18 November 2013
AMUR MINERALS CORPORATION
(AIM: AMC)
Annual General Meeting Results and Activities Report
The Annual General Meeting of Amur Minerals Corporation ("Amur" or "Company"), a nickel-copper sulphide mineral exploration development company focused on the far east of Russia, was held at 8 a.m. today in Khabarovsk, Russia at the Company's subsidiary office of ZAO Kun-Manie located at #9, 14 Gaidara St, Khabarovsk. All resolutions were duly passed and an activities update was provided to the attendees. The update of the activities included a summary of the year's exploration results, a report on the compilation of the resource calculation for the Kubuk deposit and announcement of the implementation of a newly updated website.
Annual General Meeting Results
All resolutions were approved at the Annual General Meeting ("AGM") held in the Company's subsidiary office located in Khabarovsk of the Russian Federation. Included in the resolutions was the approval of the 2012 Financial Audit and approval of continuing the working relationship with the Company's auditor BDO, LLP.
At each AGM, one-third of the directors must resign and be replaced or re-elected by the shareholders. Mr. Brian C Savage was approved to continue in his role as non-executive director and provide input to both the Audit and Remunerations Committees. At each AGM, all previously existing share authorities expire thereby requiring the Company to renew authorisation of shares to be utilised to continue the funding requirements of the Company. A total of 100,000,000 shares were approved for the period between now and the next AGM. Pre-emptive rights were removed from the newly granted block of authorized shares allowing the Company the flexibility to undertake any fundraising that may be necessary between the close of business at this year's AGM and next year's AGM.
Activities Report
The primary activity undertaken by our Russian subsidiary during 2013 was the successful discovery and drilling of a fifth deposit called Kubuk. The deposit is located along the prolifically mineralised Kurumkon Trend. All analytical results have been obtained from Alex Stewart Laboratories in Moscow, checked and provided to SRK Consulting (UK) Ltd ("SRK") which has already begun the JORC resource modeling work on the Kubuk deposit. This will be the first resource estimate compiled in the area and should add substantially to the recently updated JORC resource at Kun-Manie. Presently the Kun-Manie JORC resource estimate is in excess of 100 million tonnes containing 531,700 tonnes of nickel, which represents a 50% increase from the JORC statement at the beginning of 2013.
SRK has completed sectional and three dimensional wire framing of the drilled mineralisation. Compositing, statistical analyses and variographic work are now underway to determine the continuity of the host structure and the contained mineralisation. The results will be presented in an RNS when complete and approved by SRK's resource committee. The Board anticipates a substantial increase in the global resource which should add additional mining reserves to the proposed operation.
Samples have also been identified from the Kubuk deposit for metallurgical testing to determine the recovery response of the ores to various metallurgical processes, define costs related to crushing and grinding, consumption of reagents and the chemical composition of the new deposit. Additional samples have also been identified for similar work to be completed on the Flangovy mineralisation which was drilled in 2012.
Operating and capital cost estimates are being updated to assist in definition of the preferred process and operational pararmeters. The areas being examined include alternative access methods to the site, power generation options, mining methods comparisons and production optimisation scenarios, process designs and recovery systems as well as an examination of the nickel and copper intermediate markets. Recently generated metallurgical recovery information warrants closer examination of generating a final marketable product on site versus the sale of concentrates to a smelter within the Pacific Rim region. The Company is in the process of obtaining bids for key portions of the work from both qualified Russian and western independent consulting organisations.
The nickel market is presently depressed from earlier higher prices during the year, however long term pricing is projected to range from US$9.50 per pound to US$10.50 per pound. This equates to approximately US$22,000 per tonne of nickel. Today's price is approximately US$13,650 per tonne.
The Company continues to work with Rosnedra in developing the terms and conditions of the mining licence application. Russian authorities continue to liberalise regulatory constraints and provide financial incentives to the mineral resource industry by reducing the constraints related to the strategic law and removal of the operating profits tax for the first 10 years of a new mine's operation. Amur continues to provide input to the various agencies to assist in providing insight as to how to improve the investment climate within the Far East.
Administratively, the Company is also working to keep costs down, maintain its low discovery cost (US$0.03 per pound) and support the local communities by providing a steady base for employment. The Company plans to be a long term participant in the development of the Far East District of Russia.
At the conclusion of the AGM, the Company unveiled its newly updated website, which is presently available to the public at www.amurminerals.com, where shareholders can also view a recent televised interview with the CEO Robin Young.
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 |
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 |
