Name and Location
Shambesai gold project, Kyrgyz Republic.

Client
Manas Resources.

Project Description
A bankable feasibility study (BFS) completed on the Shambesai project has confirmed the original concept of the project’s definitive feasibility study, which demonstrated the project as a low-cost, high-margin operation that is technically simple and that can be commissioned in a relatively short timeframe at a low capital cost. Shambesai has Joint Ore Reserves Committee-compliant proven and probable reserves of 2.54-million tonnes of ore at 3.4 g/t of gold, containing 277 000 oz of gold. Measured, indicated and inferred resources are estimated at 8.07-million tonnes of ore at 2.69 g/t of gold for 670 000 oz.

Envisaged is an openpit operation with an average yearly throughput of more than 550 000 t of ore, producing 50 000 oz/y of gold on average, assuming treatment of all oxide and sulphide reserves falling within the initial planned Stage 1 pit.

The BFS Stage 1 mine design remains the same as the design envisioned in the April 2012 DFS and targets extraction of the shallow, high-grade oxide portion of the measured and indicated mineral resource at Shambesai, with the subsequent processing of all oxide and sulphide proved and probable reserves that fall within the design pit shell.

The short leach time and high recovery rate of nonrefractory oxide ore account for more than 90% of the total ore to be processed at the project, with the high-grade (greater than 2.0 g/t gold) oxide ore from the vat leach accounting for more than 80% of total production.

A two-stage treatment process is proposed for the high-grade ore.

Value
The capital cost to first production and gold pour is estimated at $41.3-million, while the total capital expenditure to practical completion has been estimated at $44-million.

Duration
Operations are expected to start by the end of 2016.

Latest Developments
The BFS will be subject to ongoing review as the project develops.

Meanwhile, Manas has started an independent environmental- and social-impact assessment (ESIA) to align itself with the Equator Principles on Environmental and Social Sustainability, including baseline environmental and social studies and ESIAs. This work will form the basis for the local OVOS process, which runs parallel to the ESIA.

Key Contracts and Suppliers
Mintrex (engineering consultant).

On Budget and on Time?
None stated.

Contact Details for Project Information
Mana Resources, tel +61 8 9380 6062, fax +61 8 9380 6766 or email ross@manarespources.com.