LONDON (Alliance News) - Amur Minerals Corp on Thursday said it has made the required licence conversion payment for its Kun-Manie project in the far east of Russia.
The company has made a total payment of RUB23.6 million to cover the assignment of production rights for all recoverable metal at the project.
The licence is for 20 years to July 2035 and has the option to be extended should additional mineralisation be discovered which warrants mining.
"It is with pleasure I report that our wholly-owned subsidiary ZAO Kun-Manie has transferred the necessary funds for the one-time payment completing acquisition of the production licence rights for 100% of the metal at Kun-Manie. We are moving on to the next phase of evaluating Kun-Manie by infill drilling and initiation of the metallurgical test work," said Amur Chief Executive Robin Young.
Amur shares were up 7.1% to 25.97 pence in early trade, one of the best performers in the AIM All-Share.
By Sam Unsted; samunsted@alliancenews.com; @SamUAtAlliance
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