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Amur Minerals raising £5.48 mln via share subscription to accelerate Kun-Manie

Wed, 08 Feb 2012 03:17:00 +1100

Russia focused Amur Minerals (LON:AMC) is raising around £5.48 million via a share subscription to accelerate development of its flagship Kun-Manie nickel sulphide asset.

The cash will be used to fund bespoke metallurgical and engineering work to be carried out as drilling continues at the area, the company told investors.

The subscription is by existing shareholders and new investors for a total of 68.51 mln shares for 8 pence each, the firm said.

Of those, Lanstead Capital L.P, an institutional investor, has subscribed for 60.7 mln for a total consideration of £4,856,000.

Also, Amur said it had entered into an equity swap agreement with Lanstead which allows Amur Minerals to retain much of the economic interest in the Lanstead subscription shares.

In December last year, the company approved the 2012 exploration budget and programme, which includes up to 7,000 metres of diamond drilling within target areas identified as containing anomalous nickel and copper values adjacent to currently defined resources and reserves.

The work will also include drilling at newly defined areas where no work has as yet been carried out.

The field season will also include standard resource and reserve studies that will augment the JORC estimates presently being updated. All the information will be used for an updated pre-feasibility study.

Chief executive of the firm Robin Young said: "This offer of additional funding from long standing supportive and new shareholders will allow the company to accelerate the development of the project.

"Not only will we be able to bring forward important metallurgical study work but it will also allow us to investigate additional targets and anomalies identified during last year's field programme sooner than previously thought possible."

Last week, research house Edison published a note on the company, saying the firm may be looking at developing a "district scale" nickel project, rather than three deposits.

"Although Amur’s licence area is not known to contain massive nickel sulphide, the extent of pervasive lower grade nickel mineralisation at surface lends itself to numerous shallow open pits being mined and, in all likelihood, a call for a new and improved revised feasibility study being completed," analyst Charles Gibson had said.

In November, Amur reported results from the first phase of its 2011 exploration programme at Kun-Manie, saying there was "substantial" potential to expand resources.

Amur Minerals may be developing rare district scale nickel project, says Edison

Sat, 04 Feb 2012 02:03:00 +1100

Russia focused Amur Minerals (LON:AMC) may be looking at developing a "district scale" nickel project, rather than three deposits, says research house Edison.

Recent exploration results from the Kun-Manie nickel sulphide project, the firm's main asset, point to this, said analyst Charles Gibson, who added that such a district was "incredibly rare".

"Although Amur’s licence area is not known to contain massive nickel sulphide, the extent of pervasive lower grade nickel mineralisation at surface lends itself to numerous shallow open pits being mined and, in all likelihood, a call for a new and improved revised feasibility study being completed," he said.

In November, Amur reported results from the first phase of its 2011 exploration programme at Kun-Manie, saying there was "substantial" potential to expand resources.

Extensive soil sampling programme had expanded the known drill targets and defined many others, the company had told investors.

Gibson pointed out that only one final state approval for a mining licence for the project was required and it had enough cash for 2012 drilling.

Its equity swap agreement with Lanstead, for which it closed early settlement last May, continues to pay Amur around £102,000 per month (pegged to Amur’s share price movements), and with cash at hand of around US$4.2mln as of this month, Amur is funded through its 2012 field season, said the analyst.

Gibson said updating Edison's model using a nickel price of US$20,000 per tonne adjusted its estimate of the value of the project to US$394 million or £0.88 per share before dilution.

"Amur’s share price is therefore at a 90 per cent discount to the potential value of the project," said Gibson.

He added that while there was a risk the mining licence was not granted, if the deposit were ever to be exploited by a third party, the company has the right to compensation equal to 140 per cent of its exploration expenditure.

Amur Minerals Corporation: Soil sampling reveals additional drill targets at Kun-Manie

Tue, 22 Nov 2011 02:35:00 +1100

Amur Minerals Corporation (LON:AMC) says there is 'substantial' potential to expand resources at its flagship Kun-Manie project after completing the first phase of its 2011 exploration programme there.

An extensive soil sampling programme has expanded the known drill targets and defined many others, the firm said today.

