# TCG - Turaco Gold



## Trader Paul (18 July 2008)

Hi folks,

*MSR* ..... listing on 22072008, this one should start out, with
good support from 2 positive cycles, this month:

              22072008 ... minor and positive light on MSR

         25-28072008 ... expecting positive news here

*August 2008* 

         05-06082008 ... negative cycle 

             11082008 ... expecting negative news here

        18-19082008 ... positive cycle ... short aggressive rally ???

             22082008 ... negative spotlight on MSR

*September 2008*

     2908-01092008 ... 2 cycles ... significant and positive news expected.

             22092008 ... positive spotlight on MSR ... 

        23-24092008 ... minor cycle

have a great day

  paul



=====


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## Sean K (6 February 2009)

Here's a very low MC gold explorer identified by Miner who may have some potential. 

Has some very good initial drill results that are turning into an initial JORC next quarter.

The strike looks pretty impressive and surrounded by some really big deposits such as 5m and 17m oz au!

Worth having a closer look at perhaps.

Cheers Miner!


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## Miner (6 February 2009)

kennas said:


> Here's a very low MC gold explorer identified by Miner who may have some potential.
> 
> Has some very good initial drill results that are turning into an initial JORC next quarter.
> 
> ...





Thank you Kennas

I am just humbled at your generosity to publish this thread and mentioning me (in a good way

Let us hope we get many more good news about this thread and scrip

Cheers


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## prawn_86 (6 February 2009)

The biggest questions i have about micro caps like this in the current environment is will the SP appreciate in the future even though they are just exploring? 

A lot of spec money has gone out of the market so i think focus on cash flow is important.


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## Sean K (6 February 2009)

The one thing that did spring out at me was the cash backing v MC which was about paraty at their last report. I think the sp has gone up a little since. They have over 2m left in the kitty which is going to get them through the year I imagine. Must check the cash burn.

Anyway, almost pure speculation at the moment, except they've had some good drill results.

More to discuss I think.

(not holding any)


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## Sean K (6 February 2009)

Been doing a little digging here and tryin to work out why PRU spun these guys out.

It looks like they've just taken advantage of market conditions and grabbed some money from the market to keep the projects going. The board is full of old mates from PRU, Caspian Oil and AZM. Jobs for the boys by the looks, but I suppose that's how it goes in this game. Get your foot in the door and then grab a seat on the board of all your mates companies scattered around the globe.

I have to ask myself, why would PRU spin this out? I mean, they're a gold exploration and development company and MRS is a, um, gold exploration company. Just in another country that's all. They already had the expertise to follow the project through, why spin it? 

Ah, light bulb goes off, money ...... So, they've spun this out so it funds itself, albeit mostly from existing shareholders and Mac.

So PRU now hold 40% is of this mob, instead of full ownership. Why didn't they just do a capital raising and keep it 100% owned. 

Anyway, just thinking out loud.

I see they have deliniated 500K oz au (under PRU) at one of their prospects, so need to do a MC to oz au comparison to test them. I expect it to be VERY low compared to market. 

No idea of grades, depth, etc.


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## Miner (6 February 2009)

Kennas

If you recall MSR got oversubscribed in the public float and very little was offered to public unless some quotas were provided. That explains the volume of MSR is really insignificant to create any substantial effect even if the price is gone up 

You were right probably that PRU needed cash badly and took the opportunity that time

I have some strange feelings that now PRU could consolidate MSR and sell as a package to a prospective bidder. 

The constant rise of PRU is interesting even  if POG is rising as PRU was no one's baby for long time at 30 cents.  


I do not hold MSR (I do hold PRU however)


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## jman2007 (8 February 2009)

kennas said:


> Been doing a little digging here and tryin to work out why PRU spun these guys out.
> 
> It looks like they've just taken advantage of market conditions and grabbed some money from the market to keep the projects going. The board is full of old mates from PRU, Caspian Oil and AZM. Jobs for the boys by the looks, but I suppose that's how it goes in this game. Get your foot in the door and then grab a seat on the board of all your mates companies scattered around the globe.
> 
> ...




Sounds more or less correct Kennas,

I was pretty peeved in late '07 when the decision was made to spin out the Kyrgyz assets, at the time it seemed like they were asking me to shell out more money for something that I already owned. I was offered a miniscule number of shares in the IPO, laughed and threw the paperwork in the bin and promptly forgot about Manas. On the other hand, I suppose all PRU holders get a 42% free-carried interest in MSR regardless.

