TIDMAMC
RNS Number : 8220K
Amur Minerals Corporation
30 June 2014
AMUR MINERALS CORPORATION
("Amur" or the "Company")
RESULTS FOR THE YEAR ENDED 31 DECEMBER 2013
CHAIRMAN'S STATEMENT
Dear Shareholder:
It is with pleasure that I take this opportunity to update
shareholders of Amur Minerals Corporation on the Company's
successful performance during 2013.
Exploration of our Kun-Manie nickel copper sulphide project in
the Russian Far East continues to be the primary focus of the
Company. This effort included drilling and delineating
mineralisation at the Kubuk anomaly, resulting in a fifth deposit
being identified and contributing to a substantial increase in the
resources. The Company has also updated the resource estimates at
its other four drilled deposits yielding a substantial increase in
mineralised tonnage and contained nickel and copper which could
substantially improve the economic potential of the project.
2013 Highlights
-- Final analytical results of the 2012 drilling programme at
Gorny were received in early 2013 and confirmed that Gorny is the
fourth deposit discovered at Kun-Manie. Gorny may be a continuation
of the Maly Kurumkon/Flangovy deposit located approximately 1.5
kilometres to the west;
-- The 2013 drilling programme and analytical results confirmed
that Kubuk is the fifth deposit discovered along the Kurumkon
trend, with an estimated 20.6 million tonnes of mineralisation
averaging 0.58% nickel and 0.16% copper. This equates to 118,900
tonnes of nickel and 32,900 tonnes of copper;
-- As a result of the drilling at Kun-Manie since the last
resource update in 2007, Amur was able to increase the JORC mineral
resource inventory for the project. Within the five distinct
deposits located along the Kurumkon trend, the global resource
nearly doubled the estimated contained nickel from 341,000 tonnes
to 650,600 tonnes, whilst contained copper has increased from
95,500 tonnes to 178,400 tonnes;
-- Subsequent to administrative changes within the licencing
system in late 2012, Rosnedra notified the Company of the requisite
one-time fee of 24.6 million Roubles (approximately US$751,000) to
convert a portion of the exploration licence which contains all
drilled resources and the Kubuk area to a mining licence.
Concurrent with the notification in May 2013, the Company updated
time sensitive documents relating to changes in the administrative
structure of the Company to Rosnedra for use in the decision on
awarding the mining licence;
-- In April 2013 the Lanstead Capital LLP March 2011 placing was
fully settled with total proceeds of US$2.3 million. During 2013
the Company received 12 settlements of the February 2012 Lanstead
placing totalling US$2.0 million;
-- The Company completed an additional fund raising in July 2013
with Lanstead for US$7.9 million (GBP5.2 million) of which proceeds
of US$1.0 million have been received by 31 December 2013.
Additionally, at this time a further US$200,000 was placed with
institutional investors; and
-- The Company is debt free with cash in the bank of
US$2.4million as at 31 December 2013, up from US$2.0 million at 31
December 2012.
Exploration
Please see link at the end of this announcement to view Figure
1, a diagram of the Resource Areas.
During the early part of 2013 the Company received the final
analytical results of the drilling programme at Gorny which was
completed in late 2012. The 2012 programme consisted of nine holes
totalling 1,484 metres. A total of 18 mineralised intervals
averaging 6.4 metres thick were encountered. The average combined
intercept thickness per hole is 12.8 metres with average grades of
0.45% nickel and 0.13% copper. Drilling confirmed that Gorny is the
fourth deposit discovered at Kun-Manie and could be a continuation
of the Maly Kurumkon/Flangovy deposit located approximately 1.5
kilometres to the west. Exploration at Gorny has not defined the
limits of the mineralisation.
Further analytical results were also received in late Q1 2013
for the 2012 step-out drilling programme at Ikenskoe and consisted
of ten holes totalling 1,212 metres which were drilled immediately
south and adjacent to the Ikenskoe deposit in an area identified as
Sobolevsky. A total of 122.5 metres of nickel and copper
mineralisation were intersected in six of the ten holes with
average grades of 0.89% nickel and 0.22% copper over an average
interval thickness of 17.5 metres.
