Last checked at 22 Mar 2013 08:40
22 March 2013
AMUR MINERALS CORPORATION
("Amur" or the "Company")
Mining Licence Update
Amur Minerals Corporation (AIM: AMC), the nickel-copper sulphide exploration and resource development company focused on the far east of Russia, is pleased to provide an update on the status of its application for a mining licence on its Kun-Manie nickel copper sulphide project.
The Company has been notified by the Ministry of Natural Resources that its application for the mining licence is under review. Key considerations and highlights follow:
·; On 20 December 2012, the Company informed shareholders that Rosnedra had assumed the oversight responsibility for the calculation of the one off payment to convert a portion of the exploration licence area to that of a mining licence. This defined area contains all drilled resources and reserves identified to date.
·; The Ministry of Natural Resources (parent of Rosnedra) has confirmed that approvals from the Ministry of Defence and Federal Security Service are in hand. The report from the Federal Antimonopoly Service has also been received.
·; Despite being provided with information related to the application and being assigned responsibility to complete the calculation of the one off payment, the Federal State Statistics Service (Rosstat) has not presented the results and the calculation therefore will now be undertaken directly by Rosnedra and it will be based on metal pricing associated with state contracts awarded in accordance with federal law. Rosnedra is presently assembling this metal pricing information.
Once Rosnedra has the required information, processing of the application will be continued in accordance with the established procedure.
Robin Young, CEO of Amur Minerals, commented:
"We are pleased to inform our shareholders that the application for the mining licence is progressing through the newly implemented system. We shall be updating the market as the licence advances through the approval process. The board remains confident that we will obtain the approved mining licence."
Enquiries:
Company Amur Minerals Corp. | Nomad and Joint Broker RBC Capital Markets
| Joint Broker Sanlam Securities UK Limited | Public Relations Tavistock
|
Robin Young CEO | Martin Eales | Lindsay Mair Max Bascombe | Jos Simson Jessica Fontaine |
+44 (0) 7981 126 818 | +44 (0) 20 7653 4000 | +44 (0) 20 7628 2200 | +44 (0) 20 7920 3150 |