(MENAFN- ProactiveInvestors)
Australian stocks have fallen today with the ASX200 pulled down by mining and energy stocks to close down 33.5 points or 0.6% to 5335.3.
While the market slumped this gold player made gains after updating resources at its low-risk high margin project to JORC 2012 standards
Shares in () climbed 14.29% to $0.016.
The company today updated the Shambesai Gold Project resource of 8.066 million tonnes at 2.69 grams per tonne or 697000 ounces of gold to JORC 2012.
Earlier in the year Manas received full support from the Kyrgyz Republic Prime Minister at that time Jantoro Satybaldiev and local officials for the project's development.
It has completed a Bankable Feasibility Study that projects potential for all-in cash costs of under US$700 placing it among the lowest global quartile of costs in the gold sector.
The project has also been issued a mining and development licence with the major part of permitting completed.
With mineralisation remaining open at depth and along strike there is potential for the additional resources to be identified.
Blue chip companies to follow shortly…
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