The 2012 drill results along with all other drill data collected
since 2007 were forwarded to SRK Consulting (UK) Ltd ("SRK") early
in 2013 for the purposes of updating the 2007 JORC resource
estimate. The updated resource is discussed in the section
below.
The 2013 drilling programme commenced at Kubuk in May 2013,
which is one of the largest undrilled anomalies within the
exploration licence. The anomaly at Kubuk is 2.5 kilometres in
length and was defined using a combination of trenching, soil
geochemical and geophysical surveys. Initial drilling, consisting
of 12 drill holes with a total of 1,813 metres, showed all holes
intercepting disseminated sulphide mineralisation that typically
host nickel and copper. The average total intersected mineralised
thickness was 28 metres with the average discrete interval
intercept being 13.4 metres. The results were better than expected
and with these highly positive results, the decision was taken to
double the planned drill programme at Kubuk from 2,500 metres and
5,000 metres.
At the end of the field season the Company had completed 32
holes at Kubuk totalling 6,000 metres, successfully defining a
fifth deposit to be a minimum of 900 metres in length and up to 400
metres in the dip direction. The analytical results from Alex
Stewart Laboratories defined an Inferred resource of 20.6 million
tonnes of mineralisation with an average nickel grade of 0.58% and
an average copper grade of 0.16%, equating to approximately 118,900
tonnes of contained nickel and 32,900 tonnes of copper. Kubuk
represents an open cast mineable target.
Substantial potential to increase the size of the Kubuk deposit
remains as drilling has not defined the limits of the
mineralisation to the east nor in the down dip direction. Trenching
undertaken in the 2011 and 2012 field seasons that are one and a
half kilometres to the east of the last drill holes indicate that
mineralisation is exposed in outcrops which could well be the same
structure drilled during this field season.
Please see the link at the end of this announcement to view
Figure 2, showing the location of the Kubuk Drill Hole.
Please see the link at the end of this announcement to view
Figure 3, Kubuk Drill Hole Location Map 2013 Comprehensive Drill
Update.
Resource Estimate
The Company contracted SRK Consulting (UK) ('SRK") to update the
JORC compliant mineral resource estimate. The previous estimate had
been completed in 2007 by SRK. The update includes the five
deposits: Gorny, Maly Kurumkon/Flangovy, Vodorazdelny,
Ikenskoe/Sobolevsky and Kubuk. All deposits lie within the area for
which the Company has applied for the mining licence.
The new study was initiated in the first half of 2013 and
results produced substantial increases in the global resource at
Kun-Manie. The expansion in resources was primarily due to step out
drilling conducted at Maly Kurumkon in an immediately adjacent area
called Flangovy, the drilling at the newly defined Gorny deposit
and the identification of Kubuk as an additional deposit.
-- Kubuk: Drilling was initiated for the first time during the
2013 field season. The present drill configuration and results on
this deposit indicate that step out drilling could expand the size
of this deposit in the dip direction and up to one kilometre to the
east where trenching has exposed mineralisation. The resources
within Kubuk are presently classified as Inferred resources. A
total of 20.6 million tonnes of mineralisation are estimated to be
present containing an average nickel grade of 0.58% and an average
copper grade of 0.16%, equating to approximately 118,900 tonnes of
contained nickel and 32,900 tonnes of copper.
-- Gorny: Before 2013, no resource had been reported to be
present at Gorny. This deposit was discovered after the 2007
pre-feasibility study was completed by SRK. All resources contained
within this deposit are classified as Inferred and there is
potential to expand its size as the limits of mineralisation have
not yet been defined to the east, west or down dip.
-- Maly Kurumkon / Flangovy: In-fill and step out drilling
immediately to the east of Maly Kurumkon has been completed since
2007. The in-fill drill efforts at Maly Kurumkon have converted a
portion of the previously Inferred resources to the higher
confidence resource category of Indicated. The Indicated resource
now stands at 21.8 million tonnes averaging 0.58% nickel and 0.16%
copper. This represents an increase of more than 45% to the Maly
Kurumkon Indicated resource category from 2007.
