Placing

RNS Number : 2373Y

Amur Minerals Corporation

28 August 2009

 



28th August 2009

Amur Minerals Corporation

(AIM: AMC)

PLACING TO RAISE £592,550

(the 'Placing')

Amur Minerals Corporation ('Amur' or the 'Company') announces that it has entered into a series of placing letters to raise £592,550 by way of a placing of 8,465,000 ordinary shares (the 'Placing Shares') at 7p each ('Placing Price').  

Amur intends to use the proceeds of the Placing primarily to fund ongoing programmes at Kun-Manie, the Company's main nickel exploration project in the Amur region of Far East Russia, as well as for general operating purposes.

Following the admission of the Placing Shares to trading on AIM, the Company will have 168,568,795 shares in issue.

Application will be made to the London Stock Exchange for the Placing Shares to be admitted to trading on AIM and it is expected that Admission will become effective and trading will commence on 4 September 2009.  The Placing Shares will, when issued and fully paid, rank pari passu in all respects with the Company's existing shares, including the right to receive any dividend or other distribution thereafter declared, made or paid.

Robin Young, CEO of Amur, commented:

 'This year we have put the business on a firm financial footing by raising a total of £1.4 million in cash together with the acquisition of an investment valued by the Directors of approximately £570,000. This combination of cash and shares from a variety of investors underpins the financial viability of the company and will allow us to proceed with work that will enhance shareholder value and move us towards production.

'The level of interest shown by investors is very encouraging and proves that funds can be raised in what is a challenging market, especially when one has an asset with such potential as Kun-Manie'.  

  Enquiries: 

Company Amur Minerals Corp.	Nomad and Broker RBC Capital Markets	Public Relations Lothbury Financial
Robin Young	Martin Eales	Michael Padley
CEO		Libby Moss
[phone]	[phone]	[phone]

Notes to Editors

Amur Minerals Corporation is a mineral resource development company focused on base metal projects located in the far east of Russia where it has three projects. Its recent JORC compliant resource estimate for its flagship Kun-Manie project is 341,000 tonnes of contained nickel and 95,500 tonnes of copper and this is expected to increase as further exploration is completed. This resource, which has been identified and progressed in only 16 months of field work is one of the largest nickel sulphide discoveries since Voisey's Bay.

An independently compiled pre-feasibility study of Kun-Manie conservatively indicates a Post Tax NPV (10%) of $84 million with an IRR of 15.7%. The study contemplates producing 16,000 tonnes of nickel per year in concentrate from three deposits drilled to date on the Kun-Manie license as well as noting considerable upside potential.

For further information about Amur, please visit the Company's website at www.amurminerals.com.

 

END

 

 

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