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Manas Resources' Long Standing Chairman Resigns

Manas Resources' (ASX: MSR) experienced chairman Francis Harper has resigned to reduce his workload, after being in the role since 2008.

The directors of Manas have now commenced a search to appoint a suitably qualified person.

The Shambesai Gold Project

Manas main focus is the Shambesai Gold Project in the Kyrgyz Republic, with a Feasibility Study earlier in the year highlighting the project to be a low‐cost, high‐margin gold leach project that is a technically simple.

Other outcomes included a low‐risk operation which can be commissioned in a relatively short time frame for a very low capital cost.

With a net present value of US$148 million (A$141.7 million), at an estimated gold price of US$1,500 per ounce, and an internal rate of return of 96%, at an 8% discount rate, Manas could achieve payback in as little as 10 months.

The Shambesai gold leach operation is projected to process 3.2 million tonnes of ore at 2.8 grams per tonne (g/t) to recover 245,000 ounces of gold over five years at cash costs of as low as US$411 per ounce.

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