Mustang Resources Ltd: Montepuez Ruby Project - Update
Further to the announcement last week on the tender results, Mustang Resources Ltd. (ASX:MUS) (OTCMKTS:GGPLF) wishes to confirm that it is currently undertaking a detailed assessment of the market intelligence gathered from the first tender concluded Monday last week.The results of this assessment will play a key role in determining Mustang's future operational and marketing strategies. The strategies will also reflect the feedback referred to in its ASX release dated 1 November 2017 regarding ruby categories and volumes.
Mustang expects to update the market in this regard within the next 2 weeks.
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.
Source: Mustang Resources Ltd.
Contact:
Managing Director: Christiaan Jordaan
E: info@mustangresources.com.au
T: +61-2-9239-3119
Media & Investor Relations: Paul Armstrong
E: paul@readcorporate.com.au
T: +61-8-9388-1474