You are right, their land holdings are certainly in a prolific area whch hosts several multi-million oz deposits. The Odilla metallurgical work shows that it might present some problems should they ever take it down the development path - refractory sulfide ore, but possibly amenable to the BIOX process which I know very little about. Shambesai grades look quite nice, definitely a prospect to keep an eye on.

jman


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## Holy Roly (2 March 2009)

This is my first post/reply, and I chose to reply to this post as MSR is one stock I have been watching as far as share price and related news.

Firstly, I have to agree it was strange to spin off MSR, but is was done in the best interests of PRU. That said and done, I have notice that MSR has jump up on very low volume, but no news! I am interested to get involved, but feel the price is too high for me now.

I am also looking at KGL, which at least has a rise on positive news, but I feel KGL is too high for me now too!

Anyway, I'm still watching!


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## Holy Roly (5 March 2009)

My second post/reply, and a few things have changed in the 4 days since the first.

Firstly, MSR - Manas Resources has had the long waited (3 days) price correction, and now looks better priced at a dropped of +21% to 7.1 cents. The buyers left the market or dropped their bid to 7.1 from bids of around 9.0 at the start of the week.

Secondly, KGL - Kentor Gold Limited had a brief drop two days ago to 3.7 cents and is back to support level of 4.0 cents. I decided on the day (two days ago), that KGL offered better value and entered at a bid of 3.7 cents and got it (interest declared). KGL also offers geothermal power joint interest with PAX - Panax Geothermal Limited. 

PAX may soon be producing power in South Australia and this may give the market more confidence in Geothermal technology and feasibility. So, now I am watching PAX. Support level seems to be at 10 cents, though yesterdays news might be the reason why it rose from the low 9's.


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## Holy Roly (20 May 2009)

Hmmm... MSR is currently around 12.0 cents per share, and despite their market announcements it can not break through 13.00 cent per share.

I feel this indicates the top price per share and market capitalization is one of the highest for a non producing gold explorer. However, cash in the bank is a little over 2 million, and MSR is likely to get over 1 million from Kentor Gold plus royalties over the next 2 to 3 years.

In short, MSR is an interesting company to watch, but looks better under 10.00 cents per share. Try for 9 cents at current gold prices... it may mean waiting or taking up a better opportunity in the mean time. It may be a month or two, but this stock can bounce quite quickly.


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## jman2007 (10 October 2009)

A real 'flying under the radar' company if ever I saw one

MC still pretty small @ $19M, currently $5.3M in cash and 120M shares on issue.

However Manas have been enjoying some good success at their two main projects in the Kyrgyz Republic. *Shambesai* (390,000oz @ 2.7g/t) and *Obdilla* (485,000 oz @ 1.6g/t) both appear to be older PRU prospects/projects that Manas have since managed to turn into a couple of pretty attractive projects, which have been nowhere near closed off. E.g. New results at Shambesai released a few days ago of 21.8m @ 4.92g/t Au from 103m, currently outside the current resource model.

Their ground position looks pretty awesome, 4200km² in what is arguably the richest gold-bearing belt in the world. 50+ ranked targets to be tested, of which the first two have already yielded two deposits!!  Target of 2M ounces by the end of 2010.

Currently 5 diamond rigs at Shambeasi drilling a 99 hole program, 59 or so completed so far of which only 21 have had results reported for them, so potentially a lot more good news between now and the end of the year.


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## jman2007 (10 October 2009)

Btw I forgot to mention I currently dnh

Officially the PRU line would probably be something like "we spun out the Kyrgy assets so we could focus on our core assests in Ghana", but it is still a little murky to say the least imo .  Yes, the board is full of lads from related companies who have been scratching each others backs for a while, but that is not my core focus with MSR. I think the current fundamentals are clearly outweighing the negatives associated with this company.


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## Miner (12 October 2009)

Trader Paul said:


> Hi folks,
> 
> *MSR* ..... listing on 22072008, this one should start out, with
> good support from 2 positive cycles, this month:
> ...




What is your latest thoughts on MSR ?

It is almost one year since you predicted about the cycles.


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## jman2007 (28 October 2009)

Well picked up a swag of these @ 15.5c today, took a few days for the order to be filled, so neither buyers or sellers prepared to really budge much atm.

