Fura Provides Update on Ruby Transaction in Mozambique

In accordance with the MRAA, on July 26, 2019, the Company gave New Energy Minerals Ltd. (formerly known as Mustang Resources Ltd.) written notice to extend the drop-dead date of the MRAA from July 31, 2019 to August 31, 2019.

The MRAA contemplates the purchase and sale by Fura of interests in three ruby licenses/concessions in Mozambique as follows: (i) 75% of the issued shares of Montepuez Minerals Pty Ltd., which owns a 70% interest in mining licence 5030L and an 80% interest in mining concession 8921C; and (ii) a right to earn a 65% interest in mining concession 8955C under a joint venture agreement (collectively, the “New Energy Assets”).

The transaction remains subject to the approval of the TSX Venture Exchange.