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1740 steven ross

  1. 1. Gold Project DevelopmentIn The Kyrgyz RepublicStephen Ross, Managing Director
  2. 2. DISCLAIMER AND COMPETENT PERSON’S STATEMENTThis Presentation has been prepared as a summary only and does not contain all information about the Company’s assets and liabilities, financial position and performance, profits and losses, prospectsand rights and liabilities. The information in this Presentation and made to you verbally is subject to updating, completion, revision, further verification and amendment without notice.The information contained in this Presentation or subsequently provided to the Recipient of this Presentation whether orally or in writing by or on behalf of MSR or their respective vendors, employees,agents or consultants ("Information") is provided to the Recipients on the terms and conditions set out in this notice. The purpose of this Presentation is to provide Recipients with Information relating toMSR The Presentation has been prepared by MSR and each Recipient must make his/her own independent assessment and investigation of MSR and its business and assets and should not rely on anystatement or the adequacy and accuracy of any Information contained in this Presentation.MSR makes no representation or warranty (express or implied) as to the accuracy, reliability or completeness of the Information. MSR and its respective directors, vendors, employees, agents andconsultants shall have no liability (including liability to any person by reason of negligence or negligent misstatement) for any statements, opinions, information or matters (express or implied) arising out of,contained in or derived from, or for any omissions from the Presentation, except liability under statue that cannot be excluded.The Presentation contains reference to certain intentions, expectations and plans of MSR. These intentions, expectations and plans may or may not be achieved. They are based on certain assumptionswhich may not be met or on which views may differ. The performance and operations of MSR may be influenced by a number of factors, many of which are outside the control of MSR. No representation orwarranty, express or implied, is made by MSR or any of its respective directors, officers, employees, advisers or agents that any intentions, expectations or plans will be achieved either totally or partially orthat any particular rate of return will be achieved.This Presentation does not constitute in any way an offer or invitation to subscribe for securities in MSR pursuant to the Corporations Act.The information in this report that relates to Exploration Results and Mineral Resources is based on information compiled by Mr Stephen Ross. Mr Ross is the Managing Director of Manas ResourcesLimited. Mr Ross is a Member of The Australasian Institute of Mining and Metallurgy and has sufficient experience which is relevant to the style of mineralisation and type of deposit under considerationand to the activity which he is undertaking to qualify as a Competent Person as defined in the 2004 Edition of the ‘Australasian Code for Reporting of Exploration Results, Mineral Resources and OreReserves’. Mr Ross consents to the inclusion in the report of the matters based on information in the form and context in which it appears.The information in this report that relates to Technical and Financial Information for the Shambesai Project is based on information compiled by Mr Philip Reese. Mr Reese is the Chief Operations Officer ofManas Resources Limited. Mr Reese is a Member of The Australasian Institute of Mining and Metallurgy and has sufficient experience which is relevant to the style of mineralisation and type of depositunder consideration and to the activity which he is undertaking to qualify as a Competent Person as defined in the 2004 Edition of the ‘Australasian Code for Reporting of Exploration Results, MineralResources and Ore Reserves’. Mr Reese consents to the inclusion in the report of the matters based on information in the form and context in which it appears.Notes pertaining to the Shambesai and Obdilla resource estimates can be found at www.manasresources.com.
  3. 3. Manas In Kyrgyz Largest and most active gold explorer in the Kyrgyz Republic
  4. 4. Manas In Kyrgyz Invested Drilled over Discovered US$20M 50,000m 1.25M ounces
  5. 5. Manas In Kyrgyz Moving to develop low cost, 40,000 ounces per annum Gold Leach Project at Shambesai
