Asian Mineral Resources Ltd Announces 50% Increase to Ban Phuc Nickel Reserves
July 30 2010 - 8:33AM
Marketwired
Asian Mineral Resources Limited ("AMR") (TSX VENTURE: ASN)
announced today an increase in the massive sulphide Ni/Cu reserves
at its Ban Phuc project in north western Vietnam. The 36,000t of
nickel estimated to be contained in the proven and probable
reserves is an increase of 12,000t Ni (+50%) over previously
reported estimates. The estimated contained copper has also
increased by 6,000t (+60%) and now stands at 16,000t (Table 1).
Table 1: Ban Phuc Project Reserve Statement
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Ban Phuc - Massive Sulphide Reserves
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Tonnes Ni Cu Co Contained Contained Contained
Category (MT) (%) (%) (%) Nickel Copper Cobalt
(000't) (000't) (000't)
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Proven 0.71 2.4 1.0 0.06 17 7 0.4
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Probable 0.91 2.1 1.0 0.04 19 9 0.4
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Total 1.62 2.2 1.0 0.05 36 16 0.8
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The Qualified Person for the new reserve estimate and National Instrument
43-101 compliance is Chris Desoe, BE (Mining), Member of the Australasian
Institute of Mining and Metallurgy (MAusIMM), Member Mineral Industry
Consultants Association, of Australian Mine Design and Development Pty Ltd
(AMDAD). Mr. Desoe has sufficient experience which is relevant to the style
of mineralization and type of deposit under consideration, and to the
activity he is undertaking, to act as a Qualified Person as defined by NI
43-101. Mr. Desoe consents to the inclusion of such information in this news
release in the form and context in which it appears.
"This result further demonstrates the potential of our Ban Phuc
asset and comes on the back a successful campaign targeted at
improving project value. The increase in reserves will have a major
impact on the project economics and will afford us the flexibility
to increase mine output to take advantage of spare capacity in the
current Ban Phuc process plant design. We expect this will
translate to a significant increase in annual metal production"
commented Rob Guest, CEO of AMR.
The experience gained during the development of the two portals
(Figure 1) and the exposure of the orebody on two separate horizons
provided valuable insight into the geology and ground conditions
that can be expected during production and this, together with the
increased confidence in the resource, precipitated a review of the
mine design. Geotechnical studies concluded that the level spacing
could be increased from 15m to 20m. In addition the success of the
strike drilling program, which confirmed that the deposit is open
down dip to the west led to a repositioning of the lower access
decline to optimize tramming distances and improve productivity
(Figure 2).
To view Figure 1: Massive sulphide reserves, current
infrastructure in red, proximity of "Select" disseminated - Plan
View, please visit the following link -
http://media3.marketwire.com/docs/asn10730.pdf
To view Figure 2: Massive sulphide reserves (green & blue),
current (red) and design infrastructure - Long Section, please
visit the following link -
http://media3.marketwire.com/docs/asn20730.pdf
Quality Assurance and Contributing Experts
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EXPERT PERSON / COMPANY AREA OF EXPERTISE
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Dr Bielin Shi Geological modeling, resource modeling,
(CSA Global Pty Ltd) resource estimate. See Press Release 9 June
2010.
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Robert Bertuzzi Underground stope pillar, and crown pillar
(Pells Sullivan Meynink) sizes, geotechnical, and expected dilution
estimates.
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Doug Parbery Underground operations including methods of
(AMDAD) mining, dilution/loss, mining inventory
estimate. Underground design, schedules and
estimation of mineral reserves tons and grade.
----------------------------------------------------------------------------
Robert Guest Operating costs, process assumptions, metal
(AMR/Ban Phuc Nickel Mines) prices, selling costs, assessment of project
viability based on life of mine schedule.
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The technical information supplied to AMDAD was reviewed by Simon Mottram,
MAusIMM and an AMR employee. Mr. Mottram is a Qualified Person as defined by
National Instrument 43-101. F or more detailed information regarding the Ban
Phuc massive sulphide deposit please refer to Technical report (NI 43-101) -
English - August 2007, that can be found at www.sedar.com.
Company Profile:
Asian Mineral Resources Limited operates in Vietnam through its
90% owned Vietnam subsidiary Ban Phuc Nickel Mines LLC which is
developing the Ban Phuc sulphide deposit in Son La province 5 hours
drive north-west of Hanoi. Construction of the project, which is
targeting the production of 60,000tpa of concentrate containing
nickel/copper/cobalt was suspended in October 2008 when metal
prices were under pressure from the world financial crisis. With
over 1,000m of u/g development and 80% of all plant equipment
purchased, the project is approximately 65% complete and work can
recommence once funding has been secured. For further information,
please refer to the company website at www.asianminres.com.
Forward-Looking Statements
This press release includes certain "Forward-Looking
Statements." All statements, other than statements of historical
fact, included herein, including without limitation, statements
regarding potential mineralization and reserves, exploration
results and future plans and objectives of Asian Mineral Resources
Limited are forward-looking statements that involve various risks
and uncertainties. There can be no assurance that such statements
will prove to be accurate and actual results and future events
could differ materially from those anticipated in such statements.
Important factors that could cause actual results to differ
materially from Asian Mineral Resources Limited's expectations are
disclosed under the heading "Risk Factors" and elsewhere in Asian
Mineral Resources Limited documents filed from time-to-time with
the TSX Venture Exchange and other regulatory authorities.
The TSX Venture Exchange has not reviewed and does not accept
responsibility for the adequacy or accuracy of this news
release.
Contacts: Asian Mineral Resources Limited Rob Guest CEO +84 4
3773 7997 +84 4 3773 7996 (FAX) rguest@banphucnickel.vn Asian
Mineral Resources Limited Paula Kember CFO 416 360 3412 416 367
1954 (FAX) info@asianminres.com
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