Manas has reported that with respect to the Albanian project and the signed Letter of Intent between Manas and WWI Resources dated November 19, 2009, both parties have agreed to extend the due diligence period in order to complete all required legal and documentary work.
In conjunction with the above, Manas is further pleased to report that on December 4th, 2009 WWI made a good faith payment to Manas in an amount of approximately US $1,000,000 in order to facilitate certain obligations on their part in connection with the project.
The final agreement is currently prepared and Manas believes that the transaction will be closed shortly.
Manas is currently updating our 51-101 compliant volumetric and economic reports on Blocks A, B, D and E issued by Gustavson Associates in November 2008. In addition to that the company is preparing similar reports on the discovery Blocks 2 and 3.
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