Amur Minerals Corporation Government Licence Review Status (6414A)
December 24 2014 - 2:00AM
UK Regulatory
TIDMAMC
RNS Number : 6414A
Amur Minerals Corporation
23 December 2014
24 December 2014
AMUR MINERALS CORPORATION
(AIM: AMC)
Russian Government Mining Licence Review
Amur Minerals Corporation ("Amur" or the "Company"), the
nickel-copper exploration and development company focused on base
metal projects located in the Far East of Russia, is pleased to
report that the review process by the Government of Prime Minister
Dmitry Medvedev ("Russian Government") for the Company's mining
licence application is underway and progressing. This is the final
stage of approval required in the granting of the "Detailed
Exploration and Mine Production Licence" ("Licence").
The Company has received and responded to a request from the
Russian Government to provide additional detailed information
allowing for a final determination on the award of the Licence.
This included additional information on the Company's ownership
structure, financing history, and exploration activity at
Kun-Manie. This information provided greater detail than was
previously required of the Company. The Government officials have
informed the Company that such requests are common at this final
stage. Once the review is complete, the Company will be notified of
the Government's decision on the award of the Licence and will
release the results of the decision in an RNS.
The Company also desires to inform shareholders of the actions
to be implemented upon the approval by the Russian Government. The
approval by the Russian Government will initiate a directive
wherein the Ministry of Natural Resources ("MNR") will instruct
Rosnedra to issue the Production Licence. Upon issuance and
registration of the Licence, the Company will have 30 calendar days
to submit its one-time conversion payment. The Company has
sufficient funds to complete the transaction.
The Company also notes that the current exploration licence will
expire on 31 December 2014. Expiry of the exploration licence does
not impact the Company's right to obtain the production licence and
will not impact the Detailed Exploration and Mine Production
Licence award process which will continue through to a definitive
and final decision. Exploration licence expiry does not result in
the loss of production rights to the Company, as the Company has
already established its rights under the Russian Subsoils Law by
successfully conducting exploration and receiving a Certificate of
Discovery. Should the Detailed Exploration and Mine Production
Licence not be awarded by 31 December 2014, the Company will
continue to undertake business as usual and continue to work on
obtaining the final production licence.
Highlights:
-- The Government of Prime Minister Dmitry Medvedev has already
begun its review of the Company's Mining Licence application.
-- In what is considered standard procedure by Government
officials, a request for additional detailed information was sent
to the Company regarding ownership structure, exploration activity
and financing. The Company has already responded.
Robin Young, CEO of Amur Minerals Corporation, commented:
"We are pleased to update our shareholders on the Company's
activity regarding our application for the Detailed Exploration and
Mine Production Licence. We have responded to Russian Government
requests for additional detailed information that is typically
requested at this stage of the approval process. We remain
optimistic of a positive outcome, and are grateful for the speed
and professionalism of our counterparts in the Russian Government
who continue to work closely with us as we advance the project
towards a result that benefits our shareholders and the development
of industry in the Russian Far East."
Enquiries:
Company Nomad and Broker Public Relations
Amur Minerals S.P. Angel Corporate Yellow Jersey
Corp. Finance LLP
Robin Young CEO Ewan Leggat Dominic Barretto
Katy Birkin Kelsey Traynor
+44 (0) 7981 126 +44 (0) 20 3463 +44 (0) 77 6853
818 2260 7739
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.
For further information, see the Company website at
www.amurminerals.com.
This information is provided by RNS
The company news service from the London Stock Exchange
END
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