The following came from the most recent Proactive Investors...

The following came from the most recent Proactive Investors report.


"Manas Resources (ASX: MSR) has discovered some significant gold intersections outside of the current resource at the Shambesai Gold Project in the Kyrgyz Republic, which should further boost project economics.
Highlights from Shambesai include:
- 25 metres at 3.43 grams per tonne (g/t) gold from 192 metres, including 12.3 metres at 5.44g/t gold;
- 17.1 metres at 2.92g/t gold from 144.8 metres, including 6.45 metres at 4.48g/t gold.
At Shambesai, the results were returned were outside of the current JORC 645,000 gold ounce resource, with the hits extending the oxide zone southward and westward in two mineralised zones.
Adding to the prospectivity of the area, at the Pum Prospect, Manas hit; 8.9 metres at 2.89g/t gold from 15 metres, including 5.5 metres at 3.95g/t gold.
Pum is located just 3 kilometres from Shambesai, identifying a new area of potential gold mineralisation.
The Pum discovery hole in a similar geologic environment to Shambesai, and represents a milestone for the project area as it demonstrates there is a high probability that ?Shambesaitype? ore bodies may be discovered elsewhere within the company's exploration licenses.
Manas is targeting an increase in gold Resources in the current exploration campaign, and to provide additional mineable oxide material for Shambesai, which has the potential to commence production in 2012.
Drilling is currently being conducted at both Shambesai and Pum, with 5,000 metres having been completed.
Manas is the largest and most active gold explorer in the Kyrgyz Republic, with the recent drilling part of a 20,000 metre campaign.
In total the company has JORC Resource inventory of 1.13 million gold ounces, with an extensive landholding of 4400 square kilometres. However, with extensive drilling underway from six rigs in continuous operation at Shambesai and two portable rigs in use at Pum, a resource upgrade is likely in 2011.
Indicating the area's prospectivity, there are several multi-million ounce gold projects located directly north of the company's projects. Feasibility Study and Kyrgyz Technical and Economic Evaluation Study are continuing.
A Scoping Study on the high-grade component of Shambesai has already shown the project will be one of the lowest cost gold operations in the world.

Feasibility Study and TEO Report
Manas has already made significant progress towards completing the initial project permitting phase of Shambesai, with the finalisation of the local Technical and Economic Evaluation (TEO) study by Asia Rudd Project, an experienced local mining industry consulting group.
The TEO is equivalent to a Western Pre-Feasibility study and will be submitted to the Kyrgyz Ministry of Natural Resources for review and approval to allow work to commence on the detailed design for the project.
Manas said in parallel with the TEO approval process, the TEO, together with Como Engineering?s Basic Engineering Study and Capital Estimate will form the core of the in-house Feasibility Study, to be completed in the September quarter for Board approval.

Compelling valuation economics
The key valuation parameters of Shambesai provide a compelling story.
With a project Internal Rate of Return of 201%, on a gold price of US$1000 per ounce, well below the current spot of over US$1500 indicates the potential profitability and return on funds invested in the project for Manas.
Annual gold production at Shambesai is forecast at 35,000 ounces for the first three years, for an average of 30,000 ounces over six years, with a payback period of just nine months.
The average operating cost is US$180 for the first three years, with the initial capital cost to production just $16.3 million.
With a market capitalisation of $39 million and cash of over $11 million equates to an Enterprise Value of a lowly $25 per ounce. this miserly valuation is unlikely to last.
Some major investors have significant holdings in Manas, with Macquarie Bank (ASX: MQG) and Lion Group holding 15 million shares each, with Macquarie increasing its stake just three months ago."

I am sure you will find many good points to get excited about.

Cheers

Pictorella