24 March 2014
AMUR MINERALS CORPORATION
(AIM: AMC)
Winter Ice Road Update
Amur Minerals Corporation ("Amur" or the "Company"), a nickel-copper sulphide mineral exploration and resource development company focused on the far east of Russia, is pleased to announce that it has completed the construction of its 2014 winter ice road from the Baikal - Amur rail siding to its Kun-Manie project. To date, three of the planned five convoys have delivered more than 100 tonnes of fuel, spare parts and supplies to the site. The annually constructed ice road covers a distance of approximately 350 kilometres.
A total of five convoys will deliver 120 tonnes of winter and summer fuel, and over 35 tonnes of supplies and spare parts to the site to support future field work programmes and activities. Upon completion of this year's ice road restock, all mobile equipment at the site will undergo a comprehensive maintenance programme bringing the fleet to a fully operational status. This is undertaken annually.
During the return trip from the site, the convoy will also transport six tonnes of core and samples accumulated during the 2013 field season to our Verkhnezeisk base camp rail station. Delivery of the previous field season's core and samples via the ice road costs the Company substantially less money than helicopter transport which is limited to a maximum of two and a half tonnes per trip. The core and samples obtained during 2013 have already been analysed by Alex Stewart Laboratories ("ALS"), results of which have been used in the determination of the JORC resource estimates provided by SRK Consulting ("SRK") and have been reported in the Company's 30 July 2013 and 9 December 2013 announcements.
Once all the 2013 core and samples are marshalled at Verkhnezeisk along with 12.5 tonnes of core and samples from 2012 already inventoried at the base camp, the total of 18.5 tonnes of core and sample material will be transported by truck to Khabarovsk for storage in the Company's secured facilities. Upon completion of this transport of the core and samples, all mineralised intervals drilled during the last ten years will be available in Khabarovsk. This provides year round access to all core and samples which is among one of the more valuable assets of Company. The availability of the core at the headquarters allows for additional detailed investigation and research into the mineralogical and metallurgical character of the mineralisation at Kun-Manie.
Presently, the Company is evaluating the mineability of the drilled defined mineralisation allowing the Company to determine specific in fill drill requirements on the five drill defined mineral deposits. Results will assist in defining specific drill site locations and the drill pad construction requirements necessary to convert resources into reserves. Based on the mining assessment, activities related to the field operations at Kun-Manie will be specified in greater detail.
Robin Young, CEO of Amur Minerals, commented:
"Annually we undertake the construction of the winter ice road which is the most highly cost effective way to access the project site allowing the Company to restock the project and transport core and geological samples to our base camp located on the Baikal Amur rail system and ultimately to Khabarovsk. This year's restock is targeting a maintenance programme that will allow us to fully maintain our mobile equipment at the site and prepare for any field work to be conducted over the course of this next field season and potentially into the 2015 summer programme.
"These efforts represent our objectives for this year as we focus on completing additional engineering works designed to further de-risk and optimise the project.with our primary target being to obtain the mining licence."
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 |
Notes To Editors:
Amur Minerals Corporation (AMC) is a developing mineral exploration company focused on base metal projects in the far east of Russia. The Company's principal asset is the Kun-Manie sulphide nickel, copper project located in Amur Oblast, with JORC resources in excess of an 830,000 nickel equivalent tonnes and a positive independently compiled prefeasibility study ("PFS) by SRK Consulting Ltd ("SRK"). During the last ten years, five deposits have been identified and drilled at Kun-Maine. The mineral inventory contains Measured, Indicated and Inferred resources totaling 120.8 million tonnes with an average grade of 0.54% nickel and 0.15% copper. The total contained tonnage of nickel is estimated to be 650,600 tonnes with copper being 178.400 tonnes. This equates to 1.4 billion pounds of contained nickel and 0.4 billion pounds of copper. A total of 16.9 tonnes of platinum and 18.0 tonnes of palladium are also present as by product metals.
In 2007, a positive prefeasibility study ("PFS") was compiled by SRK Consulting Ltd ("SRK") wherein capital and operating costs estimates were compiled and an NPV of $US 84 million (10% discount rate) was determined. The design of the project was based on three drilled deposits identified at that time. Three open cast mines would provide sulphide ore to a conventional flotation mill designed to beneficiate 4.0 million tonnes of ore per annum. In order to construct, supply and maintain the operation, a 320 kilometre long access road from the nearest rail station on the BAM rail line to the east where the proposed mine is to be located. The road must be completed to permit the construction of the operation as well as resupply the site. The road would also be utilised to transport saleable concentrates to the rail system for ultimate delivery to a smelter located 5,300 kilometres distant.
Presently the Company is undertaking a comprehensive review of the project which includes the update of operating and capital costs, new decreases tax and royalty rates, improved metallurgical recoveries, updated resources, mine designs and infrastructure development alternatives.
For more information on the Company and its project, see its website at www.amurminerals.com.