It plans to carry out further trenching and to drill the better anomalies at the project in eastern Russia next year.

The sampling programme covered two areas - the Krumkon Trend and Yan Hegde, 10km northeast. The Krumkon trend contains three deposits: Maly Krumkon, Vodorazdelny and Ikenskoe.

The firm outlined the following target areas: Chorney Ispelene, at the northwest of the sampled area, showed an anomaly that is up to 1,000 metres in length.

At Maly Krumkon, which contains a JORC drilled resource with a total length of around 1,000 metres, it was indicated that mineralisation could continue for another 1,250 metres to the southeast - this extension is referred to as the Flangovy area.

Gorni contains two drill holes which intersect two mineralised horizons of nickel and copper and limited treching showed the zone may extend to the northwest toward the Maly Krumkon - Flangovy area, said the company.

Voderazdelny includes the deposits referred to as the Cap and Triangle, and JORC drilled resources have been defined here. There is a large and intense anomaly overlying the outcropping Voderazdelny deposits which extends downhill toward the east, said Amur.

Further trenching and drilling are required east of the Cap deposit at Vodorazdelny, similarly to the south of the Ikenskoe area.

Kubuk is the the last defined anomaly to the east along the Krumkon trend and an intense anomaly up to 1,000 metres in length which corresponds to the mineralisation identified in the historical trenches was identified.

Finally, Yan Hegde is 10 kilometres to the northeast of the Krumkon trend and previous work here had indicated rock types that host nickel and copper.

The soil sampling programme defined a large anomaly covering an area of about 3.5 to 4.0 sq km and trenching and drilling are needed in the anomalous area during 2012.

Amur Minerals’ Kun Manie nickel project moves forward with completed valuation report

Tue, 01 Nov 2011 02:44:00 +1100

Amur Minerals Corporation (LON:AMC) has taken another step forward in the permitting process for the Kun Manie nickel project in Russia with the completion of an essential report.

It explained this morning that the Research Center Of The Institute For Geological Exploration Of Base And Precious Metals (TSNIGRI) – a federal agency - has compiled a comprehensive report which values the projected recovered metals within the complex concentrate of the Kun-Manie project.

The value is based on the estimated recovered metals of nickel, copper, cobalt, gold, silver, platinum, palladium and sulphur.

Amur said that the report, which is integral in determining the fee it must pay for the mining licence on approval, has now been sent to Russia’s Ministry of Economic Development (MED).

The MED will now review the report as part of the permitting process.

"Amur is pleased that TSNIGRI has undertaken and completed the task of valuing the projected value of the concentrate and ore based on the Russian metallurgical test work,” said chief executive Robin Young.

“This report is an important step forward in the mining licence approval process and we will closely monitor the review by the MED and will update shareholders as the document is reviewed and processed by the MED."

Amur Minerals’ Robin Young highlights steady progress at Kun Manie nickel project

Tue, 06 Sep 2011 00:57:00 +1000

Amur Minerals (LON:AMC) is making steady progress with the development of the Kun Manie nickel project in Russia.

At the moment the group’s main focus is an ongoing exploration programme. Indeed Amur recently carried out a significant phase of exploration work - using geophysics and geochemical (G&G) work, soil sampling and verification assaying - in preparation for metallurgical testing and basic engineering studies.

The first batch of samples is now at a lab in Moscow and the results are expected in ‘the very near future’, according to managing director Robin Young.

Meanwhile, as part of a separate target delineation programme, exploration work continues and it will be followed up with drilling next year.

“Looking forward, we expect to complete the current exploration programme this year, which will also include some trenching. We'll also put in access roads and carry out drill pad construction for next year’s drilling programme,” Young told Proactive Investors.

“All the work we're doing right now can give us an indication of where additional resources may exist.

“That information will then be used for next year's extensive drill programme. It is all about finding new exploration targets, meanwhile we are using infill data to boost the understanding and confidence in the existing resource estimates.”

Young explained that recently completed in-fill drilling work is expected to lead to resource upgrade in the near-term. But this is likely to improve the confidence in existing resources rather than providing an up-lift in resource tonnage.

