ASX RELEASE AND MEDIA RELEASE
MANAS RESOURCES RECEIVES KEY APPROVAL FOR SHAMBESAI GOLD PROJECT
TEO AUTHORISATION PROVIDES COMMENCEMENT OF SCHEDULE TO GOLD PRODUCTION
? Approval of the TEO Study (Russian interpretation for Justification of Technical and Economic
Conditions) for the Shambesai Gold Project has been received
? TEO approval is the key authorisation required for the commencement of detailed design, permitting,
construction and gold production at Shambesai
? Permitting continues with social and environmental studies being conducted for a number of months
? Schedule now in place for construction to commence in 2013; gold production forecast for early 2014
? New Kyrgyz Republic legislation recently enacted to simplify the permitting process for mine-
development
? Shambesai has a projected net cash flow of US$208M after capital expenditure of US$37M from
production of 245,000 ounces of gold at an average grade of 2.8g/t gold over an initial 4 ½-year mine
life (US$1,500 per ounce gold price) with average life-of-mine cash costs (C1 costs) of US$411 per ounce
? Debt financing options now being considered
Australian-based gold exploration and development company Manas Resources Limited (ASX – MSR) is delighted
to report that it has received approval for the TEO Study (Russian interpretation for Justification of Technical and
Economic Conditions) at its 100%-owned Shambesai Gold Project in the Kyrgyz Republic, Central Asia.
The approval was received from the Mineral Reserves Commission acting on behalf of the State Agency for
Geology and Mineral Resources (SAGMR), the controlling authority on mining issues for the Government of the
Kyrgyz Republic. Manas Resources is now entitled to apply for and receive a production license for the Shambesai
Gold Project and commence the License Agreement process with SAGMR.
After the grant of the production license, a two-stage License Agreement process begins. License Agreement 1
requires the preparation and assessment of the detailed mine and process design, including the Environmental
and Social Impact Assessment (ESIA); as well as the issuing of the mining allotment (land allotment) and all the
relevant operational and commercial permits based on the various sections of the approved detailed design and
ESIA.
License Agreement 2 commences upon completion of all of the requirements and commitments from License
Agreement 1 and will provide State authorization to proceed with construction and ultimately production from
the Shambesai Gold Project.
Manas has been undertaking the ESIA work for a number of months now, including environmental monitoring for
baseline submissions to the State Agency of Environment and Forestry. Initial discussions with the State and local
community have also commenced with respect to rezoning Shambesai for an industrial operation and land
allocation for the project.
Once License Agreement 2 and all relevant permits have been received, Manas is entitled to commence
construction at Shambesai. The License Agreement process is primarily procedural, therefore, current scheduling
is for construction to commence at Shambesai during the first half of 2013 and gold production forecast for early
2014.
Manas notes the Shambesai Gold Project has been included in the Kyrgyz Republic’s “Medium Term Social and
Economic Development Program from 2013 to 2015” resolution with production scheduled for inclusion in the
State budget in 2014.
Manas is also pleased to report the President of the Kyrgyz Republic has signed new reforms for governance of the
minerals sector with the stated intention of strengthening the relationship between the mining sector and
government, increasing security, stability and clarity in mining legislation and harmonizing the associated
regulations for the mining industry. These include amendments to the “Law on Subsoil Use” and the associated
“Land Code” and “Tax Code”.
A number of favourable reforms have been adopted and include broadening the definition of a “mining property”
to include ownership rights of all assets during development and exploitation; the creation of a “single window”
policy to remove the requirement to comply with various state bodies and organizations; and, most importantly,
the simplification of obtaining the land (mining) allotment for mining ventures owned by foreign mining
companies. This eliminates the requirement for a government resolution for mining allocation with various land
owners (state, municipal and private).
“I am extremely pleased with the support Manas has received from the Government of the Kyrgyz Republic in
regard to this key approval and its desire to see gold production from Shambesai as soon as possible,” Manas
Resources Managing Director Stephen Ross said from Bishkek, the capital of Kyrgyz Republic.
“The Mineral Reserves Commission of the Kyrgyz Republic and SAGMR are incredibly supportive of the quick
development of the Shambesai Gold Project and we look forward to delivering a low-cost, high-margin gold
operation to the Kyrgyz Republic.”
The Shambesai Gold Project is a technically simple, low-cost vat leach and heap leach operation projected to
process 3.2Mt of ore at 2.8g/t gold to recover 245,000 ounces of gold over 4 ½ years at life-of-mine cash costs (C1
Costs) of US$411 per ounce of gold. The capital costs to first production and gold pour are estimated to be
US$32.6M with payback of this capital estimated to be within the first 10 months of operation. Life-of-mine capital
costs are estimated to be US$37M. The project will have an average annual throughput of more than 600,000
tonnes of ore per annum producing on average 53,000 ounces of gold over the 4½ year mine life (ASX – 3 April
2012).
Manas is now accelerating negotiations in regard to debt financing options for the Shambesai Gold Project and
positive interest has already been received from a number of well-credentialed banks and mining finance
institutions. Manas believes the low capital cost to first gold of US$32.6M and the extremely quick payback of this
capital in less than a year places Shambesai in a strong position for attracting very favourable debt financing
terms.
Details of the Manas Resources 100% owned Kyrgyz Gold Projects can be found at the Company’s comprehensive
website www.manasresources.com.
- Forums
- ASX - By Stock
- TCG
- we got it!!!!
we got it!!!!, page-2
-
- There are more pages in this discussion • 10 more messages in this thread...
You’re viewing a single post only. To view the entire thread just sign in or Join Now (FREE)
Featured News
Add TCG (ASX) to my watchlist
(20min delay)
|
|||||
Last
31.0¢ |
Change
-0.015(4.62%) |
Mkt cap ! $225.2M |
Open | High | Low | Value | Volume |
31.5¢ | 32.0¢ | 29.5¢ | $524.0K | 1.732M |
Buyers (Bids)
No. | Vol. | Price($) |
---|---|---|
3 | 107821 | 30.5¢ |
Sellers (Offers)
Price($) | Vol. | No. |
---|---|---|
31.0¢ | 18049 | 1 |
View Market Depth
No. | Vol. | Price($) |
---|---|---|
6 | 159539 | 0.295 |
7 | 125116 | 0.290 |
6 | 104310 | 0.285 |
2 | 31857 | 0.280 |
2 | 128000 | 0.275 |
Price($) | Vol. | No. |
---|---|---|
0.305 | 84428 | 5 |
0.310 | 30000 | 1 |
0.315 | 25000 | 1 |
0.320 | 70000 | 2 |
0.330 | 111796 | 4 |
Last trade - 12.23pm 07/10/2024 (20 minute delay) ? |
Featured News
LU7
Discover the strong preliminary feasibility of the Bécancour Lithium Refinery, showcasing resilience in a low pricing environment and a strategic plan to capitalize on future price recoveries
TCG (ASX) Chart |