for the three months ended 31 December 2023
(figures are unaudited and in A$ except where stated)
TORONTO, Jan. 31, 2024 (GLOBE NEWSWIRE) —
December 2023 Quarter Highlights
During the quarter ending 31 December 2023 (December Quarter), Xanadu Mines Ltd (Xanadu or the Company) continued to execute its three horizon strategy making strong progress on the Kharmagtai Project (H1) Pre-Feasibility Study (PFS) and associated exploration activities (H2), funded at Kharmagtai by US$35 million cash from the Joint Venture (JV or Khuiten JV) with Zijin Mining Group Co., Ltd. (Zijin). This progress included an important project milestone with the successful delivery of an updated Mineral Resource Estimate (MRE or Resource) for Kharmagtai totalling 1.3Bt including 3.4Mt of Cu, 8.5Moz of Au1, representing an increase of approximately 15% contained copper and 9% contained gold metal and achieving targeted classification upgrade of…