-- Vodorazdelny: Infill drilling and extensive trenching
resulted in the definition of Measured resources for a portion of
this deposit which was previously all classified as Indicated. The
total resource now stands at 5.6 million tonnes having an average
grade of 0.64% nickel and 0.17% copper. The deposit has been
drilled on a sufficient density resulting in all resources being
classified as Measured and Indicated. The potential for expansion
of the resource in this area is limited.
-- Ikenskoe/Sobolevsky: Infill drilling and step out drilling to
the south have resulted in a substantial conversion of Indicated
resources to Measured resources. This infill drilling has now
defined the Measured resource to be 14.9 million tonnes, up from
3.7 million tonnes as defined in 2007. Step out drilling to the
south has identified a higher grade area of Inferred resources.
This deposit now contained 177,700 tonnes of nickel and 43,800
tonnes of copper. Potential for expansion exists as mineralisation
remains open at depth and to the east toward Kubuk.
In addition to the step out drilling programme, the infill
drilling efforts since 2007 have resulted in a substantial
conversion of the 2007 Indicated Mineral Resource to Measured
Resources. This represents a substantial increase in the confidence
in the estimated tonnages and grades drilled at Kun-Manie. The new
study also confirms that the geometries of the mineralised bodies
are highly conducive to the lower cost, open cast mining
methods.
The substantial increases in resource and higher metallurgical
recoveries resulting from the 2012 SGS Minerals metallurgical test
work should positively impact the cash flow models last updated in
late 2007 by SRK. The Company is presently updating the operating
costs of the 2007 pre-feasibility study to further define and
update the cut-off grades of each deposit. This will be followed by
optimisation and design studies and the preparation of more
detailed production schedules. The study will also look at
alternative power generation options, transport design
considerations and the potential of producing near final market
product on site.
JORC Resource Estimate - 31 December 2013
(zero cut off grade)
Orebody Tonnage Ni Ni Cu Cu Pt Pt Pd Pd
Mt % t % t g/t kg g/t kg
================= ======== ===== ======== ===== ======== ==== ======= ==== =======
Kubuk
Measured - - - - - - - - -
Indicated - - - - - - - - -
Subtotal - - - - - - - - -
Inferred 20.6 0.58 118,900 0.16 32,900 0.1 3,000 0.1 2,400
Total 20.6 0.58 118,900 0.16 32,900 0.1 3,000 0.1 2,400
Gorny
Measured - - - - - - - - -
Indicated - - - - - - - - -
Subtotal - - - - - - - - -
Inferred 7.6 0.31 23,900 0.09 7,000 0.2 1,600 0.2 1,900
Total 7.6 0.31 23,900 0.09 7,000 0.2 1,600 0.2 1,900
Ikenskoe
Measured 14.9 0.52 77,100 0.13 19,700 0.2 2,700 0.2 3,000
Indicated 7.7 0.39 29,800 0.10 7,800 0.1 1,100 0.2 1,300
Subtotal 22.6 0.47 106,900 0.12 27,500 0.2 3,800 0.2 4,300
Inferred 11.5 0.62 70,800 0.14 16,300 0.2 2,300 0.2 2,500
Total 34.1 0.52 177,700 0.13 43,800 0.2 6,100 0.2 6,800
Vodorazdelny
Measured 0.8 0.57 4,700 0.17 1,400 0.3 200 0.3 200
Indicated 4.8 0.66 31,200 0.17 8,200 0.1 600 0.1 600
Subtotal 5.6 0.64 35,900 0.17 9,600 0.1 800 0.1 800
Inferred - - - - - - - - -
Total 5.6 0.64 35,900 0.17 9,600 0.1 800 0.1 800
Maly Krumkon
Measured - - - - - - - - -
Indicated 21.8 0.58 126,100 0.16 34,900 0.1 2,400 0.1 3,000
Subtotal 21.8 0.58 126,100 0.16 34,900 0.1 2,400 0.1 3,000
Inferred 31.1 0.54 168,100 0.16 50,200 0.1 3,000 0.1 3,100
Total 52.9 0.56 294,200 0.16 85,100 0.1 5,400 0.1 6,100
Total Measured 15.8 0.52 81,800 0.13 21,100 0.2 2,900 0.2 3,200
Total Indicated 34.2 0.55 187,100 0.15 50,900 0.1 4,100 0.1 4,900
Subtotal 50.1 0.54 268,900 0.14 72,000 0.1 7,000 0.1 8,100
Total Inferred 70.7 0.54 391700 0.15 106,400 0.1 9,900 0.1 9,900
Grand Total 120.8 0.54 650,600 0.15 178,400 0.1 16,900 0.1 18,000
Licences
The Company submitted its application for the exploration
licence extension at Kun-Manie in May 2012 with the result that a
two year extension was granted in November 2012 extending its right
to explore to 31 December 2014. Exploration requirements within the
exploration licence for 2013 and 2014 have been successfully
completed.
