New MUS Independent Valuation, page-5

Great report.
We can sell our rubies, huge demand is there.
Good auction results= 80c next year?
I will take half of that = 40c next year, 200MC


Recent Activities and Site Visit Test Pits and Ruby Production Subsequent to our initiation note, the Company finalised acquisition of tenement 8245L, which has allowed it to commence bulk sampling in a highly prospective area, marked by a number of artisanal workings (Figures 2 and 3) over an area of secondary mineralisation considered similar to that at Gemfields’ Mugloto deposit.

Test pitting by Mustang resulted in several positive pits for some 2.2km downstream from the interpreted colluvial source (Figures 3 and 4) – discussions with Company geologists indicate that rubies in the creek downstream from the initial bulk sampling area may represent stones reworked from a main secondary colluvial deposit in the creek headwaters, which is currently being bulk sampled. These test pits have returned 10.7cts of rubies from 4.5 tonnes of gravel.


Activities are currently focussed on building the ruby inventory to 200,000ct from the current inventory of 132,000ct in preparation for an initial auction in October 2017 – this timing is critical in that it will give buyers time to prepare their acquisitions for Christmas and Chinese New Year, and will also be held prior to Gemfield’s next auction, expected in December.



Nice uniform & welcome to Mustang.