However a more sizable upgrade is expected following next year’s drill programme. “I can't quote hard fast numbers, obviously, but we're looking for a substantial increase in resources, and also reserves, as a result of the target delineation program and the subsequent drill programme next year,” Young added.

“So next year we're expecting a substantial increase in resources when all this work is complete.”

Another key milestone in the near term will be the optimisation studies, which will be based on this year’s exploration work and the subsequent metallurgical testing. “This will help us better define the process that we'll use to extract the metal,” he said. “That will be very important to us."

“The higher concentrate grade we can get, the lower the cost per pound of nickel we can generate. As soon as we can get the confirmatory analytical results back, then we'll be submitting the data on to the labs to get the next phase underway.”

While all this exploration and preliminary mine development work is underway, Young and his team are also busily navigating the highly bureaucratic permitting process in Russia, so that everything is present and correct when the time comes to start mine development work.

Amur’s mining licence application is currently under review by the Ministry of Economic Development in Russia. The granting of the mining licence will be a big step forward in de-risking the Kun Manie project and as such it is likely to provide a boost to the group’s shares.

"We are proactively pushing to get the Russian authorities to get this project moving, but we are dealing with governmental bodies,” Young said.

Explaining the permitting process, Young highlighted that first Rosnedra - the Russian geological authority - does a 'first pass' review of the application and if there are any ‘fatal flaws’ at that stage the application is sent back and the company has to make changes. Amur passed this initial review and no changes were requested.

Following the initial review the application is passed through to four different administrative agencies within the Russian government - the Russian ministry of defence, the anti-monopoly board, the intelligence and security agency and then, last of all, the ministry of economic development.

"Each one of the agencies has an input in the licence application. They provide feedback to Rosnedra and once all four agencies have completed their respective assessments, Rosnedra completes a final review of the application and compiles the terms of the licence.

"Rosnedra have received the input from the first three agencies and we're waiting for the ministry of economic development. Rosndera have the written reports from these departments but they will remain confidential until all four supporting agencies have responded and Rosnedra has made its assessment.”

“The ministry of economic development are continuing their work on this evaluation. When they're done the application gets passed along to Rosnedra then it is up to them (Rosnedra) to put together the draft mining licence, including the terms and conditions.

“And all that will happen in the future, but we are dealing with Russian governmental agencies which are bureaucratic in nature, not dissimilar from the other countries where I have previously worked.”

Amur’s shares, like much of the junior market, have been under pressure of late. On AIM the shares have almost halved in value since the peak of 21p at the start of this year. But according to Young there are a number of potential catalysts that may help the stock buck the downward trend.

“The approval of the mining licence will be an obvious turning point for the share price,” he said. “The other important points of interest, for investors, will be the metallurgical studies.

“As well as that, an increase of resource and reserve potential is another catalyst, which will ultimately allow us to start work on our ‘bankable’ studies that will bring us to the point where we can initiate syndicated financing and subsequently start building the mine.”

Amur Minerals restarts exploration work at Kun-Manie nickel project

Tue, 14 Jun 2011 01:06:00 +1000

Amur Minerals Corporation (LON:AMC) has resumed exploration work on the Kun-Manie nickel project in far east of Russia.

Work is currently focused on the Maly Krumkon, Kubuk and Ikenskoe deposits.

Amur’s team is carrying out geochemical sampling and geophysical surveys. This morning it confirmed that trenching and drill road construction has now started.

The planned work programme will include the verification assaying for metallurgical sampling, detailed metallurgical testing, as well as resource and reserve updates along with production optimisation of the drilled reserves. Environmental studies are also planned.

The work programmes will be carried out on the mining licence area that is presently under review by the Ministry of Economic Development. In this area Amur has already defined a JORC resource of over 340,000 tonnes of nickel and 95,000 tonnes of copper at Kun-Manie.

Amur also told investors that it is short-listing engineering and construction companies, skilled in base metal extraction and remote project construction. Additionally Amur said that talks have been underway with South Korean contracts, after a technical presentation in Blagoveshchesk, Amur Oblast.