In May 2013, Rosnedra notified the Company that a one-time fee
of RUR24.6 million (approximately US$751,000) will be due upon
granting of the mining licence. The fee is payable 30 days after
the final registration and award of the mining licence. To advance
the licensing process, various Russian agencies were provided with
updated information as of May 2013, specifically including
administrative staff changes at the executive level and a new share
registry since the original submission of the application for the
mining licence is older than 18 months. These updated reports from
the various agencies will be used to establish the terms and
conditions of the mining licence. Three of the four agencies have
completed report updates.
Once all documentation is available, Rosnedra will provide a
summary of the Company's application for use by Rosnedra's parent
agency, the Ministry of Natural Resources. The Ministry of Natural
Resources is vested to provide a submission to the Presidential
Commission for a final grant of the mining licence. The
Presidential Commission typically meets a minimum of twice per
annum.
Financial Overview
The Company remained debt free throughout 2013 with cash
reserves of US$2.392 million as at 31 December 2013.
During the first half of the year the Company received the last
four settlements from the Lanstead Capital LLP ("Lanstead")
financing agreement entered into during March 2011, totalling
US$356,000. This brought this financing agreement to completion
with total receipts from all 24 settlements of US$2.3 million.
In addition, the Company's financing agreement with Lanstead
entered into with Lanstead in February 2012 received 12 settlements
with proceeds of US$2.0 million during the year. The remaining
settlements, which when valued at the 31 December 2013 share price
of 6.93p, will provide expected proceeds of an additional US$2.4
million.
In July 2013, the Company entered into a further placing for
US$7.7 million (GBP5.0 million) by placing 71.7 million new shares
at a placing price of 7.25p per share. The Company received US$1.5
million from Lanstead immediately upon completion of the placing
with the remaining US$6.2 million subject to an equity price
mechanism. During the year the Company received one settlement with
proceeds of US$43,000. The remaining settlements when valued at the
31 December 2013 share price, will provide expected proceeds of
US$5.7 million.
Also in July 2013, an additional US$200,000 was placed with
institutional investors.
Outlook
Looking to the remainder of an exciting 2014, the Company will
continue to be very busy. The key tasks looking forward include the
award of the mining licence and an update on the 2007
pre-feasibility study. The updated resources and pending reserve
update have demonstrated the continuing progress made by the
Company which has only been possible through the on-going
dedication of the Amur and Kun-Manie staff. Their hard work has
advanced the Kun-Manie project another step closer to a production
decision. The Company will continue to work on the mining licence
award.
Over the last months and into the foreseeable future, the
Company will continue to work on advancing Kun-Manie on several
fronts. These can be broadly divided into three areas. These are
the on-going activities on site, assessment and development of an
updated operating plan for Kun-Manie and obtaining the mining
licence.
In March 2014, we completed the ice road construction and
restock of Kun-Manie. This effort included the transport of heavy
spares which cannot be helicoptered to the site, fuel and staff
needed to complete the field plan for 2014. This year's field plan
is related to our exploration requirements where reclamation of
areas that have been proven to be barren of mineral are reclaimed.
This effort is focused on those areas external to the applied for
mining (production) licence area. Concurrent with reclamation, we
are constructing in fill drill sites targeting the conversion of
Inferred resources to Indicated resources. Presently, no drilling
is planned for this season unless the mining licence is awarded and
there are favourable weather conditions allowing for drilling to be
undertaken. This decision to not drill at this time has been
undertaken as the current resource inventory is substantial and
capable of sustaining the planned operation.
