Australian firm abandons bid in Tanzania over Mbengué Gold Project in Côte d’Ivoire

Dar es Salaam, Tanzania (PANA) - Manas Resources Limited, an Australia Stock Exchange (ASX)-listed gold company has announced the termination of its bid to acquire Victoria gold project, in Tanzania, after a lack of progress to transfer the licence, as well as challenging conditions facing mining companies operating in the country.

“Following the one year anniversary of the Asset Sale Agreement and Consulting Agreement for the acquisition of the Victoria Gold Project in Tanzania (VGP) and given the lack of progress in effecting the licence transfers required to result in completion of the acquisition as well as ongoing challenges facing mining companies in Tanzania, Manas Resources Limited has elected to terminate its participation in the transaction,” the company said.

In a statement Friday on its website, Manas said it is entitled to repayment of the US$800,000 pre-payment made under the terms of the Agreements should the vendor group on-sell the VGP assets to a third party within the next 12 months.

In April last year, Manas struck a deal to acquire the Victoria project for a staged cash consideration of US$1.8-million and US$2-million in shares, subject to licence transfer milestones. VGP is strategically located in the multi-million-ounce Lake Victoria Goldfield of north-western Tanzania.

The company would also be entitled to be repaid the funds advanced to the vendor group since March of last year for working capital and exploration activities at the Victoria tenements.

“While it is disappointing that the VGP acquisition is not proceeding given the significant efforts made by all parties to advance the transaction, we can now be fully focused on our activities in Côte d’Ivoire. We are looking forward to providing further updates on our progress on advancing this work in the near future,” said Manas CEO, Philip Reese.

On 17 May 2018, Manas announced that it has entered into an earn-in agreement for up to 70% ownership in the Mbengué Gold Project in Côte d’Ivoire, West Africa.

The project is located in north-central Côte d’Ivoire approximately 8km west of Randgold Resources’ Tongon mine and 90km southeast of Perseus’s  Sissingué mine and covers an area just under 400km2 over the highly prospective Senoufo greenstone belt.

Manas Chairman, Mark Calderwood, commented: “The earn-in agreement over the strategically located Mbengué Gold Project provides an opportunity for the Company to rapidly accelerate exploration activities in Côte d’Ivoire. With several walk-up drill targets already outlined from previous exploration work, we lookforward to providing regular news flow on this exciting acquisition in the months ahead.”

-0- PANA AR 26May2018

26 مايو 2018 11:41:32

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