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Manas raises cash as it waits for project finance

12th September 2014

By: Esmarie Iannucci

Creamer Media Senior Deputy Editor: Australasia

  

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PERTH (miningweekly.com) – Gold hopeful Manas Resources would raise A$850 000 through a share placement to fund working capital while it continues financing discussions for its Shambesai gold project, in the Kyrgyz Republic.

The junior reported on Friday that it would issue more than 28.3-million shares, at a price of 3c each to raise the funds.

The Shambesai project was expected to produce about 227 000 oz of gold over a four-and-a-half year life-of-mine.

A 2013 bankable feasibility study estimated that the project would cost some A$41-million to develop and would deliver a net cash flow of some $148-million after capital, taxes and royalties and would have a net present value of some $105-million and an internal rate of return of 67%.

The project was granted environmental approval in May this year.

Edited by Creamer Media Reporter

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