Amur Minerals Corporation Further Update re Mining Licence (5919R)
September 15 2014 - 2:00AM
UK Regulatory
TIDMAMC
RNS Number : 5919R
Amur Minerals Corporation
15 September 2014
15 September 2014
AMUR MINERALS CORPORATION
(AIM: AMC)
Mining Licence Update
Ministry of Economic Development Submission
Amur Minerals Corporation ("Amur" or the "Company"), the
nickel-copper exploration and development company focused on base
metal projects located in the Far East of Russia, is pleased to
update shareholders on the latest development in the process of
converting a portion of the exploration licence at Kun-Manie to
that of a production licence. The applied-for area contains the
drilled mineralisation and resource potential identified during the
last 10 years. On 12 September 2014, the application
("Application") was delivered to the Ministry of Economic
Development ("MED"). This is the final external review required by
Russian Subsoils Law before the Application is returned to the
Ministry of Natural Resources ("MNR"), and then on to the
administration of Dmitry Medvedev, the Prime Minister of Russia,
for final consideration.
As noted in a previous RNS, under a recent change to the Russian
Law on Subsoils, MED is no longer responsible for determining the
one-time payment which companies are required to make to the
Russian Government upon issuance of the mining licence. That fee
has already been determined by Rosnedra to be 23,610,272 Rubles, or
approximately US$640,000. MED's obligations are to focus its review
on the terms and conditions of the production licence that have
been negotiated by the Company and the Russian authorities. These
terms establish the reporting, environmental protection measures,
and minimal production targets that become binding upon licence
issuance and registration.
Highlights:
-- The Application was submitted to MED on 12 September 2014 for its review and consideration;
-- The Company notes that MED is no longer responsible for
determining the one-time payment, which has already been compiled
by Rosnedra. MED will review the terms and conditions of the
production licence as negotiated by the Company and Russian
authorities;
-- The MED examination is the final external review. Approvals
have already been obtained from the Federal Anti-Monopoly Services
("FAS"), Ministry of Defence ("MOD") and the Federal Security
Service ("FSB"); and
-- The MED conclusion will be consolidated into a final report
by Rosnedra and submitted to MNR, its parent organisation, for
review. The MNR review will then be submitted to the Russian
Government for signoff by Dmitry Medvedev (or his designate).
Robin Young, CEO of Amur Minerals Corporation, commented:
"We are pleased to announce to our shareholders that another
important step in converting our exploration licence to that of a
mining licence has been taken. The submission of our documents
signifies the completion of negotiations on the terms and
conditions, which must now be reviewed by the Ministry of Economic
Development. Amur stands ready to work closely with MED on any
questions or queries. We thank the Russian authorities for their
continued cooperation as we systematically work through this
licence conversion process. We are now one step closer and continue
to be optimistic of a positive conclusion that will bring about a
new growth phase for the Company and new resource development for
the Russian Far East."
Enquiries:
Company Nomad and Broker Public Relations
Amur Minerals S.P. Angel Yellow Jersey
Corp. Corporate Finance
LLP
Robin Young Ewan Leggat Dominic Barretto
CEO Laura Harrison Kelsey Traynor
+44 (0) 7981 +44 (0) 20 +44 (0) 77
126 818 3463 2260 6853 7739
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.
This information is provided by RNS
The company news service from the London Stock Exchange
END
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