Vancouver The Peruvian government has granted Manhattan Minerals (MAN-T) a one-year extension to its option agreement over the Tambogrande concessions.
The deal gives the company until May 31, 2004 to exercise it’s option agreement but requires that all the terms of the option agreement are met by the end of 2003. The terms include the delivery of the environmental impact assessment, and the delivery of a finance plan for project development.
Manhattan has already submitted to the Government of Peru the environmental impact assessment (EIA) for the TG-1 gold-copper project, as well as all of the accompanying and additional base line data. The EIA review by the Government of Peru is continuing with formal community workshops, which will ensure dissemination of environmental, social, and economic data, is slated to begin in May.
The company can earn a 75% stake in Tambo Grande, which consists of 10 concessions measuring 100 sq. km. Under the original deal, Manhattan had until May 2003 to complete the feasibility study and secure development financing. However, the company ran into local problems in 2001 when a politically motivated group vandalised its project facilities near the town of Tambo Grande. The junior is put the blame on a group whose aim is to disrupt government and industrial activities heading into the Peruvian election. The disruptions subsequently force a delay to Manhattan’s objective of completing its feasibility study on the TG-1 deposit, originally expected by June 2001.
Tambo Grande hosts the TG-1 oxide gold deposit, the TG-1 and TG-3 sulphide depositsProbable reserves in the oxide portion of the TG-1 desposit total 8.2 million tonnes grading 3.34 grams gold and 58.7 grams silver per tonne. The sulphide portion has probable reserves of 57.8 million tonnes running 1.5% copper and 0.9% zinc, plus 0.5 gram gold and 25 grams silver per tonne.
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