRA Sorting Solutions, and carrying out metallurgical
test work at laboratories located at Perth, Australia. Mustang is also expecting the maiden inferred resource for both minerals to be ready by the last week of June, 2018.

The ultimate milestone is the DFS – Definitive Feasibility Study – campaign, which entails a combination of procedures and also includes exporting a part of sample to China in preparation
for trial marketing. DFS campaign is expected to be completed by 2018 and the first installment of cash-flow from Caula is expected to trickle in by the first quarter of 2019. Managing Director
of Mustang, Dr Bernard Olivier, explained Bara’s appointment as being crucial for production at Caula to proceed as scheduled.

Register Interest

About Mustang Resources Ltd (ASX: MUS)

Mustang Resources Limited (ASX: MUS) is an emerging gemstone explorer and developer focused on delivering significant cashflows in the near term from the highly prospective Montepuez Ruby Project in northern Mozambique, with first rough ruby sales scheduled for October 2017.

Register Interest