Manas into Tanzania

LONG time Kyrgyzstan gold hopeful Manas Resources has switched attention to the Lake Victoria gold field in Tanzania, with a deal to acquire 350 square kilometres of exploration ground for $US2 million cash and $US2 million worth of shares.

Manas into Tanzania Manas into Tanzania Manas into Tanzania Manas into Tanzania Manas into Tanzania

Manas, which is trying to sell the attractive looking (but long problematic) Shambesai gold project in Kyrgyzstan, said while it understood some of the Tanzanian ground was subject to joint venture or royalty agreement, “the most prospective areas are available on a 100% basis”.

The deal involves a company called Cienega SARL, and involves ground Resolute divested late last year as it exited Tanzania.

“Resolute has entered into an agreement with Cienega SARL whereby Cienega will, subject to satisfaction of various conditions precedent, acquire Resolute Pty Ltd [holder of Resolute’s ground in Tanzania] for nominal initial consideration and deferred consideration equal to 50% of the proceeds of the sale of any mineral ri...