Vancouver — The Peruvian government has granted
The deal gives the company until May 31, 2004, to exercise its option, though it requires that all the terms of the agreement be 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 its environmental impact assessment (EIA) for the TG-1 gold-copper project, as well as all of the accompanying and additional base line data.
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 vandalized its project facilities near the town of Tambo Grande.
Tambo Grande hosts the TG-1 oxide gold deposit, the TG-1 and TG-3 sulphide deposits. Probable 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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