MUS
26 October 2016
SUCCESSFUL BULK SAMPLING START-UP YIELDS 460.43 CT GEM QUALITY RUBIES
Highlights:
460.43 cts of high quality rubies recovered during the commissioning of the bulk sample mining plant at Montepuez Project
These rubies are the first recoveries from 2,683 tonnes of initial material processed as part of the commissioning phase
Further mining optimisation is ongoing following the initial commissioning phase
Recoveries expected to increase in coming months - plant will be ramped up to 350m3 (525 tonnes) per day capacity during November 2016
Robust initial recoveries show all the characteristics of a commercial (high grade and high quality) ruby deposit at Montepuez
Alpha deposit open in all directions with near-term drilling program to delineate full extent of ruby mineralisation
Multiple additional targets with (alluvial/colluvial) ruby mineralisation proven on two additional locations at Montepuez
Strategic sales and marketing agreements to be finalised prior to sale of first Mustang rubies
Alluvially sourced uncut rubies from Mozambique sold for US$317 to US$688/ ct average at Gemfields auctions (2014 & 2015)
Ruby market remains strong with reported cut/polished high quality ruby prices up to US$35,900/ct
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MUS 26 October 2016 SUCCESSFUL BULK SAMPLING START-UP YIELDS...
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