If you look at the periodicity of their releases, they seem to be putting out drilling results every 3-4 weeks. They say they've committed to releasing approx. 80 diamond holes worth of assay data by the end of the year, so should see something in the next couple of weeks. Bounced extremely hard intraday (40-50%) from the last Ann, so could run hard at very short notice.

MC/oz ratio of about 17, so a little on the low side. Should have about $6M in cash to see them through to the next field season in April-May, I imagine winter conditions are a real factor where they are based.

HOLD: PRU, GRY and MSR


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## jman2007 (17 November 2009)

Interesting day,

up 15.5% on a down day, breaking resistance @ 17-17.5c along the way. I wonder if it's some of the Directors mates getting in on the action before any more drilling results come out? Bottleneck sounds like it is the assay lab, but if the assays come back as good as what MSR (and me!) hope, could forseeably go to 20c rather quickly.


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## jman2007 (18 November 2009)

jman2007 said:


> I wonder if it's some of the Directors mates getting in on the action before any more drilling results come out?




Yup,

Some more news today, some reasonably encouraging infill drilling results from Shambesai: 

- 21m @ 12.6g/t from 27m
- 8.5 @ 15.4g/t from 6m

MSR sound confident that results like this could sigificantly boost the oxide component of the Resource. It appears as though the majority of the drilling has been done on 50m spaced sections, so there would appear to be a reasonable liklihood of this happening (eventually).

Still less than half of the total number of holes have been reported on, 89 out of 99 have been drilled, and 38 reported on so far. Went to 20.5c intraday, although may hover at 17-18c until we get some more results.


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## Pallen (18 March 2010)

Why cant this get up?

Seems like there is a heavy seller?

Are PRU cashing in to raise more funds for Ghana, just seems odd that an announcement like todays didnt do mor for the SP?


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## hobo-jo (17 January 2011)

*Manas Resources Ltd (MSR) - New All Time High*


> Manas Resources traded at all time highs today (35.5c) and closed (34c) above the previous high of 32c set in November 2010. It was +15% on the previous days close and looks potentially like a breakout. Volume was healthy with over 2.5m traded.
> 
> There's no guarantees that the breakout will hold, especially given Gold's recent weakness (although MSR bucked the trend today), but if it does it's blue sky territory from here. With no overhead resistance it will be interesting to see where the share price would end it's run.
> 
> ...


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## exberliner1 (17 July 2011)

I have reviewed once again the recent ANNs from MSR to see if I have missed anything as I am a bit suprised that the SP has stayed where it is.

I really do not see anything negative at all.

In fact the following positives stand out for me.

The bonanza grades reported in this week's ANN were recovered from outside the current resource boundary. In other words this will stand a good chance of further increasing the producing footprint of the mine.

Out of the 20 000m being drilled atm only 5 000m has been reported - 15 000 m still to come.

At the key Shambesai site we have drilled 9 700 metres out of a planned 12 300. I would expect therefore that there will be further drilling in the area of the bonanza grades that are presently "just" outside the boundary of the planned mine.

If 9 700 metres has been drilled so far in Shambesai then the results of the drill core assays are surely imminent on at least a further 4 700 metres. 

MSR has spent a lot of time drilling and mapping the area so by now they shiould have a really good idea where the good grades are. This should help MSR to report the best possible g/t from the remaining cores.

All results show that mineralisation is open at depth.

Later this year MSR plans to have upgraded the resource and size of the pit by analyzing in more detail (from further drilling) the western part of Shambesai.

So far indicated and inferred resource totals come to 1.13mn tonnes with an average grade of 2.1 g/t across both Shambesai and Obdilla.

MSR has calculated viability using a gold price of $1000 per ounce. By the time they start producing next year the gold price should still be in the $1500+ level bearing in mind long term structural problems in Europe and USA debt ceiling woes. Using $1 500 we of course get far more profit per tonne of ground dug up.

The drilling is going to cost $5mn for the whole of 2011 and we have $11mn on the balance sheet (maybe $8mn or so after this quarter's drilling. 

We have 60mn options which expire at the end of September which on exercise will bring in a further $12mn.