Since the 2007 issuance of the SRK Consulting Ltd
Pre-feasibility Study, we have been able to report continual
success on the project. This has included resource expansion and
the discovery of two new deposits. SGS Minerals Ltd has reported
that we can recover higher amounts of all of the contained metals
at Kun-Manie. The reduction of the royalty tax in early production
years and the removal of the net profits tax for the first five
years of production are highly beneficial to the Company. Globally,
all of these are adding value to the project.
With all the positive considerations, we implemented a
comprehensive review of the technical and economic parameters of
the project. This is being led by Mr. AEJ Swanson, our resident COO
in Khabarovsk. His 46 years of experience within the mining
industry have been invaluable in our update to the project. Work
has been on-going since early this year and we can report that
operating and capital costs have been updated to reflect Q1 2014
costs. These higher costs are being utilised to update an
internally compiled document for the Company. A comprehensive
redesign of potential operation is underway and nearing completion.
We look forward to releasing the new design, results and plans for
advancing Kun-Manie.
As stated in our section on licencing, we continue to
co-ordinate with Russian authorities on obtaining the production
licence and have employed Russian fluent Mr. Randolph Lewis based
full time in Moscow. This is providing us with a constant presence
allowing for immediate and rapid response to questions and queries
from the ministries responsible for issuance of the licence. His
proven track record of more than 10 years in Russia and having
obtained a mining licence for another Russian junior explorer is a
positive addition supporting Mr. Robin Young. With this increased
presence the Company has further increased its contacts and support
to be adding further to those of our CEO. This is obviously a high
priority activity for the Company and the Board is optimistic that
the Company will receive its mining licence.
Mr. Robert W. Schafer
Non Executive Chairman
27 June 2014
Enquiries:
Company Nomad and Broker Public Relations
Amur Minerals Corp. S.P. Angel Corporate Finance LLP Yellow Jersey
Robin Young CEO Ewan Leggat Dominic Barretto
Laura Harrison Kelsey Traynor
+44 (0) 7981 126 818 +44 (0) 20 3463 2260 +44 (0) 77 6853 7739
AMUR MINERALS CORPORATION AND ITS SUBSIDIARIES
consolidated STATEMENT OF FINANCIAL POSITION
AS OF 31 DECEMBER 2013
(Amounts in '000s US Dollars)
31 December 31 December
2013 2012
NON-CURRENT ASSETS
Capitalised exploration
costs 18,318 17,084
Property, plant and equipment 637 844
Total non-current assets 18,955 17,928
------------- -------------
CURRENT ASSETS
Other receivables 188 330
Inventories 269 224
Derivative financial
asset 8,225 5,787
Cash and cash equivalents 2,392 2,048
Total current assets 11,074 8,389
------------- -------------
Total assets 30,029 26,317
============= =============
CURRENT LIABILITIES
Trade and other payables 123 119
Total current liabilities 123 119
------------- -------------
CAPITAL AND RESERVES ATTRIBUTABLE
TO OWNERS OF THE PARENT
Share capital 48,949 40,902
Share premium 6,473 6,613
Share options reserve 2,086 1,256
Retained deficit (23,802) (20,135)
Foreign currency translation
reserve (3,800) (2,438)
Total equity 29,906 26,198
------------- -------------
Total liabilities and
equity 30,029 26,317
============= =============
The financial statements were approved and authorised for issue
by the Board of Directors on 27 June 2014 and were signed on its
behalf by:
Robin Young Brian Savage
AMUR MINERALS CORPORATION AND ITS SUBSIDIARIES
CONSOLIDATED STATEMENT OF COMPREHENSIVE income
FOR THE year ENDED 31 DECEMBER 2013
(Amounts in '000s US Dollars)
Year ended Year ended
31 December 31 December
2013 2012
------------ ---------------
Administrative expenses (2,539) (1,750)
Loss from operations (2,539) (1,750)
Finance expense (1,141) (1,813)
Fair value movement on derivative
financial assets (151) (435)
Loss before tax (3,831) (3,998)
Taxation - -
Loss for the year attributable
to owners of the parent (3,831) (3,998)
