Excalibur Resources Ltd. (XBR.C) announced today their 49% owned subsidiary received the expected permit to use explosives. This is extremely important news as this allows the company to open up new adits, and start digging high-grade ore from the underground veins.
The Catanava plant is currently operational, and produced 100kg of concentrate, waiting to be refined. There have been some mechanical equipment delays and recuperation from the Micron wave table was lower than expected, but things seem to be moving in the right direction now.
The next few months will be crucial, and we are looking forward to the day when the first high-grade ore from the underground veins will be put through the mill.
[download_link link=”http://www.caesarsreport.com/freereports/CaesarsReport_2012-07-16.pdf” target=”blank”]You can download our report on XBR here (pdf).[/download_link]
Disclosure: The author holds a long position in Excalibur Resources Ltd. Please see our disclaimer for current positions.