Capex is estimated at $16.3mn

The cost of producing gold from Shambesai over the first 3 years is setimated at US$180 per ounce and planned production is 100 000 ounces pa. That equates to an ebitda type profit of around $1 300 per per ounce or $130mn per year. MSR estimates this will produce free cash flow of $96mn per year.... against our current mkt cap of around $30mn ($50MN diluted) - so a pe of 0.5 then

The company has a PFS currently underway and plans to submit this to the government authorities this quarter in order to receive a mining permit. It should be stated that the Krygistan government and local authorities have a history of supporting mining projects on an FDI basis such as MSR's.

I do not think there will be any need for further cap raising outside the exercise of the options. If you look at EVG you will find that certain banks (Macquarie for example) have a history of lending money when all the hard work has been done and production is imminent.

MSR talks of a payback within 9 months (using $1000 per ounce for gold). At $1 500 or even $2 000 per ounce this time period reduces dramatically.

--

So considering all that and especially the fact that we have a huge number of key ANNs due over the next few months then we can only go up from here.

In which case the options (even with only 10 weeks left) show around 9 times leverage and follow the SP very closely - are surely a bargain worth accumulating.

Finally I hold both MSR and MSRO.

Anything I have missed?

EB


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## exberliner1 (30 August 2011)

It would appear that an overseas broker has started covering MSR. Text of their report below:

The full report is on the Bloomberg system under MSR - All News / Research

Report start -

Golden Opportunity

With the price of gold off the record levels at but still trading at USD 1,730 per ounce or 20% higher YTD, we have been investigating companies in our region, which can be defined as the Former Soviet Union (FSU), that are either producing or are very close to producing gold from mining activities. Key areas we have focused on are location, resource outlined to date and average operating cost per
ounce. We are pleased to present clients of Foyil Securities with background on Australian quoted Manas Resources (MSR AU) who are on the verge of producing gold from their 100% owned projects in the Kyrgyz Republic with a production cost that will make them one of the lowest cost gold miners in the world right at the time when gold is still viewed as a viable and safe investment in the time of global economic turmoil.

Key drivers
► Mining approvals on the horizon. On 21st June MSR reported via an ASX release that they have submitted the TEO report (Technical and Economic Justification Study) to the Kyrgyz Ministry of Natural Resources for review. The Kyrgyz Republic has made a major effort to attract FDI from
international mining companies to develop the gold mining sector in the country. MSR has full support from the local community and has worked where ever possible with local engineering companies to progress the projects. Approval of the TEO will immediately allow MSR to apply for a
mining license. The Kyrgyz Republic boasts corporate tax of only 10% and gold production royalties and minor taxes that will be a maximum of 5.5% further adding to the financial strength of the project from a reporting perspective.

► 1.13m ounces of gold resources which are compliant with the JORC code. MSR currently has underway a 20,000 m drilling program across all active exploration sites of which 12,500 m has been completed and 5,000 m reported. The two main target areas to date, Shambesai and Obdilla,
give MSR 1.13m ounces of in-ground gold resources based on activities since 2008. MSR continues to drill prospective sites within its 4,400 km² landholding and in Q2 drilled the first hole at a new site called Pum that lies just 3 km from the main Shambesai zone. Drilling outside the existing resource boundaries at other prospects has produced an encouraging result, which will require
further drilling and analysis but could become a third mine site within the landholding. With an initial
first-stage mine plan producing annual output of 35,000 ounces of gold for 5.5 years, the current resources offer the opportunity for significant expansion both in terms of gold output and mine life. The next resource update for Shambesai � in which a significant expansion is expected � is due by the end of September.

► Strong balance sheet. On 10th December 2010 MSR announced a capital raising of AUD 11.5m. This offer was heavily oversubscribed and MSR issued 57.5mn shares at an AUD 0.20 share price. This was notable for being above the prevailing market price of AUD 0.19 at the time. At 30 June
2011 the company had cash reserves of AUD 8.8 million with 177 million shares, 60 million listed options and 15 million unlisted options on issue. Cash burn for the current quarter is estimated at AUD 2.65m as the exploration program concludes, which will leave MSR with AUD 6.18m in cash on the balance sheet as the quarter ends, plus a further AUD 12m subject to the exercise of the 60m quoted options at AUD 0.2 exercise price , which expire September 30, 2011.

► Production to start in 2012. MSR plans to start production at the end of 2012. The production site will be located in the Shambesai valley. CapEx necessary to launch production is estimated at AUD 16.3m, which will be spent on the construction of a Vat and Heap Leach Plant the construction of which will commence upon the company�s receiving government approval. Money necessary for
building the plant will be received either by converting 60m options provided the stock price reached AUD 0.2 per share in September, through issue of further equity or will be borrowed. 

