A $10-million private placement will enable Manhattan Minerals (VSE) to explore and develop three properties in Mexico.
Most of the proceeds ($6 million) will be spent on the Moris gold project in the northern state of Chihuahua.
A feasibility study indicates that a heap-leach operation could produce 27,780 oz. gold annually, with production costs averaging US$182 per oz. Capital costs are estimated at US$11.4 million, and reserves are believed sufficient for eight years.
Manhattan plans to spend $900,000 on its El Promontorio and La Guiatarra projects. The remaining $3.1 million will be used as working capital. The junior plans to apply for listing on the Toronto Stock Exchange.
Be the first to comment on "NEWS ROUNDUP — $10 million for Manhattan"