LONDON (ShareCast) - (Sharecast News) - Xtract Resources announced on Thursday that it has agreed to acquire dump material in Zambia's Copperbelt for $300,000, funded from its existing cash reserves.
The AIM-traded firm said it intended to conduct trial testing and evaluation of the material as part of its ongoing assessment of resource opportunities.

Under the terms of the agreement, Xtract said it would purchase the material at a price of $1.15 per tonne, with the seller remaining responsible for any statutory royalties, duties, or other charges associated with the sale.

The material would be sourced from the seller's sites and removed by Xtract for further assessment.

Xtract said it planned to carry out sampling and evaluation work at the site to determine the potential viability of processing the material.

"There are numerous dump opportunities arising in Zambia from previous copper mining operations, both big and small," said executive chairman Colin Bird.

"The company has a number of potential opportunities to potentially process dump materials and this agreement will enable Xtract to determine grade, quantity and treatability prior to any further acquisitions of material depending on technical and commercial fundamentals."

At 0913 GMT, shares in Xtract Resources were down 3.64% at 0.53p.

Reporting by Josh White for Sharecast.com.

Email this article to a friend

or share it with one of these popular networks:

• DIGG
• FACEBOOK
• STUMBLEUPON
• MIXX
• YAHOO BUZZ
• DELICIOUS
• REDDIT
• NEWSVINE