Valuation
► The purpose of this report is to inform Foyil Securities� clients of the opportunity in the region. A
Scoping Study released on 16 November 2010 showed a pre-tax cash flow of USD 118M at a USD 1,000 gold price for mining mainly the 180,000 ounce high-grade oxide portion of Shambesai only. Significant upside exists in the remaining resource at Shambesai and the 485,000 ounce Obdilla resource only 7km away. At this point, our Buy rating of the stock is based on the expected announcement of resource upgrade in September, which will raise the company�s reserves from the current 1.13m ounces and the release of a Feasibility Study later in the year which will place a value on the cash flows to the Company as it enters production. With a current gold price of USD 1,830
per ounce and past economic figures run at USD 1,000, there is significant potential for a substantial increase in value both on the first-stage oxide operation, future underground and sulphide operations, and on the increase of current in-ground resources.

Company profile
Manas Resources Limited is an Australian-based gold explorer in the Kyrgyz Republic with substantial
resources, high grade drill targets and a large highly-prospective land holding in the world class Tien Shan
gold belt. Manas Resources was a wholly owned subsidiary of Perseus Mining (PRU AU) who are focused on gold mining in Africa. PRU is now a AUD 1.4bn company and given their focus on other geographical areas, Manas Resources was spun out into a separate company and floated on the Australian stock exchange (ASX) in 2008. PRU remains the largest shareholder of MSR owning some 24% of the issued
shares. Since 2008 MSR has been focused solely on exploring and drilling it�s 4,400 km² landholding in the
South of the country and has become the largest and most active gold explorer in the Kyrgyz Republic. The exploration activities have so far resulted in a resource of 1,130,000 ounces of gold which MSR plan to put into production in 2012 with an initial extraction cost of USD 180 per ounce and output of around 35,000 ounces per year over the first 3 years. The operating cost places MSR in the lowest quartile of any gold producers worldwide and is one of the key drivers in Foyil Securities releasing this research note.

Additional investment points
► Substantial exploration program underway. Manas Resources has now completed a substantial exploration program at the Shambesai gold projection the Kyrgyz Republic - with 7,500 meters of results still pending - which are expected by September 2011. The program included 5,000 meters of infill drilling, 5,000 meters of extensional drilling and 2,500 meters of sterilization and
geotechnical drilling. The main focus of drilling at Shambesai have been on areas which Manas has designated as critical to expanding the shallow oxide resource for mining, while expanding the western pit boundary and increasing the economics of the pit optimization for the Feasibility Study. A resource update is forecast to be received in the September quarter. Shambesai is highly
prospective due to previously announced hits such as 33.7 meters at 10.74 grams per tonne (g/t) gold from 114 meters, including 7.8 meters at 28.64 g/t gold. The impact from this and other high grade hits improved the project's economics by substantially increasing the underground potential.
In other Manas news - drilling has now kicked off at the Ulugtau and Obdilla prospects, with Tashbulak to commence soon. Another major plus for Manas is that the Feasibility Study for Shambesai is progressing ahead of schedule, and will be completed in the December 2011 quarter.

► Experienced management team. MSR�s management has over 80 years of combined experience in the minerals industry in geological consulting and gold mining with strong links to Perseus Mining Ltd, which is a key shareholder in MSR, giving the company the necessary skills to succeed.


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## springhill (12 August 2012)

A stock with a MC of $21m, $10.6m available to them and a small, but high margin gold mine, with cash costs of $411 per ounce and a capital cost pay back of 10 months, possible in the future.
Not the worst scenario!

