Mustang Resources Ltd.: Maiden Ruby Sales from Thailand Office - Correction
Sydney - Mustang Resources Ltd. (ASX:MUS) (OTCMKTS:MTTGF) (Mustang) refers to its announcement made on 11 April 2018, entitled "Maiden Ruby Sales from Newly Established Office in Thailand".The Company has identified a numerical (spreadsheet) error in the historical sales database for carats sold and the average value per carat received. The sentence reporting those items should read:
"Total sales of A$1.23 million have been generated since September 2017 to date from the sale of 100,184 carats at an average price of A$12.29 per carat."
In addition, the Company received an insurance claim pay-out of A$423,650 from the theft of 19,000 carats as announced in September 2017, resulting in total revenues of $1.655 million since September 2017, rather than the $1.757 million as reported in the original announcement.
The sales figure of $230,953 for maiden sales from the Chantaburi office in Thailand is unchanged.
Mustang's Managing Director, Dr Bernard Olivier, said: "It is regrettable that the historical sales database contained an error and we have now conducted a full internal audit of all of our historical sales and stock figures and are also upgrading our database and accounting software and systems to ensure that no further errors occur with the reporting of these historical sales figures."
A corrected replacement release is attached hereto (see link below).
To view the release, please visit:
http://abnnewswire.net/lnk/Q5F7S0N3
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: Bernard Olivier
E: bernard@mustangresources.com.au
M: +61-4-08948-182
T: +27-66-4702-979
Media & Investor Relations: Paul Armstrong
E: paul@readcorporate.com.au
T: +61-8-9388-147