The company applied for a mining licence back in April. Back then Amur chief executive Robin Young said: We have filed for our mining licence application and are working with key individuals and groups to improve the investment environment for our project as well as those related to other foreign investors working within Russia.

"We will continue to work with the Russian Federation agencies and will continue to provide input and insight to assist in removing any regulatory constraints related to our project.

"The board remains confident that we will ultimately obtain the mining licence at Kun-Manie."

Amur Minerals closes early settlement for equity swap with Lanstead

Thu, 26 May 2011 00:15:00 +1000

Amur Minerals Corp (LON:AMC) said it has closed an early settlement for the equity swap agreement entered into with institutional shareholder Lanstead Capital LLP in July 2010.

This has allowed the company to realise on an accelerated basis total proceeds of £2.07 million, which is more than double the original placing proceeds of £890,000.

In July 2010, the company announced it had entered into an equity swap agreement over a total of 20 million shares at the same time as completing a placing of shares to Lanstead.

In October 2010, Amur amended the agreement expanding the equity swap agreement by an additional 7.06 million shares in conjunction with an additional placing to Lanstead.

Settlements were to be received over a period of 24 months ending August 2012.

“A substantial increase in the share price after completion of the placings and agreement allowed the company to accelerate the settlement schedule, thereby obtaining a substantially higher cumulative per share value than planned,” it said in a statement.

The acceleration of the settlements has resulted in a substantial increase in cash reserves whilst the company continues its efforts to obtain its mining licence and to undertake the upcoming 2011 field season.

A second equity swap agreement with Lanstead, announced in, March 2011, in conjunction with a placing of 27.5 million shares to Lanstead completed at the same time, remains in place allowing Amur to continue to benefit from future share price appreciaton over the subsequent 24 months.

Chief executive Robin Young said: "The additional influx of monies enables Amur to advance the project through additional sampling, metallurgical testwork, engineering and refinement of the drill programme planned for 2012. The metallurgical and engineering work will focus on optimisation of the project and assist in defining the final design of the Kun-Manie project."

Amur announced last month its 2011 drilling programme will get underway in late May on the Kun-Manie nickel copper project in the east of Russia. It followed the completion of an ice road from its base camp to the project site.

This year’s exploration work will focus on targets next to the three drilled deposits and areas along the strike. Amur has already defined a JORC resource of over 340,000 tonnes of nickel and 95,000 tonnes of copper at Kun-Manie.

Amur prepares for 2011 drill season; awaits comments on mining licence application

Mon, 11 Apr 2011 23:57:00 +1000

Amur Minerals Corporation (LON:AMC) said this morning its 2011 drilling programme will get underway in late May on the Kun-Manie nickel copper project in the east of Russia.

It follows the completion of an ice road from its base camp to the project site.

This year’s exploration work will focus on targets next to the three drilled deposits and areas along the strike.

Amur has already defined a JORC resource of over 340,000 tonnes of nickel and 95,000 tonnes of copper at Kun-Manie.

Separately, the company has lodged its application for a mining licence with the various authorities in Russia.

The country’s anti-monopoly board, the ministry of defence and the federal security service have each submitted comments to the sub-soil agency Rosendra, which is overseeing the application.

Russia’s ministry of economic development (MED) has yet to give its input, Amur said.

"(It) has not reported that there are any discrepancies or deficiencies in the company's application,” the company added.

"Once MED comments are completed and delivered to Rosnedra, it will compile the draft mining licence."

At the same time Amur has provided information on Kun-Manie to the state upper and lower houses.

It underlines the potential economic benefit of the project, which includes the creation of 900 jobs, a new road and a power line into the area.

In total, Kun-Manie could cost as much as US$500 million to develop.

Amur chief executive Robin Young said: “Regulatory challenges have also been met. We have filed for our mining licence application and are working with key individuals and groups to improve the investment environment for our project as well as those related to other foreign investors working within Russia.

"We will continue to work with the Russian Federation agencies and will continue to provide input and insight to assist in removing any regulatory constraints related to our project.

"The board remains confident that we will ultimately obtain the mining licence at Kun-Manie."

