Amur Minerals Corporation TEO Reserve Estimation Programme Initiated (3606M)
September 16 2019 - 2:00AM
UK Regulatory
TIDMAMC
RNS Number : 3606M
Amur Minerals Corporation
16 September 2019
16 September 2019
AMUR MINERALS CORPORATION
(AIM: AMC)
TEO Reserve Estimation Programme Initiated
Amur Minerals Corporation ("Amur" or the "Company"), the
nickel-copper sulphide mineral exploration and resource development
company focused on the far east of Russia, is pleased to provide
shareholders with an update on the Reserve Estimation programme to
be included in its Kun-Manie nickel copper sulphide project
("Kun-Manie") Permanent Conditions TEO ("TEO") report (Russian
Feasibility Study).
Per the "Detailed Exploration and Mine Production Licence",
completion and submission of the mandatory TEO is due 1 December
2020. The TEO is an independently compiled Russian feasibility
study which will allow the Company to proceed to the next stage of
development at Kun-Manie. The TEO includes the delineation of the
project's operational plan and derivation of the State Committee on
Reserves ("GKZ") approved reserves identified for mining and
beneficiation of the ores at Kun-Manie. It is noted that the
currently derived original results are also within the more
stringent Russian Federation acceptable difference of 5% necessary
for the compilation of a TEO.
The information within the TEO will be included in a Western
Definitive Feasibility Study ("DFS") which will be progressed in
parallel with the TEO. As various components of the study are
completed, the Company will be compiling appropriate portions of
the DFS.
The TEO and GKZ approved reserves are being compiled by OOO
Oreol ("Oreol"), a Moscow based and TEO experienced company. The
comprehensive exploration data set acquired since 2004 through 2018
has been fully compiled by the Company and submitted to Oreol.
Since completion of the 2018 drill programme (announced on 5
November 2018) and statement of the final analytical results 6
February 2019, the following has been accomplished:
-- More than 150 drill hole and geological sections have been
generated using all drill and trench results. The limits of the
mineralisation have been identified based on a cut-off grade
("COG") of 0.20% nickel for three deposits.
-- All drill hole information including drill hole and trench
locations, down hole and along trench surveys, geological logs,
density analyses, core recovery information and analytical results
for nickel, copper, cobalt, platinum and palladium (including all
certified laboratory results) have been compiled and verified by
the Company against all original assay certificates.
-- All Final Quality Assurance / Quality Control ("QAQC")
analytical results for all drill seasons have been assembled in
accordance with the requirements of the Russian Federation's GKZ.
To meet these GKZ submission requirements, previously unaudited
QAQC programmes for the years 2015 through 2018 have been fully
reviewed by Russian certified and independent laboratories.
With the comprehensive project data base submitted to Oreol, the
resource estimates for each of the deposits of Maly Kurumkon /
Flangovy ("MKF"), Vodorazdelny ("VOD") and the now linked Ikenskoe
/ Sobolevsky and Kubuk deposits referred to as "ISK" are being
compiled. Modelling of the resource estimates includes
consideration of both open pit and underground production
scenarios. Upon completion of the Oreol reserve estimation, an
audit of its work will be completed in accordance with JORC
resource and reserve reporting standards. This audit will be
conducted by a western qualified independent organisation.
Robin Young, CEO of Amur Minerals, commented:
"The Company is fully focused on compiling the Permanent
Conditions TEO. Results from the mandatory TEO will serve to
provide key information for inclusion in the Kun-Manie western
based Definitive Feasibility Study. Having completed the
consolidation of our global exploration data set and the detailed
review of the QAQC programmes for 2015 to 2018, the final GKZ
Reserve and JORC Resource estimates are now being compiled. We
anticipate a considerable increase in the resource and reserve
inventory due to the newly discovered mineralisation identified
during the 2018 field season.
"On the operational side, much of this year has been spent
defining the project specifications, agreeing contracts, preparing
information and reports for inclusion in the TEO and defining the
Critical Path for the work programme. A majority of the TEO work
will be used in the compilation of the DFS. Work is already well
advanced with regard to hydrological, rock mechanics and
identification of environmental mitigation procedures that may be
required. Metallurgical test work and flowsheet design programmes
have been agreed and are close to being initiated. As work
progresses, we will update the market of results as they become
available."
Market Abuse Regulation (MAR) Disclosure
Certain information contained in this announcement would have
been deemed inside information for the purposes of Article 7 of
Regulation (EU) No 596/2014 until the release of this
announcement.
Enquiries:
Company Nomad and Broker Public Relations
Amur Minerals Corp. S.P. Angel Corporate Finance Blytheweigh
LLP
Robin Young CEO Lindsay Mair Megan Ray
Soltan Tagiev Tim Blythe
+44 (0) 20 7138
+7(4212)755615 +44(0)20 3470 0470 3203
For additional information, visit the Company's website,
www.amurminerals.com.
Notes to Editors
The information contained in this announcement has been reviewed
and approved by the CEO of Amur, Mr. Robin Young. Mr. Young is a
Geological Engineer (cum laude), a Professional Geologist licensed
by the Utah Division of Occupational and Professional Licensing,
and is a Qualified Professional Geologist, as defined by the
Toronto and Vancouver Stock Exchanges and a qualified person as
defined by the AIM Rules for Companies. An employee of Amur for 15
years, previously Mr. Young was employed as an independent
consultant with Fluor Engineers, Fluor Australia and Western
Services Engineering, Inc. during which time his responsibilities
included the independent compilation of resources and reserves in
accordance with JORC standards. In addition, he was the lead
engineer and participant of numerous studies and projects requiring
the compilation of independent Bankable Studies utilised to finance
small to large scale projects located worldwide. Mr. Young is
responsible for the content of this announcement.
This information is provided by RNS, the news service of the
London Stock Exchange. RNS is approved by the Financial Conduct
Authority to act as a Primary Information Provider in the United
Kingdom. Terms and conditions relating to the use and distribution
of this information may apply. For further information, please
contact rns@lseg.com or visit www.rns.com.
END
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