Manas Resources receives environmental approval to develop Shambesai field
MOSCOW. Sept 8 (Interfax) - Thy Kyrgyz government has approved the sanitary protection zone (SPZ) for the Manas Resources' Shambesai gold project in the Kyrgyz Republic, the company said in a statement.
"In December 2012, Manas was awarded a Mining and Development License for the Shambesai Gold Project which secured legal tenure over the deposit area and permits the completion of the design, construction and commissioning phases of the project. Manas also obtained the approval for Shambesai's development concept by the Urban Development Council (UDC) of the Kadamjai Region of the Batken Oblast, allowing the Company to proceed to full design development," the company has previously said on its website.
"Approval of the SPZ for Shambesai is an important milestone for the project as we now enter the final stages of permitting with only design related submissions remaining. We will now complete the design, infrastructure and construction permitting in anticipation of project financing, and also finalize our ongoing discussions with the local community," Managing Director Stephen Ross is quoted in the most recent statement as saying.
The company was initially planning to begin the industrial development of Shambesai in 2014. It was reported that production could begin in late 2014 or early 2015. Overall capex are estimated at $47.2 million. Manas Resources has already spent $12.1 million on the project in 2013, the company said in a presentation.
Gold reserves at the Shambesai field total 277,000 ounces, based on JORC standards. Manas Resources also owns the license for geological exploration at the Obdilla field in Kyrgyzstan. Combined reserves at the two fields total 1.184 million ounces.