Amur Minerals to raise £2.5 mln via Lanstead Capital share-subscription

Wed, 23 Mar 2011 02:26:00 +1100

Amur Minerals (LON:AMC) is set for a £2.5 million cash boost from an institutional investor, Lanstead Capital.

The company plans to issue 25 million new shares to Lanstead at 10 pence each, an 18 percent discount to the current price of 12.25 pence.

The new funds have been earmarked for working capital purposes and to accelerate exploration and engineering work at the Kun-Manie nickel-copper project in Russia.

"We are very pleased with the continued support of Lanstead, an existing shareholder,” chief executive Robin Young said.

“The funds from this placing and the prior Lanstead settlements will provide increased flexibility and allow us to accelerate and undertake additional exploration and evaluation at Kun-Manie.”

He adds: “The application for the nickel copper mining licence at Kun-Manie is currently under review and the company has provided additional unsolicited information to the Ministry of Economic Development, members of the Duma and government agencies in Amur Oblast.

Back in December Amur shares spiked over 35 percent when it revealed that it had received the green light from three of the four Russian agencies required to grant the mining licence.

The Ministry of Economic Development is the only one yet to give its verdict on Kun-Manie.

Amur Minerals reveals new area of Kun Manie copper-nickel project

Fri, 04 Feb 2011 02:55:00 +1100

Amur Minerals (LON:AMC) has found a new mineralised area within the Kun Manie copper-nickel project in Far East Russia.

Kun Manie, in Far East Russia, is Amur’s flagship project. It currently comprises three main deposits - Maly Krumkon, Ikenskoe and Vodorazdelny.

This morning it revealed the final set of exploration results from the 2010 campaign. Soil sampling between Maly Krumkon and Ikensoe tested a new target, known as Gorni. The company found a 3 kilometre long nickel anomaly which links on to Maly Krumkon.

“These results are excellent,” chief executive Robin Young said.

He adds: "The company has always believed that the Krumkon Trend would ultimately provide us with the potential discovery of additional deposits in adjacent areas as yet not drilled.

Combined the together the Maly Krumkon, Gorni and the connecting area represents a four kilometre long structure.

Amur has already set this area as a drill target for future exploration. It highlighted that this target would be around three times longer than the area drilled on Maly Krumkon to date.

At present Maly Krumkon has a total JORC resource containing 136,500 tonnes of nickel and 37,700 tonnes of copper.

Young added: “Whilst this preparatory work moves forward, we continue to lobby and work with the Russian governmental agencies towards the awarding of the mining licence and will update shareholders upon receipt of the news."

Amur shares spike 35 pct after positive update on Kun-Manie licence update

Mon, 13 Dec 2010 21:10:00 +1100

Shares in Amur Minerals Corporation (LON:AMC) spiked more than 35 per cent in early trade as the company revealed it had received the green light from three of the four Russian agencies required to grant it a mining licence for the Kun-Manie nickel-copper project.

The process was initiated in January and is being overseen by Rosnedra, the organisation responsible licence applications.

It has told Amur that only the Ministry of Economic Development has yet to give its verdict on the Kun-Manie.

The Ministry of Defence and Federal Security Service have rubber-stamped application as has the Federal Anti-Monopoly Service.

Amur said the Ministry of Economic Development “will provide its affirmative input and approval in due course”.

Chief executive Robin Young added: "We are pleased to report that the mining application has advanced through the majority of the Russian Federation agencies responsible for the award of the mining licence.

“Everything is progressing positively and we look forward to updating shareholders in due course."

Amur has has three properties in the region with its principal asset being the Kun-Manie sulphide nickel,-copper project located in Amur Oblast.

At 8.40 am, the shares were trading up 1.8 pence at 7 pence a share.

With a JORC compliant resource of over a quarter of a million tonnes of contained nickel, Kun-Manie is one of the five largest new nickel sulphide discoveries since the discovery of the Vale-owned Voisey’s Bay development in Newfoundland.

Amur Minerals applies for 2-year exploration rights extension at Kun-Manie

Wed, 07 Jul 2010 14:18:00 +1000

Amur Minerals Corp (LON:AMC) has applied for a two-year extension to its exploration rights on the Kun-Manie licence in far east Russia. Concurrently, the company reiterated that it is awaiting a decision from the Russian authorities, on its mining application for Kun-Manie, which was submitted in January 2010.

