Mustang Resources Ltd: Insurance Claim Settled
Sydney - Mustang Resources Ltd. (Company or Mustang) (ASX:MUS) (OTCMKTS:GGPLF) is pleased to advise that it has received the proceeds of the insurance claim relating to the rubies and corundum stolen in the robbery at its Montepuez Ruby Project in September 2017 (see ASX release dated 26 September 2017).Following an assessment by Lloyds Underwriters, Mustang has received payment of A$423,650 in full and final settlement of the claim.
Since the incident, Mustang has upgraded its security measures and general controls on site.
Mustang Directors would like to express appreciation to the members of its on-site team at Montepuez for the efforts made to plan and implement the revised security measures and for their commitment to the project.
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:
Media & Investor Relations: Paul Armstrong
E: paul@readcorporate.com.au
T: +61-8-9388-1474