TIDMAMC
RNS Number : 1397H
Amur Minerals Corporation
27 November 2015
27 November 2015
AMUR MINERALS CORPORATION
(AIM: AMC)
Boart Longyear LF-90 Drill Rig Purchase
Additional Capital Acquisitions
Amur Minerals Corporation ("Amur" or the "Company"), the
nickel-copper sulphide mineral exploration and resource company
focused on the far east of Russia, is pleased to inform
shareholders that it has purchased and taken delivery of a new
Boart Longyear LF-90 diamond core drill rig. In addition, two new
D9R dozers have been purchased from Caterpillar as well as a 329D
excavator. The purchase price for these key capital items is $US
2.48 million, of which 18% will be refunded to the Company as a
Value Added Tax rebate. The newly acquired equipment will be
shipped to its flagship Kun-Manie project site over the winter ice
road in March 2016 and will substantially allow for advancing the
development of the project.
The acquisition of this equipment will allow the Company to
undertake key tasks related to the compilation of a Definitive
Feasibility Study ("DFS") on its Kun-Manie project site and
completion of associated Russian required documentation to obtain
necessary operating permits.
Highlights:
-- Newly acquired LF-90 will allow for drilling targets beyond
the 400 metre depth that the current LF-70 is not capable of
attaining under current drill conditions. This will allow for
testing the down dip and deeper limits of mineralisation at Maly
Kurumkon - Flangovy and Kubuk. According to factory specifications,
the new rig is capable of drilling to depths of 900 metres (. The
rig will enable the Company to double its drill capacity to more
than 12,000 metres per season, swiftly advancing the project to a
production design appropriate for the treatment of the nickel
copper sulphide ores.
-- The newly acquired Caterpillar D9R dozers increases the
onsite dozer fleet to a total of five, providing a substantial
increase in drill road and drill pad construction capabilities.
Excess dozer capacity will allow for the Company to initiate
additional preproduction work in the mill site area where up to 15
hydrological well sites are planned and site preparation is
necessary. Also, the extra capacity will allow for the linking up
of the 5 deposits located along the Kurumkon Trend and initiation
of pilot road access construction from the planned production areas
to the planned mill site.
-- The 329D Caterpillar excavator will allow the Company to
achieve two goals. In areas of massive outcrop where the dozers
cannot complete road construction of their own accord, the breaker
configured excavator will allow for final completion of the roads
in areas of challenging terrain. Secondly and of important
significance, the excavator will enable the Company to extract a
bulk sample for metallurgical test work permitting the Company to
refine and identify a more definitive plant design to process the
Kun-Manie ores.
The addition of the new equipment adds significantly to the
existing on site capabilities by a doubling of drill capabilities,
a near doubling of the dozer capacity related to road and drill
site construction and the ability to undertake selective extraction
of metallurgical samples for definitive test work required to
establish the appropriate process design for recovery of the
sulphide nickel and copper at Kun-Manie. It is noted that
approximately $US 445,000 of this purchase price will be recovered
through Value Added Tax refunds in the coming months thereby
reducing the total net cost to the Company to $US 2.03 million.
The Q4 2015 acquisition of the mobile equipment represents a
significant advancement of the Company toward further evaluation of
Kun-Manie's potential and establishment of the development plan
necessary for a DFS.
Boart Longyear LF-90 Diamond Core Drill Rig
The addition of the LF-90 to Amur's LF-70 diamond core rig
doubles the number of metres the Company can drill during a field
season. By increasing the capacity of the drill metres,
substantially more of the Inferred resource can be infill drilled
at an accelerated rate, whilst allowing for this category of
resource to be upgraded to that of Indicated. The expansion of the
Indicated resource will allow for the definition of an increased
reserve inventory for use in the DFS and subsequent assessment of
the Net Present Value ("NPV") of the project. During 2015, the
majority of the largest Inferred resource was drilled at Maly
Kurumkon - Flangovy where infill drilling confirmed the continuity
and grade of the Inferred resource. At conclusion of the 2015
programme, the largest remaining Inferred resource was located at
the Kubuk deposit.
