Mustang Resources (ASX: MUS) (“Mustang” or “the Company”) is...

Mustang Resources (ASX: MUS) (“Mustang” or “the Company”) is pleased to announce that it intends to sell the first rubies from its rapidly growing gem-ruby inventory as rough stones at an auction/tender to bulk buyers targeted for October 2017. The sale, which is expected to total approximately 200,000 carats, has the potential to generate substantial cashflow for Mustang.

Mustang’s decision reflects a significant strategic shift from selling its rubies in both the cut and polished and rough forms to selling them all as rough stones. As part of this revised strategy, the cutting, polishing and direct sale of the five “Special” stones exported to the US earlier this year has been suspended.

The revised strategy, which was adopted after recent in-depth discussions with key ruby buyers, is in line with the highly succe