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Aurasian Minerals upbeat over new strategy

Published: 18:54 07 Jul 2014 AEST

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Aurasian Minerals’ (LON:AUM) new strategy is high risk but offers a very real opportunity, its chairman said today.

The former Triple Plate Junction has agreed access to Newmont’s exploration database and proprietary geochemical analysis in South-East Asia for two years and will use this to focus on targets in Myanmar, Cambodia, Lao PDR, Indonesia and Malaysia.

A new management team of Bruce Kay, Jon Loriane and Paddy Water, all of whom have held senior managerial positions at Normandy, Newmont and Anglo American, has also taken over.

Aurasian said it is committed to spend up to US$450,000 this year on work in Cambodia, Lao PDR and Myanmar.

Tony Shearer, chairman, added: “The new South-East Asian project gives us a very real opportunity. It will not be easy and, in common with all exploration projects, it contains a high degree of risk.

“This is particularly so as we are looking to work in countries in South-East Asia that, whilst they have very promising geology, do not have much current experience of exploration; as a result their mining laws and procedures are untested.”

Aurasian posted a loss of £821,000 (£4.83mln) in the year to March and finished the year with £1mln in cash.

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