Kun-Manie Production Licence Registered

RNS Number : 7012P

Amur Minerals Corporation

10 June 2015

 

10 June 2015

AMUR MINERALS CORPORATION

(AIM: AMC)

Kun-Manie Production Licence Registered

Amur Minerals Corporation ("Amur" or the "Company"), the exploration and development company focused on base metal projects located in the Far East of Russia, is pleased to report that, further to the announcement on 22 May 2015, the Company's "Detailed Exploration and Mine Production Licence" ("Licence") for its Kun-Manie nickel copper sulphide deposit, has now been issued by Rosnedra, the State Licensing Agency.  The new 36 square kilometre licence has been duly registered with the State Geological Fund, and payment of the 23.6 million rouble one-time fee (approximately US$429,000 equivalent at an exchange rate of 55 Roubles to the dollar) has been arranged and the transfer will be completed in the coming days.

The Licence granted to the Company's wholly-owned subsidiary, ZAO Kun-Manie, contains the terms already negotiated during discussions with Rosnedra in 2014.  The six-page document lists the coordinates of the Licence boundary and sets out the minimum requirements that Amur must fulfill.  Of note, the termination of the Licence has been extended from the end of 2034 to 1 July 2035, to account for the delay associated with the Licence approval.

Highlights of Licence Terms:

·    The Licence is valid through 1 July 2035;

·    The Company holds 100% of the rights and is entitled to recover all economically valuable minerals including nickel, copper, cobalt, platinum, palladium, and other minor minerals;

·    Detailed exploration and pre-production plans are to be approved by the Government by 1 December 2015.  These plans, called the "Proekt", have already been completed by the Company and have been submitted to the authorities for approval;

·     Results of pre-production evaluation are to be presented to the Government by 1 December 2020;

·     The mining plan is to be approved by Government no later than 1 June 2022;

·     A recultivation/site remediation plan to be submitted to Government one year before de-commissioning of facilities; and

·    Annual activity reports must be submitted to Rosnedra and Amurnedra (its regional Amur representative).

The terms presented above represent negotiated deadlines,  however the Company plans to accelerate the move to production.  If during the life of the Licence, exploration results increase the resource and reserve, the Company can apply to have the production licence extended.

Robin Young, CEO of Amur Minerals Corporation, commented:

"The Russian Government, particularly Rosnedra, has acted quickly and efficiently to expedite the issuance of the Kun-Manie Production Licence.  We have registered the Licence and are in the process of submitting the one-time payment.  The Licence is now officially assigned and we are pleased with the terms and conditions as negotiated by our staff and the Russian authorities.  We have considerable flexibility to advance the project as swiftly as possible.  Our push to accelerate toward a production decision is in the interests of our shareholders as well as the Russian Government.  Kun-Manie has now become a key driver for economic growth in the Far East of Russia. "

Enquiries:

Company Amur Minerals Corp.	Nomad and Broker S.P. Angel Corporate Finance LLP	Public Relations Yellow Jersey
Robin Young CEO	Ewan Leggat Katy Birkin	Dominic Barretto Kelsey Traynor
[phone]	[phone]	[phone]

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.

For further information, see the Company website at www.amurminerals.com. 

 

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