"The grant of the (exploration rights) extension is anticipated to be completed before the end of this year and our shareholders will be updated as additional information becomes available”, Amur Minerals chief executive Robin Young commented. “The company has been exploring Kun Manie for a period of seven years and has already received a two year extension to the original five year exploration licence."

The application, for the extension to the exploration license was submitted to the Amurnedra Ministry of Natural Resources in Blagoveshchensk and it has now been forwarded to Moscow for review and approval at national level.

The earlier mining application relates to the discoveries and surrounding area contained within the nickel sulphide Kun Maine exploration licence. The company noted that the approval process for a mining license, can take up to 12 months from submission.

Kun-Manie hosts an estimated JORC compliant resource of 341,000 tonnes of nickel and 95,500 tonnes of copper. The GKZ (The Russian State Committee on Reserves) estimate is for 3,960 tonnes of cobalt, 189,400 ounces of platinum and 213,800 ounces of palladium for the three deposits at Kun-Manie.

Last month, Amur told investors that the Ikenskoe deposit at Kun Manie could potentially expand after nickel sulphide mineralisation was exposed in a road cut south of the deposit. Ikenskoe is the largest of the three drilled deposits on the Kun Manie exploration licence.

The nickel and copper mineralisation is expected to continue to the east and south of the drilled area of the deposit. The zone was exposed during construction of the access road and visual inspection indicated that the newly exposed outcrop contained abundant sulphides.

The company has been making rapid progress at Kun-Manie over the past year and this was the second time a potential expansion to the deposit had been announced in less than two months. Back in April, Amur announced a new drill target dubbed Gorney after results from two wild cat drill holes defined the potential to expand upon mineral resources at Kun-Manie.

Amur Minerals confirms application for Kun-Manie mining licence under review in Russia

Fri, 18 Jun 2010 17:59:00 +1000

Amur Minerals (LON:AMC) confirmed that the application for the Kun-Manie mining licence was filed in January, and it is currently being reviewed by the appropriate Russian agencies and authorities. The company noted that the approval process can take up to 12 months from submission.

The application relates to the discoveries and surrounding area contained within the nickel sulphide Kun Maine exploration licence, in Far East Russia. The company acquired a five year exploration license for Kun-Manie and subsequently extended it for two years through 2010. In January, Reuters reported that the mining license had been submitted in mid-December, citing a person familiar with the situation.

Kun-Manie hosts an estimated JORC compliant resource of 341,000 tonnes of nickel and 95,500 tonnes of copper. The GKZ (The Russian State Committee on Reserves) estimate is for 3,960 tonnes of cobalt, 189,400 ounces of platinum and 213,800 ounces of palladium for the three deposits at Kun-Manie.

Earlier this week, Amur told investors that the Ikenskoe deposit at Kun Manie could potentially expand after nickel sulphide mineralisation was exposed in a road cut south of the deposit. Ikenskoe is the largest of the three drilled deposits on the Kun Manie exploration licence.

The nickel and copper mineralisation is expected to continue to the east and south of the drilled area of the deposit. The zone was exposed during construction of the access road and visual inspection indicated that the newly exposed outcrop contained abundant sulphides.

Samples from the road cut were delivered to Khabarovsk for transhipping to the laboratory on the weekend of June 12. Results will be announced once the ore has been tested and the results have been verified by a western certified laboratory.

The company has been making rapid progress at Kun-Manie over the past year and this is the second time a potential expansion to the deposit has been announced in less than two months. Back in April, Amur announced a new drill target dubbed Gorney after results from two wild cat drill holes defined the potential to expand upon mineral resources at Kun-Manie.

Amur Minerals reports another potential extension to Kun-Manie copper-nickel deposit

Mon, 14 Jun 2010 17:43:00 +1000

Russia focused copper and nickel miner Amur Minerals (LON:AMC) today said its Kun Manie-Ikenskoe deposit in Russia’s Far East could potentially expand after nickel sulphide mineralisation was exposed in a road cut south of the Ikenskoe deposit, which is the largest of the three drilled deposits within the Kun Manie exploration licence.

