31 Oct 2011 07:00
31 October 2011
AMUR MINERALS CORPORATION
(AIM: AMC)
Concentrate and Ore Value Set by TSNIGRI
Amur Minerals Corporation ("Amur" or the "Company"), a nickel-copper sulphide mineral exploration and resource development company focused on far east Russia, announces that TSNIGRI (Research Center Of The Institute For Geological Exploration Of Base And Precious Metals) has compiled a comprehensive report establishing the value of the projected recovered metals within the complex concentrate of the Company's Kun-Manie project. The value is based on the estimated recovered metals of nickel, copper, cobalt, gold, silver, platinum, palladium and sulphur. The valuation report has been forwarded to the Ministry of Economic Development (MED) for its consideration and review as related to Amur's application for its mining licence.
As part of the mining licence application process, it is the responsibility of the MED to submit a valuation of the concentrate and ore value to Rosnedra, a subsidiary of the Ministry of Natural Resources. This valuation document is integral in determining the fee Amur must pay for the mining licence on approval.
The MED's responsibilities include its calculation of the concentrate value or alternatively it can utilise a valuation generated by another federal agency certified by the governmental authorities of the Russian Federation. TSNIGRI is such an authorised agency and has delivered the completed valuation report to the MED. Presently, the TSNIGRI report is being reviewed by the MED for consideration in its submission to Rosnedra as related to the mining licence application.
Robin Young, CEO of Amur Minerals, commented:
"Amur is pleased that TSNIGRI has undertaken and completed the task of valuing the projected value of the concentrate and ore based on the Russian metallurgical test work. This report is an important step forward in the mining licence approval process and we will closely monitor the review by the MED and will update shareholders as the document is reviewed and processed by the MED."
Enquiries:
Company Amur Minerals Corp. | Nomad and Joint Broker RBC Capital Markets | Joint Broker Hybridan LLP | Public Relations Lothbury Financial Services |
Robin Young CEO | Martin Eales | Claire Noyce | Michael Padley |
+44 (0) 7981 126 818 | +44 (0) 20 7029 7881 | +44 (0) 20 7947 4350 | +44 (0) 20 7868 2010 |