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Manas shares trade lower after news of Kyrgyz protest

21st October 2013

By: Esmarie Iannucci

Creamer Media Senior Deputy Editor: Australasia

  

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PERTH (miningweekly.com) – The share price of ASX-listed Manas Resources took a tumble on Monday on news of protest action at its Shambesai gold project, in the Kyrgyz Republic.

The Australian firm reported on Monday that a group of activists protesting against mining in the Kyrgyz Republic had disturbed what had been peaceful negotiations regarding site works at Shambesai.

Access to the site was blocked and some minor damage was reported at the community liaison office.

The crowd was subsequently dispersed with the assistance of local government, which has launched legal action against the instigators.

Manas reported that it had received significant support from all levels of the regional and central government regarding the handling of the incident and added that it could be a positive catalyst in empowering the government administration to push for greater protection and cooperation at local level.

“We will continue to work closely with the local community to address any concerns they have regarding the mine development,” said Manas MD Stephen Ross.

He added that the company would also continue with the current development schedule for Shamebesai.

The project is expected to produce about 227 000 oz of gold over a four-and-a-half year life-of-mine, and production is expected to start in the first quarter of 2014.

Manas’ shares traded 10% weaker at A$0.042 a share on Monday.

Edited by Mariaan Webb
Creamer Media Contract Publishing Editor

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