The nickel and copper mineralisation is expected to continue to the east and south of the drilled area of the deposit. The zone was exposed during construction of the access road and visual inspection indicated that the newly exposed outcrop contained abundant sulphides.

Samples from the road cut were delivered to Khabarovsk for transhipping to the laboratory on the weekend of June 12. Results will be announced once the ore has been tested and the results have been verified by a western certified laboratory.

“This find confirms our belief that Ikenskoe could be substantially larger than presently reported, and our initial expectations are that the mineralisation extends both to the east and south of the known deposits. I look forward to announcing the laboratory results when available,” said chief executive Robin Young.

The company has been making rapid progress at Kun-Manie over the past year and this is the second time a potential expansion to the deposit has been announced in less than two months. Back in April, Amur announced a new drill target dubbed Gorney after results from two wild cat drill holes defined the potential to expand upon mineral resources at its Kun-Manie nickel-copper sulphide licence. The holes each intersected two nickel copper sulphide enriched layers within the sill. The upper band averaged 6.9 metres in thickness whilst the lower was slightly thicker at 7.4 metres. The average grades for both layers were 0.48% nickel and 0.13% copper.

The company acquired a five year exploration license for Kun-Manie and subsequently extended it for two years through 2010.

It filed the mining licence application for Kun-Manie with the Russian authorities in mid-December 2009, with a six to twelve months period expected for the application to be approved by the four Russian agencies responsible for awarding such a license.

Kun-Manie hosts an estimated JORC compliant resource of 341,000 tonnes of nickel and 95,500 tonnes of copper. The GKZ (The Russian State Committee on Reserves) estimate is for 3,960 tonnes of cobalt, 189,400 ounces of platinum and 213,800 ounces of palladium for the three deposits at Kun-Manie.

Amur Minerals CFO David Wood resigns to pursue personal business interests

Fri, 23 Apr 2010 19:48:00 +1000

Amur Minerals (AIM: AMC) has said that chief financial officer David Wood has resigned as a director, but will continue as a full time advisor to the company until 30 September 2010 to finalize the annual audit and to facilitate an orderly transition.

At a board meeting yesterday, the directors accepted his resignation. Wood plans to pursue personal business interests, the group said.

“David has played an integral role in the development of Amur Minerals. I would like to thank him for his contribution over the years. On behalf of colleagues we wish him all the best in his future endeavours,” said chairman Robert Schafer.

The company simultaneously announced the appointment of Alison Wilson as financial controller of the company. Wilson has nearly 20 years' experience in the junior mining sector and is currently the company secretary of Philippine Gold.

Amur Minerals is currently developing its flagship Kun-Manie nickel deposit in Russia.

The company acquired a five year exploration license for Kun-Manie and subsequently extended it for two years through 2010.

It filed the mining licence application for its flagship Kun-Manie copper and nickel project with the Russian authorities in mid-December, with a six to twelve months period expected for the application to be approved by the four Russian agencies responsible for awarding such a license.

Kun-Manie hosts an estimated JORC compliant resource of 341,000 tonnes of nickel and 95,500 tonnes of copper. The GKZ (The Russian State Committee on Reserves) estimate is for 3,960 tonnes of cobalt, 189,400 ounces of platinum and 213,800 ounces of palladium for the three deposits at Kun-Manie.

Amur Minerals completes ice road to supply Kun-Manie copper-nickel project in Russia

Fri, 05 Mar 2010 18:04:00 +1100

Amur Minerals (AIM: AMC) has completed the construction of a 300 kilometre long ice road to its Kun-Manie nickel deposit, which will allow it to restock the project with essential supplies and materials for the upcoming year.

The transport fleet is presently completing runs between the site and the company's base camp located at the Baikal - Amur rail station, Gorni. The ice road will be utilised over the course of the next month until the spring thaw when the road will become impassable.

“The completion of the ice road is the first step in our annual programme. It allows us to support the Kun-Manie operation and to continue with the development of the project, pending receipt of the mining licence,” said chief executive of Amur Minerals Robin Young.

