Manas secures key licence for Kyrgyz gold project
PERTH (miningweekly.com) – Gold developer Manas Resources has been issued a land permit for its Shambesai gold project, in the Kyrgyz Republic, bringing the project one step closer to production.
The key permit, which was issued through a government decree, rezones the project area from agricultural to industrial use, covering the infrastructure, mining and processing facilities for the proposed project.
The project permit allows Manas to immediately start initial development works at Shambesai, including road upgrades and minor earthworks, and prevents any further pastoral activities within the project area.
“We have generated excellent momentum for the Shambesai gold project in the key areas of permitting, community relations and project funding since the release of the bankable feasibility study,” said MD Stephen Ross.
He noted that based on current progress, Manas remained confident that it could deliver the gold operation over the next 18 months.
A bankable feasibility study has estimated that a capital investment of A$41.3-million would be required to recover 227 000 oz of gold over a four-and-a-half-year life-of-mine.
This production figure was based on proven and probable reserves of 2.54-million tons at 3.4 g/t gold and would deliver throughput of more than 550 000 t/y of ore to produce an average of 50 000 oz/y of gold.
Manans also reported that financing negotiations for the full capital cost were advancing with a number of banks and institutions in Europe and Asia. The company said that it was confident that the current interest would result in project financing, allowing first gold to be poured during the first quarter of 2014.
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