Christiaan Jordaan has resigned as Managing Director for personal reasons and now serves as a Non-Executive Director
Mustang Chairman Ian Daymond becomes Interim Executive Chairman until a new Managing Director is appointed
The Board has commenced the search for a new Managing Director
Mustang Resources (ASX: MUS) announces that Christiaan Jordaan has resigned as Managing Director, effective today. He remains as a Non-Executive Director of the Company. Mustang emphasises that it was Mr Jordaan’s decision to resign and the Directors reluctantly accepted his resignation, but are pleased he still serves on the Board. Mustang Chairman Ian Daymond has agreed to become Interim Executive Chairman until a new managing director is appointed. The search for a new managing director has commenced.
Director Cobus van Wyk remains in charge of the operations in Mozambique and NonExecutive Director Peter Spiers assists on technical matters related to the Montepuez Ruby Project and the Caula Graphite Project. Mr Daymond thanked Mr Jordaan for the crucial role he played in the Company’s growth and development since his appointment as Managing Director in February 2016.
“Mustang has been transformed under Christiaan’s leadership,” Mr Daymond said. “He has worked successfully and incredibly hard on advancing the Company’s mineral projects. On behalf of the Board, I thank Christiaan for his immense efforts and dedication to Mustang Resources. The Company continues to receive valuable feedback from the first ruby auction and plans to make a further announcement later this week regarding future ruby exploration and marketing strategies.”
Mr Jordaan said: “I am proud to have led Mustang Resources as it grew from a junior exploration company to becoming a new entrant in the ruby sector in such a very short period and to having one of the world’s highest grade graphite projects, the Caula Graphite Project, with the recently announced maiden JORC Inferred Mineral Resource.”
Material terms of Mr Jordaan’s employee entitlements on resignation and non-executive director’s fee are disclosed in Annexure A hereto.
Ian C Daymond
Interim Executive Chairman
FOR FURTHER INFORMATION, PLEASE CONTACT:
Media & Investor Relations: Paul Armstrong [email protected]
+61 (0) 8 9388 1474
MAIDEN INFERRED MINERAL RESOURCE ESTIMATE COMPLETED FOR CAULA GRAPHITE PROJECT
Results firmly establish Caula as one of the highest grade graphite deposits in the world with a Mineral Resource grade of 13% TGC (at 6% cut-off)
The maiden JORC Compliant Inferred Mineral Resource estimate for Caula graphite deposit (Mustang 80% interest) has been completed
The result, combined with previous metallurgical tests, demonstrates that Caula is a prime candidate to supply the rapidly-growing expandable graphite and lithium battery market
The Inferred Mineral Resource (at a 6 % cut-off grade) totals 5.4 Mt at 13.0% TGC (Total Graphitic Carbon) for 702,600 tonnes of contained graphite and comprises:
Oxidised zone 2.4 Mt at 10.9% TGC for 261,600 tonnes of contained graphite Fresh zone 3.0 Mt at 14.7 %TGC for 441,000 tonnes of contained graphite
Metallurgical testing has produced high-grade concentrates (>95% TGC) with exceptional recoveries (96% recovery from fresh rock composite sample)
More than 55% of the fresh graphite assayed has been classed as Jumbo & Large Flake (46% classed as Jumbo & Large Flake for fresh and oxide composites combined)
Optimisation work underway to simplify flowsheet and enhance large and jumbo flake product recoveries even further The full extent of the Caula mineralisation is yet to be established and substantial value can be added with additional drilling
Strong potential for additional graphite discoveries within the 18km long TEM anomaly Exploration drilling scheduled to resume in November 2017
Mustang Resources Ltd (ASX: MUS) is pleased to announce its maiden JORC Compliant Mineral Inferred Resource estimate for the Caula Graphite Deposit (Licence 6678L).
The Caula Deposit is located along strike from Syrah Resources’ (ASX:SYR) world-class Balama graphite project in Mozambique.
MUSTANG RUBY INVENTORY NOW EXCEEDS 350,000 CARATS AS GOVERNMENT GRANTS FIRST MINING CONCESSION First ruby tender a fortnight away
Mustang set to take to tender around twice as many carats as originally targeted
More than 30 leading global ruby buyers have officially registered for the tender with applications still coming in
Mustang secures 25-year tenure with the award of its first Mining Concession at Montepuez Ruby Project
This security of tenure paves the way for Mustang to undertake its planned processing plant expansions after its maiden tender
Mustang Resources (ASX: MUS) is pleased to announce that its ruby inventory has grown strongly to 352,260 carats, putting the Company in an outstanding position in the lead-up to its maiden rough ruby tender to be held between 27 and 30 October 2017 in Port Louis, Mauritius.
The highly successful program means Mustang is set to take to tender around double the 200,000 carats it originally targeted when it initially selected the sale date.
Mustang achieved a new production record in the month of September, recovering 27,131 carats from 47,160 tonnes processed with consistent head feed grades of ~50 to 60 carats per 100 tonnes and retained a plant stockpile of 55,815 tonnes at 5 October 2017. Furthermore, continued strong results were also achieved from the artisanal development program, thanks to the success of implementing mobile processing equipment and delivering increased process water supplies.
Mustang is also pleased to announce that 35 leading global ruby buyers from Thailand, India, Sri Lanka, Hong Kong and Europe have officially registered to take part in the tender and have signed tender access agreements. In addition to the ruby buyers, representatives from the Mozambican Government have also been invited to attend the tender.
Mustang’s strategy to establish strong, sustainable production and cashflow has also been underpinned through the grant of Mining Concession 8921C by the Ministry of Minerals & Energy. This concession is the first Mining Concession granted to the Company at Montepuez and is valid until 13 September 2042. It replaces exploration and prospecting licence 4143L and secures a 25-year tenure, thereby paving the way for planned processing capacity increases following the maiden tender.