Manas Resources says significant progress is being made towards development of its low-cost, high-margin 100%-owned Shambesai Gold Project.

In a positive development, Kyrgyz Republic Prime Minister Jantoro Satybaldiev has stated that he expects the local government in the Shambesai region to support and fast‐track the immediate development of the project in Batken district. He made the statement during a recent visit to the district when the 2014 Action Plan for socio‐economic development of the region was discussed.

Prime Minister Satybaldiev was joined in his support of Shambesai by local mayors, heads of districts and representatives of local authorities who stressed the importance of developing Shambesai immediately as part of a structured support regime and the Kyrgyz Republic’s Socio-economic Development Forecast for 2013 to 2015 as prepared by the Government.

The structured support regime was the result of the positive recommendations from a Parliamentary Committee hearing held in December 2013, where development of the Shambesai project by Manas Resources received full support from members of Parliament.

Manas is also pleased to announce the State Agency for Geology and Mineral Resources (SAGMR) has approved all work plans, budgets and licences for 2014 at the company’s 100-owned mineral exploration licences. SAGMR reviewed and accepted all 2013 annual reports and proposed work programs for the 2014 exploration programs on all licences, including the reduction and/or relinquishment of areas considered less prospective for gold of economic significance in remote locations.

The relinquishment of the Karavshin and Karabulak licences as well as a reduction in licence areas across a number of properties allows Manas to reduce exploration expenditure commitments and concentrate on the development and exploration of the Shambesai project and its near‐mine areas.

Manas is looking forward to submitting its OVOS, the Kyrgyz equivalent of the Environmental and Social Impact Assessment, submission on completion of final internal reviews and translation of the final draft document.

Detailed mine and plant design in conjunction with its primary consultants, Beijing General Research Institute for Mining and Metallurgy (BGRIMM) and Asia Rud Project (ARP), is now under way. Basic engineering of the plant is complete and technical and safety approvals have been applied for.

Manas is also pleased to advise discussions regarding financing the capital requirements for the Shambesai project are advancing with a number of banks and institutions from North America and Asia. Manas is confident the continued improvement in the investment climate and Central Government support for the project will allow Manas to finalize project financing in the near future.

The May 2013 BFS for the Shambesai project forecasts a technically low‐risk, low capital‐cost and highly profitable gold operation. A mining and development licence was issued for Shambesai during 2013.
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