Please Note: Blog posts are not selected, edited or screened by Seeking Alpha editors.

Manas Resources To Increase Cash Position

Manas Resources (ASX: MSR) has been granted a trading halt by the ASX this morning, with its shares placed in pre-open, pending a capital raising announcement.

Earlier in the week Manas delivered updated JORC Resources and Reserves for its Shambesai Gold Project in the Kyrgyz Republic, with 95% of the Resource now in the Measured and Indicated categories.

The total Measured, Indicated and Inferred JORC Resource now totals 8.1 million tonnes at 2.69 grams per tonne (g/t) for 697,000 contained gold ounces (0.3g/t gold cut‐off for oxide resources and 0.75 g/t for sulphide resources).

The updated estimate has increased the confidence levels to include 1.2 million tonnes in the Measured category, including 1 million tonnes oxide and 0.2 million tonnes sulphides, and increased Resources in the Indicated category by 1.1 million tonnes.

Meanwhile, the total high grade oxide Resource from surface increased more than 15% to 2.43 million tonnes at 4.4g/t for 346,000 contained gold ounces.

The halt will last until the earlier of an announcement being made to the market, or the opening of trade on Thursday 28th March 2013.

Proactive Investors Australia is the market leader in producing news, articles and research reports on ASX "Small and Mid-cap" stocks with distribution in Australia, UK, North America and Hong Kong / China.