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Latest News

Friday, 3 March 2017
Final Payment received from Kyrgyz Asset Sale
Tuesday, 7 February 2017
Cape Town Presentation February 2017
Tuesday, 31 January 2017
Revised Terms Sheet for the VGP Acquisition

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Manas Highlights

Gold developer in the Kyrgyz Republic
Total JORC Resource base 1.18Moz
Exploring for Carlin‐style gold deposits

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Shambesai Gold Project Overview

A  Bankable Feasibility Study for the Shambesai Gold Project has confirmed it as a low-cost, high-margin gold project that is technically simple and which can be commissioned in a relatively short time frame for a low capital cost.  

Bankable Feasibility Study Highlights

-    Projected net cash flow US$148M after capital, taxes and royalties (excluding financing costs) from the production of 227,000 ounces of gold over a 4 ½ year mine life at a US$1,400 gold price

-    Average life‐of‐mine cash costs (C1 costs excluding royalty) of US$387 per ounce of gold, placing Shambesai in the lowest quartile of cash costs for gold producers worldwide 

-    Total life‐of‐mine costs (C3) after capital and tax estimated to be US$676 per ounce of gold  

-    Capital expenditure to first gold pour of US$41M with an expected pay back of 11 months

-     Post‐Tax Net Present Value (NPV) of US$105M with an Internal Rate of Return of 67% at an 8% discount rate and US$1,400 gold price

-    BFS based on a Proved and Probable Reserve of 2.54M tonnes at 3.4 g/t gold for 277,000 ounces of gold;

-    Simple, low‐cost vat leach and heap leach operation with projected 84.8% overall gold recovery; including +90% gold recovery for oxide material including a +80% contribution from the vat leach

 
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