2 March 2018
AMUR MINERALS CORPORATION
(AIM: AMC)
2018 Winter Ice Road & Resupply 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 the 350 kilometre long ice road from the Ulak station, on the Baikal - Amur rail line, to its Kun-Manie project. Subsequently, the Company has initiated the restocking programme for implementation of its 2018 field season.
Highlights:
· Construction of the 350 kilometre long ice road was completed on 15 February 2018, a week earlier than last year.
· Nine vehicle convoys are now transporting the supplies that have been marshalled at the Company's Ulak rail station siding to Kun-Manie.
· Two of the eight planned trips have been completed. Thus far, fuel (80 cubic metres), supplies, spares and food for the upcoming season have already been delivered.
Being the most cost effective way to resupply our operation and upon completion of the restocking effort, the Company will be in a position to diamond core drill a planned 15,000 metres and undertake several site investigation studies gathering additional information for engineering design considerations. A summary of the field programme was provided in an RNS dated 27 February 2018.
The completion of the ice road represents an achievement of one of the milestones required under the financing agreement entered into by the Company on 13 February 2018 for the subsequent advance of a loan. Other milestones required are the completion and announcement of the resource update, updated open pit design, the open pit / underground trade off study and the updated pre-feasibility project economics, all of which milestones the Directors believe will be completed prior to the date that the Company exercising its option to give notice for a further loan advance. Two further milestones to be met are that the total daily traded value for the 30 days prior to the second advance date is greater than the total daily traded value for the 30 days prior to the initial advance date, and that the VWAP of the second advance date is 50% greater than the VWAP on the initial advance date.
Robin Young, CEO of Amur Minerals, commented:
"With the construction of the winter ice road being completed earlier than ever, our 30 man transport team will continue to deliver supplies, fuel, spares and materials to site. Operating on a 24 hour a day cycle, seven days a week, we anticipate successful and complete resupply of the site. The resupply will allow us to finish up the majority of our site investigative work for moving the project forward to a final production decision and design."
Market Abuse Regulation (MAR) Disclosure
Certain information contained in this announcement would have been deemed inside information for the purposes of Article 7 of Regulation (EU) No 596/2014 until the release of this announcement.
Enquiries:
Company Amur Minerals Corp. |
Nomad and Broker S.P. Angel Corporate Finance LLP |
Public Relations Yellow Jersey |
Robin Young CEO |
Ewan Leggat Lindsay Mair Soltan Tagiev |
Harriet Jackson Charles Goodwin Dominic Barretto |
+7 4212 75 56 15 |
+44 (0) 2034 700 470 |
+44 (0) 7768 537 739 |