The 2016 drill programme will focus on the Kubuk deposit, the
easternmost deposit located along the Kurumkon Trend. Presently,
the deposit has been drilled to a spacing where the majority of the
20.6 million ore tonnes averaging 0.58% nickel (118,900 tonnes) and
0.16% copper (32,900 tonnes) is classified as an Inferred resource
in accordance with JORC reporting standards. A total of 17.1
million Inferred tonnes is planned for infill drilling. The
remainder is classified as Indicated resource. It is anticipated
that approximately 7,000 to 8,000 metres of drilling is required to
upgrade the Inferred area to that of Indicated. Additional step out
drilling along strike to the east and down dip in excess of 400
metres in depth is also planned for expansion of the resource in
the immediate area.
Through the acquisition of the additional rig, the resource
conversion effort can be accelerated allowing for resource upgrade
and recalculation of reserves earlier in 2016 than planned if a
single rig was available for drilling.
Caterpillar D9R Dozers
The addition of two new Caterpillar D9R dozers represents a
substantial upgrade in our capabilities for drill road and drill
site construction at Kun-Manie. The two new units bring the total
fleet to five dozers including the Chetra T35, Chetra T25 and
Caterpillar D6G dozer already located on site. This newly expanded
configuration will allow the Company to simultaneously work in
numerous areas setting up Kun-Manie for ready access along the full
length of the Kurumkon Trend, access between the production areas
and the mill, and setting up the infrastructure facilities planned
for the mill site area.
Caterpillar 329D Excavator
The 329D Caterpillar excavator, fitted with a rock breaker, will
provide the Company with a broader and enhanced capability. In
areas of massive outcrop, where the dozers cannot complete road
construction on their own accord, the breaker will allow for final
completion of the roads. Secondly, and of important significance,
the excavator will allow the Company to extract a bulk sample for
metallurgical test work permitting definitive plant design. A key
element in the documentation required in the DFS.
Robin Young, CEO of Amur Minerals, commented:
"The addition of the newly acquired mobile capital fleet items
provides the Company with the ability to expedite the compilation
of the DFS on a swifter basis and to start preliminary development
with regard to preparing the project site for ready access and
preproduction development. These purchases will not only be key for
near term objectives but will be available for use for an
additional 4 to 5 years and can be considered to be the seed
capital fleet of the development of Kun-Manie."
Company Nomad and Broker Public Relations
Amur Minerals S.P. Angel Corporate Yellow Jersey
Corp. Finance LLP
Robin Young Ewan Leggat Dominic Barretto
CEO Laura Harrison Harriet Jackson
+44 (0) 7981 +44 (0) 20 3470 +44 (0) 7544
126 818 0470 275 882
For additional information, visit the Company's website,
www.amurminerals.com
Notes to Editors:
The information contained in this announcement has been reviewed
and approved by the CEO of Amur, Robin Young. Mr. Young is a
Geological Engineer (cum laude) and is a Qualified Professional
Geologist, as defined by the Toronto and Vancouver Stock Exchanges
and has sufficient experience relevant to the style of
mineralisation and type of deposit under consideration and to the
activity which he is undertaking to qualify as a Competent Person
as defined in the 2012 Edition of the "Australasian Code for
Reporting of Exploration Results, Mineral Resources and Ore
Reserves" and as a "qualified person" as defined in the Guidance
Note for Mining, Oil And Gas Companies, June 2009, of the London
Stock Exchange.
This information is provided by RNS
The company news service from the London Stock Exchange
END
ACQPGGPPGUPAGRQ
(END) Dow Jones Newswires
November 27, 2015 02:00 ET (07:00 GMT)
Amur Minerals (LSE:AMC)
Historical Stock Chart
From Mar 2024 to Apr 2024
Amur Minerals (LSE:AMC)
Historical Stock Chart
From Apr 2023 to Apr 2024