MC - 21m
SP - 9c
Shares - 228m
Options - NQ
Cash - $10.6m

Shambesai Gold Project – Definitive Feasibility Study (DFS)
 Projected net cash flow of US$208M after recovering capital expenditure of US$37M from the production of 245,000 ounces of gold at an average grade of 2.8 g/t gold over an initial 4.5‐year mine life (at US$1,500 per ounce gold price)
 Mineral Inventory of 3.2M tonnes at 2.8 g/t gold for 285,000 ounces includes a Probable Reserve of 2.5M tonnes at 3.0 g/t gold for 245,000 ounces of gold and additional Inferred material of 0.7M tonnes at 1.9 g/t gold for 40,000 ounces of gold
 Average life‐of‐mine cash cost (C1 costs) of US$411 per ounce from processing entire 285,000 ounces, placing Shambesai in the lowest quartile of cash costs for gold producers worldwide
 Recent successful Leachwell™ analysis on additional sulphide material highlights the potential to increase reserves and production rates beyond the Shambesai Mineral Inventory in the DFS
 Kyrgyz Republic Government announced the formation of the State Licence Committee, which has begun the process of reviewing mining applications and has recently awarded two mining licenses to other applicants Exploration
 Manas’s extensive landholding in the Kyrgyz Republic includes 54 prospects with only six drilled to date for a Resource base of 1.25Moz of gold
 Regional exploration is underway on 6 prospects, including a full regional review and ranking exercise under the guidance of a consultant with extensive experience in Carlin style mineralisation and deposits


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## springhill (29 August 2012)

Not a word reported from MSR since the quarterly, but still managed to gap up today and finish on its high.


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## burglar (29 August 2012)

springhill said:


>  Kyrgyz Republic Government announced the formation of the State Licence Committee, which has begun the process of reviewing mining applications and has recently awarded two mining licenses to other applicants Exploration
>  Manas’s extensive landholding in the Kyrgyz Republic includes 54 prospects with only six drilled to date for a Resource base of 1.25Moz of gold




Recently Caspian Oil & Gas annouced that its Kyrgyz oil and gas permits will not be renewed by the State Licence Committee.
A warning to all that sovereign risk is alive and well in some parts of the world.


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## springhill (29 August 2012)

burglar said:


> Recently Caspian Oil & Gas annouced that its Kyrgyz oil and gas permits will not be renewed by the State Licence Committee.
> A warning to all that sovereign risk is alive and well in some parts of the world.




MSR are not anticipating any problems in this area, neither did Caspian, i guess!

In order to expedite a mining permit for Shambesai, during the quarter the Company maintained continual
dialogue with the Kyrgyz Republic State Agency for Geology and Natural Resources (SAGNR) and the Kyrgyz
Ministry of Economy and Anti‐Monopoly in regards to the submission of the Shambesai TEO Report (Russian
interpretation for Technological and Economic Justification Study). The report shows a robust economic
evaluation of the Shambesai project and that Manas has delineated sufficient gold reserves to justify the grant of
a mining licence.
On 22 March 2012, the Director of SAGNR, Mr Uchkun Tashbaev, approved the composition of a committee on
licensing of subsoil use, or the State Licensing Committee, on behalf of the Kyrgyz Republic Government. This
Committee is responsible for granting all mineral licences and it has commenced that process. Manas is
encouraged by the recent granting of mining permits to Chaarat Gold Holdings Limited and Highland Gold Mining
Ltd, both of which are listed on the London Stock Exchange.
As a result, Manas is confident that the approval of the TEO report and the subsequent granting of a mining
permit for Shambesai will be forthcoming prior to the end of 2012 as the Company has recently noted that Shambesai gold production has been budgeted for by the Government of the Kyrgyz Republic in the 2014
development protocol.


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## springhill (6 September 2012)

*MANAS RESOURCES RECEIVES KEY APPROVAL FOR SHAMBESAI GOLD PROJECT
TEO AUTHORISATION PROVIDES COMMENCEMENT OF SCHEDULE TO GOLD PRODUCTION*

 Approval of the TEO Study (Russian interpretation for Justification of Technical and Economic Conditions) for the Shambesai Gold Project has been received
 TEO approval is the key authorisation required for the commencement of detailed design, permitting, construction and gold production at Shambesai
 Permitting continues with social and environmental studies being conducted for a number of months
 Schedule now in place for construction to commence in 2013; gold production forecast for early 2014
 New Kyrgyz Republic legislation recently enacted to simplify the permitting process for minedevelopment
 Shambesai has a projected net cash flow of US$208M after capital expenditure of US$37M from production of 245,000 ounces of gold at an average grade of 2.8g/t gold over an initial 4  ½‐year mine life (US$1,500 per ounce gold price) with average life‐of‐mine cash costs (C1 costs) of US$411 per ounce
 Debt financing options now being considered


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## greggles (21 May 2021)

Manas Resources acquires RSG's exploration interests in Cote d'Ivoire covering 6,194km2, including three prospective gold projects.

The terms look quite favourable to MSR with only $1 million paid upon completion of the transaction with a further $4 million payable after 12 months of gold production from one of the projects being acquired.