============ ===============
Other Comprehensive income:
Exchange differences on
translation of foreign operations (1,362) 629
------------ ---------------
Other comprehensive income
for the year, net of tax (1,362) 629
Total comprehensive income
for the year attributable
to owners of the parent (5,193) (3,369)
============ ===============
Loss per share: basic & US$(0.009) US$(0.012)
diluted
AMUR MINERALS CORPORATION AND ITS SUBSIDIARIES
CONSOLIDATED sTATEMENT OF CASH FLOWS
FOR THE YEAR ENDED 31 DECEMBER 2013
(Amounts in '000s US Dollars)
Year Year
ended ended
31 December 31 December
2013 2012
------------- -------------
Cash flow from operating activities:
Payments to suppliers and employees (1,556) (1,190)
Net cash used in operating activities (1,556) (1,190)
------------- -------------
Cash flow from investing activities:
Payments for property, plant and equipment (70) (693)
Payments for capitalised expenditure (2,245) (2,789)
Net cash used in investing activities (2,315) (3,482)
------------- -------------
Cash flow from financing activities:
Proceeds from issue of equity shares
(net of issue costs) 1,832 533
Settlement of derivative financial
asset 3,551 3,445
Finance expense (1,141) (1,813)
Net cash from financing activities 4,242 2,165
------------- -------------
Net change in cash and cash equivalents 371 (2,507)
Cash and cash equivalents at the beginning
of the year 2,048 4,436
Foreign exchange effects (27) 119
Cash and cash equivalents at the end
of the year 2,392 2,048
============= =============
AMUR MINERALS CORPORATION AND ITS SUBSIDIARIES
CONSOLIDATED Statement of changes in equity
FOR THE YEAR ENDED 31 DECEMBER 2013
(Amounts in '000s US Dollars)
Foreign Currency
Share Share Options Translation
Share capital premium account Reserve Retained deficit Reserve Total
--------------- ----------------- --------------- ---------------- ------------------ -------
Balance at 31
December 2011 32,265 7,071 1,604 (16,686) (3,067) 21,187
Loss for the year - - - (3,998) - (3,998)
Other
comprehensive
income for the
year - - - - 629 629
Total
comprehensive
income - - - (3,998) 629 (3,369)
Shares issued 8,637 - - - - 8,637
Share options
expired in the
period - - (549) 549 - -
Equity settled
share based
payments - - 201 - - 201
Costs associated
with issue of
share capital - (458) - - - (458)
Balance at 31
December 2012 40,902 6,613 1,256 (20,135) (2,438) 26,198
--------------- ----------------- --------------- ---------------- ------------------ -------
Loss for the year - - - (3,831) - (3,831)
Other
comprehensive
income for the
year - - - - (1,362) (1,362)
--------------- ----------------- --------------- ---------------- ------------------ -------
Total
comprehensive
income - - - (3,831) (1,362) (5,193)
Shares issued 8,047 - - - - 8,047
Share options
expired in the
period - - (164) 164 - -
Equity settled
share based
payments - - 871 - - 871
Equity settled
share based
payments
associated with
issue of shares - (123) 123 - - -
Costs associated
with issue of
share capital - (17) - - - (17)
Balance at 31
December 2013 48,949 6,473 2,086 (23,802) (3,800) 29,906
=============== ================= =============== ================ ================== =======
1. Basis of prePARATION
a) Statement of compliance
The financial statements have been presented in thousands of
United States Dollars and prepared in accordance with International
Financial Reporting Standards as adopted by the European Union
(IFRS). The principal accounting policies adopted in the
preparation of the financial statements are set out in note 3 to
these financial statements. The policies have been consistently
applied to all the years presented, unless otherwise stated.
b) Going concern
These consolidated annual financial statements are prepared on a
going concern basis.
The Group operates as a natural resources exploration and
development company. To date, the Group has not earned significant
revenues and is considered to be in the exploration and development
stage. The Directors anticipate that a mining licence will
eventually be granted for the Kun-Manie deposit, but cannot
estimate a date for commercial production to commence.