Kun-Manie will be supported by a helicopter during the operational season.

The company filed the mining licence application for its flagship Kun-Manie copper and nickel project with the Russian authorities in mid-December, with a six to twelve months period expected for the application to be approved by the four Russian agencies responsible for awarding such a license.

The company acquired a five year exploration license for Kun-Manie and subsequently extended it for two years through 2010.

Kun-Manie hosts an estimated JORC compliant resource of 341,000 tonnes of nickel and 95,500 tonnes of copper. The GKZ (The Russian State Committee on Reserves) estimate is for 3,960 tonnes of cobalt, 189,400 ounces of platinum and 213,800 ounces of palladium for the three deposits at Kun-Manie.

Shares in the company surged nearly 6% on the news in early trade.

Amur Minerals seeks new share allotment approval, in active financing talksa

Mon, 01 Feb 2010 21:04:00 +1100

Amur Minerals Corporation (AIM: AMC) is seeking shareholder approval for issue 50 million shares to raise additional working capital in order to fund the 2010 field season including surface sampling of the main Kun Manie deposit in Russia and continue internal project optimisation studies.

Amur said it is in active discussions with a range of sources of funds and it wishes to be in a position to conclude the fundraising and issue shares as soon as possible. It is therefore convening an EGM for 22 February, for the board to have the authority to allot the shares quickly once suitable investors are found.

Previously at Amur’s AGM on 15 September 2009, the shareholders voted in favour of allotting up to 120 million shares. However a resolution to disapply pre-emption rights was not approved and the company could not continue with the proposal. The latest proposal to allot 50 million share allotment would not be subject to pre-emption rights.

The company filed its mining license application for the flagship Kun-Manie copper and nickel project in December. The company has already secured the certificate of discovery from the government back in April 2009, which allowed it to apply for a mining permit, and has secured approval for cobalt, platinum and palladium by-products for all three deposits. The GKZ (The Russian State Committee on Reserves) estimate is for 3,960 tonnes of cobalt, 189,400 ounces of platinum and 213,800 ounces of palladium for the three deposits at Kun-Manie.

Shares in the Eastern Europe focused mineral explorer were last changing hands a 6.125p per share.

Amur Minerals reportedly files mining license application for Kun-Manie copper-nickel project

Fri, 22 Jan 2010 22:29:00 +1100

Shares in Amur Minerals (AIM: AMC) surged 13% yesterday to 7.9 pence after Reuters reported that a person familiar with the situation told the newswire that the company filed the mining licence application for its flagship Kun-Manie copper and nickel project with the Russian authorities in mid-December.

The Russian government, which could potentially classify the Kun-Manie deposit - hosting an estimated JORC compliant resource of 341,000 tonnes of nickel and 95,500 tonnes of copper - as a strategic asset. Within six to twelve months of submission of the application, AMC could be approved by the four Russian agencies responsible for awarding such licences.

The corresponding mining reserve compiled by SRK Consulting is estimated to consist of as much as 38 million tonnes of ore at average nickel and copper grades of 0.54% and 0.15% respectively, containing a total of 210,000 tonnes of nickel and 58,000 tonnes of copper. Within the mining reserve and at a nickel price of $18,500 per tonne, Kun-Manie’s total contained nickel value stands at US$3.9 billion. This excludes any consideration of by product metals that are present.

The company has already secured the certificate of discovery from the government back in April 2009, which allowed it to apply for a mining permit, and has secured approval for cobalt, platinum and palladium by-products for all three deposits. The GKZ (The Russian State Committee on Reserves) estimate is for 3,960 tonnes of cobalt, 189,400 ounces of platinum and 213,800 ounces of palladium for the three deposits at Kun-Manie.

Amur Minerals was awarded a five year exploration license for the Kun-Manie deposits in 2004 and subsequently given a two year extension through 2010. The company has two other projects in the Russian Far East.

Following a fundraising conducted in 2009, which gave the group US$3 million in cash and marketable securities through a series of transactions, it has sufficient cash until spring 2010, with US$927,000-worth of shares in Grafton Resources Investments held in reserve for sale if required.