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  • Manas Resources Managing Director Acquires Shares On-Market 0 comments
    May 19, 2013 9:50 PM

    Manas Resources (ASX: MSR) managing director Stephen Ross has purchased an additional 200,000 shares in the company on-market.

    Ross acquired the shares for a total consideration of $14,019.95, providing an average entry price of $0.07 per share. He now holds 1,788,344 shares in the company.

    He had last week acquired 88,334 shares for $6,684.9, or $0.076 per share, on-market.

    Manas had in early April finalised plans for a two tranche, A$5.1 million capital raising to accelerate permitting and development activities at its wholly owned Shambesai Gold Project in the Kyrgyz Republic.

    This followed up on its updated JORC Resources and Reserves for the project in late March that placed 95% of the Resource into 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).

    Pre‐development activities at the project will include completion of the Environmental and Social Impact Assessment for permitting purposes, construction of the mine camp, commencement of road works and completion of geotechnical and plant‐site sterilisation drilling.

    An estimated 10,000 metre drilling program will begin shortly at Shambesai and Obdilla aimed at increasing the resource at both projects.

    Manas had $3.85 million in cash as of 31 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.

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