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Gold/Mining/Energy : Manhattan Minerals (MAN.T) -- Ignore unavailable to you. Want to Upgrade?

To: charred who wrote (4333)	5/7/2002 4:41:34 PM
From: Little Joe	Respond to of 4504

Today I received and email from the company which read as follows: Manhattan Minerals Corp. is pleased to provide a further update on the Feasibility Study and Environmental Impact Study (EIS) for the Tambo Grande Project in northern Peru. These studies remain scheduled for completion in mid 2002 and are being prepared by AMEC E&C Services Ltd. (for the Feasibility Study), and Klohn Crippen Consultants Ltd. (for the EIS). The Feasibility Study is one condition required to exercise the Option Agreement with the Government of Peru (Centromin). The major technical components of the Feasibility and EIA have been completed, including mine planning and process engineering, concentrate marketing analysis, tailings design, and river engineering. Technical and socio-economic studies along the transportation route, including the port, are complete and are being incorporated into the draft document. A study of power supply and power-line routing has also been completed. A detailed characterization of the San Lorenzo irrigation system has been completed and will be used along with studies of the agricultural economy to provide baseline information for sustainable development initiatives. The operating plan envisages a 7,500 tpd gold/silver plant being operated initially to process the oxide cap material. In the third year of operation a copper/zinc flotation plant will be commissioned and operated at 10,000 tpd using one grinding line, and then expanded in the fourth year to 20,000 tpd, after converting the grinding capacity of the oxide plant. Operating and capital cost estimates are well underway and will be completed in the early part of June. The Company continues to actively engage the local population in dialogue, through the community workshops it began in 2001. Since the beginning of this year over 600 participants total have attended in 25 workshops. In addition, presentations have been made to regional governments, Federal regulatory authorities and Governors, as part of the consultation process. The socio-economic components of the EIS are the most critical to successfully developing the Tambo Grande Project. Detailed analysis of the regions social and economic systems is continuing, with the support of a range of Peruvian and international consultants including local Universities. Community Development and Resettlement Planning continues to be an important aspect of the project. Manhattan is committed to developing the Tambo Grande Project with full community participation and involvement. For further information please contact: Lawrence Glaser C.E.O. and Chairman Tel: (604) 669-3397 See next Post.

To: charred who wrote (4333)	5/7/2002 4:58:29 PM
From: Little Joe	Read Replies (1) \| Respond to 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