  6. 6. Capital Structure Capital Structure On Issue % Held Perseus Mining Limited 54.3M Shares 24% Lion Group 18.6M Shares 8.1% Macquarie Bank 15M Shares 6.6% Other Institutions 12.8M Shares 5.6% Total Shares on Issue 228.6M Shares Cash $15M Market Capitalisation $40M at 17.5c Unlisted Options 16M (20c to 40c Options) Enterprise Value $25M for $20 per ounce Shambesai (EBITDA at US$1,500) US$190M (November 2011)
  7. 7. History of Resource Growth (‘000 ounces of gold) Market Capitalisation $12M $24M $39M $40M1,400 1.25M ozs1,200 1.13M ozs1,000 875k ozs OBDILLA 800 600 485k ozs 400 200 SHAMBESAI 0 2008 2009 2010 2011
  8. 8. DirectorsFrancis Harper Stephen Ross Mark Calderwood Colin Carson(Non-Executive Chairman) (Managing Director) (Non-Executive Director) (Non-Executive Director)Director & Part owner of 19 years: Geological consulting, 20 years in gold exploration and business development mining Experience in resource/reserve Experience with taxation and Non-executiveChairman of estimation and feasibility studies mining laws in the Kyrgyz Director of Republic15 Years in Member of: Member of: Director of many companies M.D. since 1980Established the Emerging 7 years in Central AsiaMarkets Gold Fund Intimately involved with Kyrgyz Fellow of mineral properties
  9. 9. KYRGYZ REPUBLIC Russia Kazakhstan Kyrgyz Republic Mongolia China President India Atambaev
  10. 10. KYRGYZ REPUBLIC Parliamentary Peaceful Pro Mining Centerra Gold Democracy Election Development – Kumtor 17Mozs 2010 October 2011 – 500koz pa
  11. 11. Gold Project Locations Northern Tien ShanMiddle Tien Shan Southern Tien Shan
  12. 12. Gold Project Locations TALAS JEROOY ANDASH TALDYBULAK (4.6M ozs) (4M ozs) (1.1M ozs) (3M ozs) KUMTOR (17M ozs) CHARAAT (4M ozs) Bishkek Talas KarakolKOCHBULA (4M ozs) MAKMAL (5M ozs) Naryn Jalal-Abad Osh
  13. 13. Gold Project LocationsTotal Gold OshLicences4,400km2 Obdilla Shambesai Obdilla Resource 485,000 ounces of gold Shambesai Resource 766,000 ounces of gold
  14. 14. Global Gold Resources Tonnes Grade Ounces (Millions) (g/t) Indicated 5.3 2.4 411,000Shambesai Inferred 6.3 1.8 355,000 Total 11.6 2.1 766,000 Indicated 6.3 1.8 365,000 Obdilla Inferred 2.9 1.4 120,000 Total 9.2 1.6 485,000 Indicated Total Inferred 20.8 1.9 1,251,000
  15. 15. Shambesai Oxide Resource Tonnes Grade Ounces (Millions) (g/t) High Grade Indicated 1.3 4.3 180,000 2.0 g/t Inferred 1.3 3.0 120,000 cut off Total 2.6 3.6 300,000 Low Grade Indicated 1.3 1.2 49,000 0.5g/t Inferred 2.7 1.3 111,000 cut off Total 4.0 1.3 160,000 Indicated Total Inferred 6.6 2.2 460,000
  16. 16. Shambesai Oxides Pit Optimisation November 2011 at US$1,500 Cash flow (Undiscounted) Life-of-mine: US$190M (EBITDA over 5 years) Probable Reserve (Indicated) 1.86Mt at 3.0 g/t gold for 180,000 ounces Additional Material (Inferred) 0.70Mt at 1.8 g/t gold for 40,000 ounces Mining Rate Design 600,000 tpa (average 500,000 tpa) Average Grade 2.7 g/t gold per year Annual gold production 40,000 ounces per year for 5 years Total oxide gold produced 200,000 ounces of gold Average Recovery 91% Vat and Heap Leach for all oxides Payback Period Less than 12 months Average Operating Cost Life of Mine: US$465 US$ per ounce 1st four years: US$370 Capital Cost US$20M (to production) US$25M (Life-of-mine) Sulphide material mined 1.10Mt at 2.5 g/t gold (not included in cash flow) 75,000 ounces
  17. 17. Shambesai mine site and processing facility
  18. 18. Shambesai Shambesai Zone Open in the Valley Western Extensions
  19. 19. Obdilla 7km drive from Shambesai OBDILLA 485,000 ounces of goldSHAMBESAI 766,000ounces of gold 7KM DRIVE
  20. 20. South Western Kyrgyz Project – 54 Prospects Tolubay Ulugtau Obdilla Osh Mamaksai Djilginsai Tolubay Aksu Karavshin Akbura Isfairamsai Karabulak Shambesai Jamansai Nurlau
  21. 21. Nurlau Prospect – massive 3.5km long anomaly
  22. 22. Future Development Mine Development Shambesai Oxides Resource Expansion Feasibility Study Oxide Growth Permitting Shambesai and Obdilla Construction Sulphide Development Regional Exploration Shambesai Deeps and West 4,400km2 of landholding 54 Regional Prospects
  23. 23. Summary $15M Cash Balance 20,000m drilling completed 4,000m winter program commenced Shambesai Leach Project Feasibility Study Dec 2011 Licenses and permitting 1.25M ounce gold Resource Largest explorer in the Kyrgyz Republic with 4,400km2
  24. 24. Nathan Ryan, Investor Relations (03) 9622 2159Ph: +61 8 9240 7717 Stephen Ross, Managing Directorwww.manasresources.com (08) 9240 7717