Ann: Manas withdraws from the VGP transaction, page-2

Following the one year anniversary of the Asset Sale Agreement and Consulting Agreement (“Agreements”) for
the acquisition of the Victoria Gold Project in Tanzania (“VGP”) and given the lack of progress in effecting the
licence transfers required to result in completion of the acquisition as well as on-going challenges facing mining
companies operating in Tanzania, Manas Resources Limited (ASX: MSR) (“Manas” or “Company”) has elected
to terminate its participation in the transaction.
Manas is entitled to repayment of the US$800,000 pre-payment made under the terms of the Agreements
should the vendor group on-sell the VGP assets to a third party within the next 12 months. Manas is further
entitled to be repaid funds advanced to the vendor group since March 2017 for working capital and exploration
activities on the VGP ground
While Manas intends to assert its legal rights to recover these funds, it has already made provision in its
December 2017FY reporting to fully impair these amounts in its accounts should recovery of the funds not be
possible.
Manas CEO, Philip Reese, commented: “While it is disappointing that the VGP acquisition is not proceeding
given the significant efforts made by all parties to advance the transaction, we can now be fully focussed on our
activities in Côte d’Ivoire. We are looking forward to providing further updates on our progress on advancing
this work in the near future.