Amur Minerals Corporation 2018 Winter Ice Road & Resupply Update (4162G)
March 02 2018 - 2:00AM
UK Regulatory
TIDMAMC
RNS Number : 4162G
Amur Minerals Corporation
02 March 2018
2 March 2018
AMUR MINERALS CORPORATION
(AIM: AMC)
2018 Winter Ice Road & Resupply Update
Amur Minerals Corporation ("Amur" or the "Company"), a
nickel-copper sulphide mineral exploration and resource development
company focused on the far east of Russia, is pleased to announce
that it has completed the construction of the 350 kilometre long
ice road from the Ulak station, on the Baikal - Amur rail line, to
its Kun-Manie project. Subsequently, the Company has initiated the
restocking programme for implementation of its 2018 field
season.
Highlights:
-- Construction of the 350 kilometre long ice road was completed
on 15 February 2018, a week earlier than last year.
-- Nine vehicle convoys are now transporting the supplies that
have been marshalled at the Company's Ulak rail station siding to
Kun-Manie.
-- Two of the eight planned trips have been completed. Thus far,
fuel (80 cubic metres), supplies, spares and food for the upcoming
season have already been delivered.
Being the most cost effective way to resupply our operation and
upon completion of the restocking effort, the Company will be in a
position to diamond core drill a planned 15,000 metres and
undertake several site investigation studies gathering additional
information for engineering design considerations. A summary of the
field programme was provided in an RNS dated 27 February 2018.
The completion of the ice road represents an achievement of one
of the milestones required under the financing agreement entered
into by the Company on 13 February 2018 for the subsequent advance
of a loan. Other milestones required are the completion and
announcement of the resource update, updated open pit design, the
open pit / underground trade off study and the updated
pre-feasibility project economics, all of which milestones the
Directors believe will be completed prior to the date that the
Company exercising its option to give notice for a further loan
advance. Two further milestones to be met are that the total daily
traded value for the 30 days prior to the second advance date is
greater than the total daily traded value for the 30 days prior to
the initial advance date, and that the VWAP of the second advance
date is 50% greater than the VWAP on the initial advance date.
Robin Young, CEO of Amur Minerals, commented:
"With the construction of the winter ice road being completed
earlier than ever, our 30 man transport team will continue to
deliver supplies, fuel, spares and materials to site. Operating on
a 24 hour a day cycle, seven days a week, we anticipate successful
and complete resupply of the site. The resupply will allow us to
finish up the majority of our site investigative work for moving
the project forward to a final production decision and design."
Market Abuse Regulation (MAR) Disclosure
Certain information contained in this announcement would have
been deemed inside information for the purposes of Article 7 of
Regulation (EU) No 596/2014 until the release of this
announcement.
Enquiries:
Company Nomad and Broker Public Relations
Amur Minerals S.P. Angel Corporate Yellow Jersey
Corp. Finance LLP
Robin Young CEO Ewan Leggat Harriet Jackson
Lindsay Mair Charles Goodwin
Soltan Tagiev Dominic Barretto
+7 4212 75 56 +44 (0) 2034 700 +44 (0) 7768
15 470 537 739
This information is provided by RNS
The company news service from the London Stock Exchange
END
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