The Directors have prepared a cash flow projection for period to
July 2015 which indicates that the Group is sufficiently funded by
its current financial resources, which comprise cash and derivative
financial assets, for the next 12 months. The Directors therefore
consider the Group to be a going concern and have prepared the
financial statements on that basis.
c) Profit/(Loss) per share
Basic and diluted loss per share are calculated and set out
below. The effects of warrants and share options outstanding at the
year ends are anti-dilutive and the total of 27.2 million (2012:
11.4 million) of potential ordinary shares have therefore been
excluded from the following calculations:
31 December 31 December
2013 2012
------------ ------------
Net loss for the year (3,831) (3,998)
Weighted average number of shares
used in the calculation of basic
loss per share 387,227,252 345,146,217
Basic and diluted loss per share US$(0.009) US$(0.012)
d) Events after the reporting date
Settlement of Lanstead 4 value payment
In January 2014 the Company settled the outstanding value
payment for the 25 July 2013 placing with Lanstead. Under the
agreement the Company had a value payment obligation of 1,000,000
new shares within 12 months of the placing, or to pay the placing
price equivalent of GBP75,000. The Board opted to pay the placing
price value.
Annual Accounts
Copies of the Group's Annual Accounts will be posted to the
shareholders today and are available for download from the
Company's website at www.amurminerals.com.
Notes to Editors
The information contained in this announcement has been reviewed
and approved by the CEO of Amur, Robin Young. Mr. Young is a
Geological Engineer (cum laude) and is a Qualified Professional
Geologist, as defined by the Toronto and Vancouver Stock
Exchanges.
Glossary
DEFINITIONS OF EXPLORATION RESULTS, RESOURCES & RESERVES
EXTRACTED FROM THE JORC CODE: (December 2012) (www.jorc.org)
A 'Mineral Resource' is a concentration or occurrence of
material of intrinsic economic interest in or on the Earth's crust
in such form, quality and quantity that there are reasonable
prospects for eventual economic extraction. The location, quantity,
grade, geological characteristics and continuity of a Mineral
Resource are known, estimated or interpreted from specific
geological evidence and knowledge. Mineral Resources are
sub-divided, in order of increasing geological confidence, into
Inferred, Indicated and Measured categories.
An 'Inferred Mineral Resource' is that part of a Mineral
Resource for which tonnage, grade and mineral content can be
estimated with a low level of confidence. It is inferred from
geological evidence and assumed but not verified geological and/or
grade continuity. It is based on information gathered through
appropriate techniques from locations such as outcrops, trenches,
pits, workings and drill holes which may be limited or of uncertain
quality and reliability.
An 'Indicated Mineral Resource' is that part of a Mineral
Resource for which tonnage, densities, shape, physical
characteristics, grade and mineral content can be estimated with a
reasonable level of confidence. It is based on exploration,
sampling and testing information gathered through appropriate
techniques from locations such as outcrops, trenches, pits,
workings and drill holes. The locations are too widely or
inappropriately spaced to confirm geological and/or grade
continuity but are spaced closely enough for continuity to be
assumed.
A 'Measured Mineral Resource' is that part of a Mineral Resource
for which tonnage, densities, shape, physical characteristics,
grade and mineral content can be estimated with a high level of
confidence. It is based on detailed and reliable exploration,
sampling and testing information gathered through appropriate
techniques from locations such as outcrops, trenches, pits,
workings and drill holes. The locations are spaced closely enough
to confirm geological and/or grade continuity.
An 'Ore Reserve' is the economically mineable part of a Measured
and/or Indicated Mineral Resource. It includes diluting materials
and allowances for losses which may occur when the material is
mined. Appropriate assessments and studies have been carried out,
and include consideration of and modification by realistically
assumed mining, metallurgical, economic, marketing, legal,
environmental, social and governmental factors. These assessments
demonstrate at the time of reporting that extraction could
reasonably be justified. Ore Reserves are sub-divided in order of
increasing confidence into Probable Ore Reserves and Proved Ore
Reserves.
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This information is provided by RNS
The company news service from the London Stock Exchange
END
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