Manhattan sold all of its Mexican assets to Mexican investors as of March 12, 2001. Proceeds from sale include nominal payment and sliding scale royalty from any future production of the Moris Au-Ag mine. Manhattan has been focused on the Tambo Grande project in Peru for the last couple of years.
Manhattan Minerals Corp. MAN (TSX)
Moris Mine, Chihuahua was the primary asset in Mexico. OP/HL was in production at 3,000 mtpd. Gold production in 1999 was 13,041 ounces, compared with 21,100 ounces in 1998. Mining operations were suspended in April, 1999, due to severe drought conditions and low gold price. Leaching of the pad continued throughout the year and is expected to continue for 1Q00. The Moris Mine is not a core asset and the company is considering its sale. The carrying value of the Moris Mine was written down by $7,965,000 during 1999 to a nominal value. In 1998 the value was written down by $3,705,000.
Press Release 13Mar00
In the nine months ending Sep. 1998, Manhattan mined 628,292 tonnes at a 0.6:1 strip ratio at a cost of $7.84/tonne to recover 15,870 oz Au at a cost of $219/oz. Total production in 1998 estimated at 21,000 oz at cost of $250. Heavy rains and lower than expected gold recoveries are being blamed for 3Q98 production shortfall. Significantly lower grade and less leach friendly stockwork shale transition unit between ore and waste was loaded on the pads in 3Q98. Mine reserves 1Q99 stood at 4,000,000 tonnes at 1.7 gpt Au (and 8.75 gpt Ag) in proven+probable category and additional 5.8M tonne resource all in a 1:1 strip ratio configuration. This leaves about 4.5 years left at 25-30K oz. annually.
GCN #9 14Jan99
Two separate pits: Talud and Creston. Very active in exploration in northern Sierra Madres in NW Chihuahua State. Mineable reserves are 5.35 M tonnes at 0.059 opt Au sufficient for an 8 yr mine life targeted at production levels around 28,000 - 30,000 oz/yr at cash costs of $190-195 per oz. In Nov. '96 the reserves were increased to total resource of 8.26 M tonnes at 0.054 opt, with 5.35 M tonnes at 0.059 Au being considered mineable. This is up from 6.15 M tonnes at 0.058 opt (GCN #213 4Nov96). First pour was in May, 1996 and to Sep. 30, 1996 it produced 5,639 oz Au and 6,240 oz Ag. During 1Q97 it produced 3,781 oz Au and 10,547 oz Ag from 132,944 tonnes grading 2.1 gpt Au. During 2Q98 it produced 6,123 ounces at cash costs of $206/oz.
GCN #155 13Aug98
LAMR May, 1998
NMN V83#15 06/09/97
NMN v82#42 12/16/96
Candamena Au-Ag Project, located 25 km SSE of Moris Mine. Total drilling since late 1996 comes to 24 DDH holes by March, 1997. This area lies on the southern margin of the Ocampo caldera and contains a large 2500 by 2100 ft low-level gold anomaly over a acid-sulfate, quartz-adularia and pyrophyllite alteration system hosted in near-surface rhyolitic pyroclastic rocks. Silicification is reported as moderate. Pervasive gold mineralization discovered related with two rhyodacite intrusions associated with ring fractures related to southern rim of Ocampo caldera. The two Zones are La Joya (to west) and Dolores (to east). The stratigraphic thickness of Tertiary volcanics is in locally excess of 600 ft. Manhattan claims a target of 100 MM tonnes has been confirmed. Encouraging preliminary Au-Ag results have led to a second rig being mobilized to property. Drilling in July continues to intersect 1-3 gpt Au and 10-50 gpt Ag over 15-75m intercepts in vertical and angle holes. The 10,313m drilling in 52 holes is concentrated in the La Joya and Dolores Zones.
MBD July, 1997
GCN #110 9Jun97 (tabulated results)
MBD April, 1997
NMN v83#2 03/10/97
NMN v82#43 12/23/96
GCN #235 5Dec96
Oribo Property, SW Chihuahua. Optioned a 100% interest in a 7, 200 ha concession covering Au-bearing skarn located in southwestern Chihuahua. This augments the 15,428 ha Manhattan has under application in the same area. A drill road is being constructed to the area and helicopter supported magnetic, EM and radiometrics are planned to be completed in June-July. Chip sampling in old workings and in marble in contact with porphyry intrusives and oxidized breccias has returned gold values over 0.2 opt. Soil sampling has defined a +100 ppb anomaly over 200m wide and 1.5 km long. CMH 1998-1999 lists this holding at 127,447 hectares, considerably more than listed above..
GCN #110 9Jun97
Press Release 5Jun97
Several properties in western Chihuahua include the following:
Rome: 5,000 ha property adjacent to Moris Mine located 6 km E.
Oribo: 7, 200 ha concession covering Au-bearing skarn.
Guaziziaco: concession with 2 Au anomalies in volcanics (Montana de Oro).
Montosa: 3,500 ha Cu-Au prospect near Chinapas, Chihuahua.
Chichaco: 20 sq km located 10 mi S of Montosa Property.
Guitarra: Au-Ag prospect of 3 claims totaling 595 ha located in Urique District near Temoris, Chihuahua.
NMN v82 #40 12/02/96
Randol at Vancouver '96 Presentation
MBD November, 1996
NMN v82#21 07/22/96
MBD June, 96
GCN #94 14May96
GCN #91 9May96