New posts

Reply to thread

Message

MSR are not anticipating any problems in this area, neither did Caspian, i guess!

In order to expedite a mining permit for Shambesai, during the quarter the Company maintained continual
dialogue with the Kyrgyz Republic State Agency for Geology and Natural Resources (SAGNR) and the Kyrgyz
Ministry of Economy and Anti‐Monopoly in regards to the submission of the Shambesai TEO Report (Russian
interpretation for Technological and Economic Justification Study). The report shows a robust economic
evaluation of the Shambesai project and that Manas has delineated sufficient gold reserves to justify the grant of
a mining licence.
On 22 March 2012, the Director of SAGNR, Mr Uchkun Tashbaev, approved the composition of a committee on
licensing of subsoil use, or the State Licensing Committee, on behalf of the Kyrgyz Republic Government. This
Committee is responsible for granting all mineral licences and it has commenced that process. Manas is
encouraged by the recent granting of mining permits to Chaarat Gold Holdings Limited and Highland Gold Mining
Ltd, both of which are listed on the London Stock Exchange.
As a result, Manas is confident that the approval of the TEO report and the subsequent granting of a mining
permit for Shambesai will be forthcoming prior to the end of 2012 as the Company has recently noted that Shambesai gold production has been budgeted for by the Government of the Kyrgyz Republic in the 2014
development protocol.

<blockquote data-quote="springhill" data-source="post: 725841" data-attributes="member: 9415">MSR are not anticipating any problems in this area, neither did Caspian, i guess!In order to expedite a mining permit for Shambesai, during the quarter the Company maintained continualdialogue with the Kyrgyz Republic State Agency for Geology and Natural Resources (SAGNR) and the KyrgyzMinistry of Economy and Anti‐Monopoly in regards to the submission of the Shambesai TEO Report (Russianinterpretation for Technological and Economic Justification Study). The report shows a robust economicevaluation of the Shambesai project and that Manas has delineated sufficient gold reserves to justify the grant ofa mining licence.On 22 March 2012, the Director of SAGNR, Mr Uchkun Tashbaev, approved the composition of a committee onlicensing of subsoil use, or the State Licensing Committee, on behalf of the Kyrgyz Republic Government. ThisCommittee is responsible for granting all mineral licences and it has commenced that process. Manas isencouraged by the recent granting of mining permits to Chaarat Gold Holdings Limited and Highland Gold MiningLtd, both of which are listed on the London Stock Exchange.As a result, Manas is confident that the approval of the TEO report and the subsequent granting of a miningpermit for Shambesai will be forthcoming prior to the end of 2012 as the Company has recently noted that Shambesai gold production has been budgeted for by the Government of the Kyrgyz Republic in the 2014development protocol.</blockquote>

[QUOTE="springhill, post: 725841, member: 9415"] MSR are not anticipating any problems in this area, neither did Caspian, i guess! In order to expedite a mining permit for Shambesai, during the quarter the Company maintained continual dialogue with the Kyrgyz Republic State Agency for Geology and Natural Resources (SAGNR) and the Kyrgyz Ministry of Economy and Anti‐Monopoly in regards to the submission of the Shambesai TEO Report (Russian interpretation for Technological and Economic Justification Study). The report shows a robust economic evaluation of the Shambesai project and that Manas has delineated sufficient gold reserves to justify the grant of a mining licence. On 22 March 2012, the Director of SAGNR, Mr Uchkun Tashbaev, approved the composition of a committee on licensing of subsoil use, or the State Licensing Committee, on behalf of the Kyrgyz Republic Government. This Committee is responsible for granting all mineral licences and it has commenced that process. Manas is encouraged by the recent granting of mining permits to Chaarat Gold Holdings Limited and Highland Gold Mining Ltd, both of which are listed on the London Stock Exchange. As a result, Manas is confident that the approval of the TEO report and the subsequent granting of a mining permit for Shambesai will be forthcoming prior to the end of 2012 as the Company has recently noted that Shambesai gold production has been budgeted for by the Government of the Kyrgyz Republic in the 2014 development protocol. [/QUOTE]

Verification