Amur Minerals Corporation Kun-Manie Production Licence Awarded (0338O)
May 22 2015 - 5:02AM
UK Regulatory
TIDMAMC
RNS Number : 0338O
Amur Minerals Corporation
22 May 2015
22 May 2015
AMUR MINERALS CORPORATION
(AIM: AMC)
Kun-Manie Production Licence Awarded
100% Production Rights
Amur Minerals Corporation ("Amur" or the "Company"), the
exploration and development company focused on base metal projects
located in the Far East of Russia, is delighted to report that the
Government of Prime Minister Dmitry Medvedev has approved the
Company's "Detailed Exploration and Mine Production Licence" for
its Kun-Manie nickel copper sulphide deposit. The new 36 square
kilometre licence is valid until December 2034.
The decision by the Russian Government marks the successful
completion of the production licence award process for a strategic
deposit. Conclusion of the process enables the Ministry of Natural
Resources ("MNR") and Rosnedra to issue the "Detailed Exploration
and Mine Production Licence" per the directive of the Russian
Government. Upon registration of the final document, the Company
has 30 days to submit its payment of 23.6 million Rubles
(approximately $480,000) to officially complete the transaction.
The licence grants our wholly owned subsidiary ZAO Kun-Manie the
rights to recover all value from the mineral defined to be present
at Kun-Manie.
Highlights:
-- The Russian Government has approved the Company's application
for mining rights at Kun Manie and issued the directive granting
the production rights to the Company until 2034,
-- The Company holds 100% of the rights and is entitled to
recover all economic value minerals including nickel, copper,
cobalt, platinum, palladium, and other minor minerals,
-- All drilled mineralisation (841,000 nickel tonnes equivalent)
lies within the limits of the production licence, and
-- Upon receipt of the licence and as agreed in the Terms and
Conditions, the Company will compensate the Government with a
one-time payment of 23.6 million Roubles (approximately
US$480,000).
The award of the "Detailed Exploration and Mine Production
Licence" is a major milestone and initiates a new phase for the
Company. The strategy of the Company can now shift from exploration
to that of pre-production. Over the course of the licence award
process, additional engineering work and planning has been
implemented by our staff and independent consultants and will be
useful in future assessment and design of the operation.
In anticipation of the award, our ZAO Kun-Manie team has already
completed a "Project" (Proekt) document defining the plans and
activities necessary to advance Kun-Manie to a producing operation.
Submission of the programme sets out a work plan in accordance with
the Terms and Conditions of the licence. Typically, companies await
the final award of a production licence before completing such
documentation, however by undertaking this effort in advance of the
actual award, the Company will be able to register its detailed
exploration plan, allowing it to take advantage of this upcoming
field season and further advance the potential of Kun-Manie on a
more accelerated basis. The exploration programme will define
additional resources and reserves and in-fill drilling will be
implemented to define the extent of the Proven and Probable
reserves.
The Terms and Conditions of the licence, as negotiated with
Rosnedra, set out the responsibilities of the Company to maintain
the production rights in good standing. Broadly, the key points
address the specifics of the following:
-- The one-time payment to be made within 30 days of licence
registration in the sum total of 23,610,272 Rubles (approximately
$480,000).
-- Annually reporting to mineral resource agencies by 15 January.
-- Regular environmental monitoring requirements are included.
-- Detailed exploration plans are to be provided to appropriate agencies
-- Additional work related to metallurgy and engineering studies
will be compiled in a final permanent TEO (Russian feasibility
study) to be approved by the GKZ (State Reserves Committee),
including additional results for detailed exploration.
-- The detailed exploration "Project" has been drafted by the
Company and will require approval by the regional authorities. It
establishes the basic parameters and volumes of work for the next
phase of development, in preparation for the start of
production.
The newly defined boundaries of the approved 36 square kilometre
"Detailed Exploration and Production Licence" are summarized below.
An illustration of the production area and the former exploration
licence can be viewed using the hyperlink:
http://www.rns-pdf.londonstockexchange.com/rns/0338O_-2015-5-22.pdf
Robin Young, CEO of Amur Minerals Corporation, commented:
"Today we have the distinct privilege of announcing to our
shareholders that we are embarking on a new and exciting phase at
the Kun-Manie nickel sulphide project with the granting of the 20
year "Detailed Exploration and Mine Production Licence". As we
prepare for the detailed exploration, engineering and subsequent
production stages of the project, we express gratitude to our team
in Russia and the UK, to the Russian Government for their support
of the Company's efforts, and to our shareholders, many of whom
have been steadfast over the years in their belief that Kun-Manie
is a highly substantial asset with a great future. We are pleased
with the licence terms and conditions, which we agreed with the
Government, and note that the authorities give considerable leeway
to advance the project as quickly and efficiently as possible. On
behalf of the Board of Amur, thank you for your unwavering support.
We look forward to taking up the next phases of pre-production and
development."
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 3470 +44 (0) 77 6853
818 0470 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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