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Xtract agrees to pay US$2.5M to Auroch owed in Manica gold project deal

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Xtract agrees to pay US$2.5M to Auroch owed in Manica gold project deal

AurochMinerals Ltd. said it will not be taking any legal action againstXtract Resources Plcafter the latter agreed to pay the deferred consideration of US$2.5 million, accordingto a July 20 Auroch statement.

As part of its 100% acquisition of Manica gold project in Mozambique, Xtract was required topay US$1.3 million cash, and the remaining US$1.2 million payable in cash orshares, which Auroch chose to receive in cash, three months after the agreement.

Xtract has now agreed to make a first installment ofUS$750,000 by July 19, which is already paid, and a final payment of aboutUS$1.8 million by Aug. 12.

In May, Xtract said it will Manica, in June 2015, for US$17.5million cash to avoid spending US$35 million in startup costs for the project.