Manhattan Minerals (MAN.T) Message Board

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Gold/Mining/Energy : Manhattan Minerals (MAN.T)

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To: charred who wrote (4333)	5/7/2002 4:58:29 PM
From: Little Joe	Read Replies (1) of 4504

After I received the message contained in the foregoing post. I called Manhattan and spoke with Mr. Glaser, the CEO who gave me the following information: 1. He expects feasibility study to be ready in June. 2. He is negotiating to remove the conditions that requires the mine be operated by a company which has a large mine in operation. He feels this is likely to happen, since the economics of the mine are so good that it does not require a large operator. 3. They will need a letter of guarantee for the debt portion of financingfrom a bank. He stated that Bankers love this project. He estimates that it will take 40 Mill in equity and 130 mill in debt to do the project and this includes relocating the famililes in the town that will have to move. All of above needs to occur before the option expires in May of 2003. I specifically asked if he felt it would be necessary to extend the option period and he seemed confident that it would not be necessary. It thinks it will cost about 36 million to relocate the people that need to be moved and build roads and other infrastructure. The people in the town that need to be moved about 16K, people, not households, are and have been favorable to the project and they stand to move into upgraded housing. He impled that previous management did not do their homework with regard to other people in the area necessary to build the social consensus. Manhattan has hired socialogists to advise them and he feels the agricultural interests are now on board and that the project is gaining in favor in the community. As I understand it theprocess will be that Man will submit the feasability study to the government who will review it for 90 days and submit it to public comment. The procedure after this is a little fuzzy but I gather that if the government feels that there is community support permitting will likely be granted. I did not get the impression he was hard selling. He seemed to sincerely believe that the chances of permitting were good, but also recognized the problems might not be resolved and the permits might not be granted. I took away from the conversation that a clearer picture will develop in the next six months and have decided to hold onto my shares. Little joe

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