AMC.L Regulatory News (AMC)

12 Mar 2007 17:16

Amur Minerals Corporation12 March 2007 NOT FOR DISSEMINATION IN THE UNITED STATES OR FOR DISTRIBUTION TO U.S. NEWSWIRESERVICES 12 March 2007 Amur Minerals Corporation Private Placement Amur Minerals Corporation ("Amur" or the "Company") (AIM : AMC) is pleased toannounce that it has entered into an engagement letter with Fox-Davies CapitalLimited for a private placement to raise a maximum of £1.7 million (€2.5million) through the issuance of approximately 9,200,000 ordinary shares of Amurat a price of 18.5p per share. The placement is not being underwritten. Closingof the private placement is expected to occur on or around 26 March 2007 andapplication will be made for the new ordinary shares to be admitted to tradingon AIM. The private placement will target private client brokers and retailinvestors in order to broaden the Company's shareholder base and enhanceliquidity. Fox-Davies Capital Limited will work with ALL IPO plc, whose website(www.allipo.com) allows private investors to subscribe for placings online. Amur intends to use the proceeds to fund the ongoing exploration and developmentwork at Kun-Manie, as well as initial field work on the recently acquiredAnadjakan and Kustak licenses. The Company will also continue to pursue newprojects, with a particular emphasis on those that have the potential to providenear-term production. Enquiries: Amur Minerals Fox-Davies Capital RBC Capital ParkgreenCorp. Limited Markets Communications Robin Young Daniel Fox-Davies Andrew Smith Victoria ThomasCEO Oliver Stansfield Martin Eales Roland Eschle+44 (0) 7981 126 818 +44 (0) 20 7936 5200 +44 (0) 20 7029 7881 +44 (0) 20 7851 7480 About Amur Minerals Amur's principal asset is the 100% owned Kun-Manie exploration licence, anickel-copper deposit located in the Amur Province in the far east of theRussian Federation. The Kun-Manie licence area is approximately 950 km(2) and islocated 700 km northeast of the capital city of Blagoveshchensk and is 750 kmnorth of the Chinese border. In April 2004 ZAO Kun-Manie, a wholly ownedsubsidiary of Amur, was granted a licence to explore for nickel and relatedmetals, including copper and platinum, in respect of the Kun-Manie licence. Work carried out to date on the Kun-Manie licence including diamond coredrilling, trenching and geological mapping has identified four mineralisedtargets; the Vodorazdelny, Ikenskoe, Maly Krumkon and Falcon zones, three ofwhich warrant further exploration as the limits of the mineralisation have notbeen identified. The four zones are located within a 15 kilometre long segmentof the 40 kilometre long Krumkon Trend. This trend is the primary explorationtarget within the licence area. An additional three targets identified asChornie Ispelene, Yan Hegd and Kubuk (also referred to as Ata) have beenidentified as additional drill targets. Chornie Ispelene and Kubuk lie withinthe trend whilst Yan Hegd is located approximately 8 kilometres to its north.Approximately 50% of the Krumkon Trend remains to be examined by reconnaissancework where existing Soviet data indicates potential exists to identifyadditional drill targets. Exploration drill results have been utilised by SRK Consulting to calculateresources. These include resources of the Measured, Indicated and Inferredcategories which have been estimated for the deposits of Vodorazdelny, Ikenskoeand Maly Krumkon. Effective January, 2007, the independently compiled ResourceEstimate consists of a total of 53.3 Mt at a mean grade of 0.48% nickel and0.14% copper containing 254,500 tonnes of nickel; and 73,000 tonnes of copper.This is summarised in the following table. SRK Consulting's 2006 Year End Resource Report =========== ======== ====== ====== ===== ======Orebody Tonnage Ni Ni Cu Cu (Mt) (%) (t) (%) (t) =========== ======== ====== ====== ===== ======VodorazdelnyIndicated 5.9 0.71 41,800 0.20 11,800 IkenskoeMeasured 3.7 0.61 22,700 0.16 5,800Indicated 26.8 0.42 111,300 0.12 32,700Sub-total 30.5 0.44 134,000 0.13 38,500Inferred 5.9 0.49 28,700 0.13 7,500Total Ikenskoe 36.4 0.45 162,700 0.13 46,000 Maly KrumkonInferred 11.0 0.45 50,000 0.14 15,200 Total Measured 3.7 0.61 22,700 0.16 5,800Total Indicated 32.7 0.47 153,100 0.14 44,500Total Inferred 16.9 0.47 78,700 0.13 22,700Grand Total 53.3 0.48 254,500 0.14 73,000----------- -------- ------ ------ ----- ------ Presently, Amur is compiling a prefeasibility study on the Kun-Manie Project tobe completed in the second quarter of 2007. Concurrently, work is also beingconducted on the assembly of a report to be submitted to the State Committee onReserves (GKZ). Upon approval, the GKZ shall issue a certificate of "Discovery".This certification allows the Company to continue along the process ofconverting portions of the exploration licence into a mining licence. Immediately to the east of the Kun-Manie licence and across the Amur Oblast andKhabarovsk Krai border, Amur has acquired the Kustakskaya Project. This 1,034square kilometre, 25 year exploration and production licence contains twogeological terrains. Each terrain contains a different mineralisation typetarget. The southern half of the licence is interpreted to be a continuation ofthe Krumkon Trend identified within the Kun-Manie exploration licence. Thenorthern half of the licence area contains Mesozoic granitic intrusives whereinhistorical Russian results indicate the potential for copper, cobalt and minornickel to be present. The Company will undertake field exploration of thislicence area in 2008 in accordance with the terms of the licence. Havingrecently acquired this licence, the Company places no value on this property. Amur also controls the Anadjakan gold-copper exploration licence in KharaborvskKrai near the well-infrastructured city of Elban. The Company chooses not toreport any value on this asset until it concludes its comprehensive review ofall information and verifies existing Russian results. The 2007 explorationprogramme for this area is designed to check the historical results and definefuture drill targets. The exploration of this licence area will begin during the2007 field season. The information contained in this announcement has been reviewed and approved bythe CEO of Amur, Robin Young. Mr. Young is a Geological Engineer (cum laude) andis a Qualified Professional Geologist, as defined by the Toronto and VancouverStock Exchanges. This information is provided by RNS The company news service from the London Stock Exchange