Manas Resources Ltd. completed the sale of its mineral assets, including the Shambesai gold project, to Chinese state-owned Guizhou Geological and Mineral Resources Development Co. Ltd.

The company received the first-installment proceeds of US$4.6 million, and expects a second installment of US$4.9 million before early April 2017.

Manas separately sold its Savoyardy assets to a local Kyrgyz company, NewGeo Technology LLC, for a nominal amount, it said Dec. 28.

Under the agreement, the company will receive 50% of the net proceeds from any future sale by NewGeo.

Manas said that it will now focus on the acquisition of the Victoria gold project in Tanzania.