To fund the upfront payment and working capital for exploration, Manas is raising $3.5 million via the issue of 583,333,333 FPO shares at 0.6c per share. There will also be a 10:1 share capital consolidation reducing the shares on issue from 2,760,273,598 to 276,027,360.

A few quick observations:

1. The ground being acquired looks quite prospective
2. The transaction is only very mildly dillutive with a $1 million up front payment
3. There is always political risk in African countries


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## Sean K (21 May 2021)

greggles said:


> Manas Resources acquires RSG's exploration interests in Cote d'Ivoire covering 6,194km2, including three prospective gold projects.




Read the ann this am and thought, meh. Went bazurk (is there a spelling for that) at the open. Lots of punters bought at 0.01 and immediately lost their houses. Still pretty good for the family and friends who bought in last week. Funny game this one.


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## greggles (21 May 2021)

kennas said:


> Read the ann this am and thought, meh. Went bazurk (is there a spelling for that) at the open. Lots of punters bought at 0.01 and immediately lost their houses. Still pretty good for the family and friends who bought in last week. Funny game this one.




Acquisitions like this could turn out to be a company maker, but the reality is that won't be known for many months, if not years. There is a lot of exploration work to be done before the market will have any understanding of what is under the ground at these tenements.

So what you get is an initial spike driven by day traders and then the inevitable sell off. If you were in MSR before today then you would have done well, but buying in on the day of the initial spike, while it does occasionally pay off, is generally a recipe for disaster.

That being said, MSR has held on OK today. It's still at 1c at 3:45pm, which is not bad considering what it closed at yesterday.


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## The Triangle (29 May 2021)

Is the ground any good?  Or was this an exercise in paying $1 million to create the story to enable a raise of $3.5 million?  The various relationships between RSG, PRI, and these guys makes for a bit of head scratching if you're not up to speed.    Placement at .6, trading at .9 to 1 cent seems a bit rich when these guys have prospects only and are operating in Africa.   Still 7 million cash to spend on drilling with a market cap of 30 or so million in this environment is not bad.

I'll do a little more research on their land holdings to see if this is worth a punt, but I think RSG are a poor company and would prefer to not be involved with a company they 'control'


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## System (9 August 2021)

On August 9th, 2021, Manas Resources Limited (MSR) changed its name and ASX code to Turaco Gold Limited (TCG).


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## Miner (14 January 2022)

Hello folks
Since renaming ceremony  of Manas Resources is any one following TCG ?
The company has no strength to go beyond exploration and there were some interesting announcements .


			https://cdn-api.markitdigital.com/apiman-gateway/CommSec/commsec-node-api/1.0/event/document/1410-02462542-3PDAFB47UP7R3I3NAPS1INSHNV/pdf?access_token=0007IjGb8kaxy1jqLmERcV5hcWWW
		


Some advanced garden drilling

Auger Drilling Returns Over 25g/t Gold at Bouake North, Eburnea Gold Project Highlights  Auger drilling at Bouake North has confirmed high-grade in-situ gold mineralisation associated with widespread gold-in-soil anomalism  Bottom of hole assay results of up to 25.2g/t gold with several >1g/t gold results (refer Appendix One and Figure Two)



Some private investors changing hands.
Interestingly the addresses are  is given with PO Box . I thought ASX requires a full residential address and not a proxy address from a deemed investor. I could be wrong on knowledge base. So advance apology for lack of awareness on address issue.



			https://cdn-api.markitdigital.com/apiman-gateway/CommSec/commsec-node-api/1.0/event/document/1410-02474932-6I0IFMLTPP0MNK818ITP8O6PFJ/pdf?access_token=0007IjGb8kaxy1jqLmERcV5hcWWW
		




			https://cdn-api.markitdigital.com/apiman-gateway/CommSec/commsec-node-api/1.0/event/document/1410-02460466-2Q8F4DGUMKRMHSGKKF4GNM8D06/pdf?access_token=0007IjGb8kaxy1jqLmERcV5hcWWW
		


At the same point, Resolute unloaded its chunk of holding. Would that for near future no luck ?



			https://cdn-api.markitdigital.com/apiman-gateway/CommSec/commsec-node-api/1.0/event/document/1410-02459250-63TO1GR9RBPVR76JN0FGKQ3E06/pdf?access_token=0007IjGb8kaxy1jqLmERcV5hcWWW


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