Last checked at 29 Oct 2013 07:00
29 October 2013
Amur Minerals Corporation
("Amur" or "the Company")
Notice of Annual General Meeting
Amur Minerals Corporation (AIM: AMC) is pleased to announce that the Company's Annual General Meeting will be held at 8:00 a.m. Monday 18th November 2013 at the offices of ZAO Kun-Manie, Office 9, 14 Gaidara St, Khabarovsk, Russia 680000.
The Notice of Annual General Meeting will be posted to Shareholders today. Details of the resolutions for consideration can be downloaded from the Company website, http://www.amurminerals.com/
Enquiries:
Company Amur Minerals Corp. | Nomad and Broker S.P. Angel Corporate Finance LLP | Public Relations Yellow Jersey |
Robin Young CEO | Ewan Leggat Laura Littley | Dominic Barretto Kelsey Traynor |
+44 (0) 7981 126 818 | +44 (0) 20 3463 2260 | +44 (0) 77 6853 7739 |
About Amur Minerals Corporation
Amur's principal asset is the 100% owned Kun-Manie exploration licence, a nickel-copper sulphide deposit located in the Amur Province in the far east of the Russian Federation. The Kun-Manie licence area is approximately 950 km² and is located 700 km northeast of the capital city of Blagoveshchensk which is located on the Chinese border with the Russian Federation. In April 2004 ZAO Kun-Manie, a wholly owned subsidiary of Amur, was granted an exploration licence to explore for nickel and related metals, including copper, cobalt, palladium and platinum, in respect of the Kun-Manie licence.
Work carried out to date on the Kun-Manie licence including diamond core drilling, airborne and ground based geophysics, trenching and geological mapping has identified five mineralised deposits; Vodorazdelny, Ikenskoe, Maly Krumkon, Gorny and Kubuk. Four deposits warrant further exploration as the limits of the mineralisation have not been fully identified. The drilled deposits are located within a 20 kilometre long segment of the 40 kilometre long Kurumkon Trend. This trend is the primary exploration target within the licence area. Additional targets that are not yet drill tested are identified as Chornie Ispelene, Yan Hegd, Falcon and Ata-Ataga.
More than 50% of the 20 kilometre long area within the Krumkon Trend remains to be examined by scout drilling to determine the full extent of the mineralisation within the Trend. Work indicates that the Maly Kurumkon and Gorny zones may be one continuous zone approaching 6 kilometres length. Of these 6 kilometres, approximately 50 to 60% has been drill tested. Ikenskoe and Kubuk may also be a single continuous zone also approaching 6 kilometres in length of which approximately 35% has been drill tested.
Exploration drill results have been utilised by SRK Consulting to calculate resources for four deposits. Presently, Kubuk, fifth zone, is planned for resource estimation upon receipt of the final independent analytical results. The presently defined resources are JORC compliant and include the Measured, Indicated and Inferred categories which have been estimated for the deposits of Vodorazdelny, Ikenskoe, Gorny and Maly Krumkon. Effective July, 2013 the SRK Consulting (UK) Ltd company independently compiled Resource Estimate consists of a total of 100.2 Mt at a mean grade of 0.53% nickel and 0.15% copper containing 531,700 tonnes of nickel; and 145,500 tonnes of copper. By product platinum and palladium are also present with 13.9 tonnes and 15.6 tonnes being present, respectively. The global resource for the four estimated deposits is summarized below. In addition, the Company presently is awaiting the final assays on the Kubuk deposit upon which an initial resource estimate will be compiled in the near future.
JORC Compliant Resource Estimate
July 2013
Orebody | Tonnage | Ni | Ni | Cu | Cu | Pt | Pt | Pd | Pd |
Mt | % | t | % | t | g/t | kg | g/t | kg | |
Gorny | 7.6 | 0.31 | 23,900 | 0.09 | 7,000 | 0.2 | 1,600 | 0.2 | 1,900 |
Ikenskoe | 34.1 | 0.52 | 177,700 | 0.13 | 43,800 | 0.2 | 6,100 | 0.2 | 6,800 |
Vodorazdelny | 5.6 | 0.64 | 35,900 | 0.17 | 9,600 | 0.1 | 800 | 0.1 | 800 |
Maly Kurumkon | 52.9 | 0.56 | 294,200 | 0.16 | 85,100 | 0.1 | 5,400 | 0.1 | 6,100 |
Grand Total | 100.2 | 0.53 | 531,700 | 0.15 | 145,500 | 0.1 | 13,900 | 0.2 | 15,600 |
Distribution by Resource Category | |||||||||
Total Measured | 15.8 | 0.52 | 81,800 | 0.13 | 21,100 | 0.2 | 2,900 | 0.2 | 3,200 |
Total Indicated | 34.3 | 0.55 | 187,100 | 0.15 | 50,900 | 0.1 | 4,100 | 0.1 | 4,900 |
Total Inferred | 50.1 | 0.52 | 262,800 | 0.15 | 73,500 | 0.1 | 6,900 | 0.1 | 7,500 |
Grand Total | 100.2 | 0.53 | 531,700 | 0.15 | 145,500 | 0.1 | 13,900 | 0.2 | 15,600 |
In late 2007, a pre-feasibility study was completed by SRK Consulting (Russia) Ltd based on the resources defined to be present within a portion of Maly Kurumkon, Vodorazdelny and Ikenskoe. The study indicated that the defined mineralisation was suitable for open cast mining, subsequent treatment of the ores by conventional crushing, grinding and flotation and that the final concentrate would be suitable for contract smelting. A life of mine project cash flow indicated that the project had a projected NPV (discounted at 10%) of nearly $US89 million whilst processing 4.0 million tonnes of ore per annum for a 10 year mine life.
During the period since completion of the study, the Company has continued to explore the project area and has substantially expanded the resource and conducted additional metallurgical test work which has confirmed that improved recoveries are possible. The combination of these two key items has moved the Company forward and an update of the 2007 engineering study is necessary. The required work to appropriately update the study includes the calculation of the resource at Kubuk (a newly drilled deposit), a full rescheduling of all open cast deposits using optimised production schedules, an update of the operating and capital cost estimates to account for inflation and an update of the cash flow model to 2013 costs. This work is to be staged to allow for valuable information to be developed and utilised in each ensuing step.
The Company has applied for a mining licence wherein a request has been submitted to Rosnedra in Moscow, Russia to convert a portion of the exploration licence to a mining licence. The project contains strategic metals including nickel, cobalt, platinum and palladium and therefore must undergo approvals at the Federal level which require several additional agency reviews which are not required of non strategic projects. The Company is working with Rosnedra to advance the application through to approval. Whilst this licence approval works through the system, the Company will continue to explore, expand, evaluate and derisk the technical aspects of the project thereby adding value to the shareholders and reducing lead times to key decision points post the anticipated award of the mining licence.