TORONTO, ONTARIO--(Marketwire - Feb. 15, 2013) - Asian Mineral Resources Limited ("AMR") (TSX VENTURE:ASN) is pleased to announce an update to its Mineral Resource estimates at its Ban Phuc Nickel Project, located 160 km north-west of Hanoi in the Son La Province of Vietnam.
AMR's massive sulphide ("MSV") Mineral Resource increased from 1.2 Mt of Measured and Indicated Mineral Resource to 1.7 Mt of Measured and Indicated Mineral Resource over previously reported estimates. The following table summarizes the MSV Mineral Resource estimate:
|Table 1: Ban Phuc Project MSV Resource Estimate as of February 15, 2013 |
|Ban Phuc MSV |
Grade Tonnage Reported above a Cut off of 0.40% Nickel
|Category||Tonnes (Mt)||Ni Grade (%)||Cu Grade (%)||Co Grade (%)||S Grade (%)||MgO Grade (%)||Fe Grade (%)||Nickel |
|Measured + Indicated||1.69||2.68||1.19||0.06||13.20||3.06||25.48||45||20||1|
|Note: See "Notes to the Mineral Resources".|
In addition, AMR's disseminated sulphide ("DISS") Mineral Resource decreased in tonnage and increased in grade from 12.48 Mt at 0.59%Ni of Measured and Indicated resources, and 7.42 Mt at 0.56%Ni of Inferred resources to 0.9 Mt at 1.195Ni of Measured and Indicated DISS Mineral Resources and 0.4 Mt at 1.14%Ni of Inferred DISS Mineral Resources over previously reported estimates. The decrease in the DISS Mineral Resources tonnage and increase in grade is the result of applying a higher cut-off grade of 0.90% nickel rather than the previous cut-off grade of 0.40%. This exercise was carried out in order to define and target coherent higher grade zones within the DISS for future drilling and definition of potential underground mining targets. The following table summarizes the DISS Mineral Resource estimate:
|Table 2: Ban Phuc Nickel Project DISS Mineral Resource Estimate as of February 15, 2013 |
|Ban Phuc DISS |
Grade Tonnage Reported above a Cut off of 0.90% Nickel
|Category||Tonnes (Mt)||Ni Grade (%)||Cu Grade (%)||Co Grade (%)||S Grade (%)||MgO Grade (%)||Fe Grade (%)||Nickel (000't)||Copper (000't)||Cobalt (000't)|
|Measured + Indicated||0.9||1.19||0.14||0.02||0.67||20.37||5.17||10.5||1.3||0.1|
|Note: See "Notes to the Mineral Resources".|
AMR's MSV Mineral Reserve estimates of approximately 1.6 Mt of Proven and Probable Mineral Reserves at a cut off grade of 0.86%Ni is summarized in the following table. This estimate is consistent with the previously reported Mineral Reserves.
|Table 3: Ban Phuc Project Mineral Reserve Estimate as of February 15, 2013 |
|Item||Mt||Ni grade %||Cu grade %||Co grade %|
|Proven Mineral Reserves||0.7||2.4||1.0||0.06|
|Probable Mineral Reserves||0.9||2.1||1.0||0.04|
|Total Mineral Reserves||1.6||2.2||1.0||0.05|
|Note: See "Notes to the Mineral Reserves".|
Notes to the Mineral Resources:
- Mineral Resources that are not Mineral Reserves do not have a demonstrated economic viability.
- The stated Mineral Resources have been prepared in accordance with Canada's National Instrument 43-101 - Standards of Disclosure for Mineral Projects ("NI 43-101") and are classified in accordance with the Canadian Institute of Mining, Metallurgy and Petroleum's ("CIM") "CIM Definition Standards - For Mineral Resources and Mineral Reserves".
- Dr. Bielin Shi of CSA Global Pty Ltd, who is independent of AMR and is a "qualified person" within the meaning of NI 43-101 has reviewed and accepts responsibility for the stated Mineral Resource estimates. Dr. Shi consents to the inclusion in this report of the matters in this report based on the Mineral Resource estimates in the form and context in which they appear. Dr. Shi is not aware of any environmental, permitting, legal, title, taxation, socio-economic, marketing or political issues what would materially affect the stated Mineral Resource estimates.
- For more detailed information regarding the Ban Phuc MSV deposit, DISS deposit, key assumptions, parameters, sampling, analytical methods, quality assurance program, geology, geological controls and mineralization see: AMR's NI 43-101 Technical Report dated February 5, 2013 (as amended February 15, 2013) (the "Technical Report") available at www.sedar.com.
Notes to the Mineral Reserves:
- The stated Mineral Reserve comprises MSV mineralization only.
- Mr. John Wyche of Australian Mine Design and Development Pty Ltd, who is independent of AMR and is a "qualified person" within the meaning of NI 43-101 has reviewed and accepts responsibility for the stated Mineral Reserve estimate. Mr. Wyche consents to the inclusion in this report of the matters in this report based on the Mineral Reserve estimate in the form and context in which it appears. Mr. Wyche is not aware of any environmental, permitting, legal, title, taxation, socio-economic, marketing or political issues what would materially affect the stated Mineral Reserve estimate.
- The stated Mineral Reserve estimate has been prepared in accordance with NI 43-101 and is classified in accordance with CIM's "CIM Definition Standards - For Mineral Resources and Mineral Reserves".
- The stated Mineral Reserve was estimated using a nickel price of US$21,310/t, copper price of US$8,419/t and cobalt price of US$34,000/t.
- The annual ore production estimate is 360,000 tpa.
- The stated Mineral Reserve estimate includes Vietnamese government royalties of 10% and export tariffs of 20% for nickel and cobalt and 30% for copper.
- For more detailed information regarding the Ban Phuc MSV deposit key assumptions, parameters, sampling, analytical methods, quality assurance program, geology, geological controls and mineralization see the Technical Report available at www.sedar.com.
Technical Report Re-filed
In support of technical information relating the Ban Phuc Nickel Project contained in this news release and in AMR's rights offering prospectus dated February 15, 2013, AMR has today re-filed its Technical Report on SEDAR at www.sedar.com.
Asian Mineral Resources Limited is developing the Ban Phuc Nickel Project, located 160 km north-west of Hanoi in the Son La Province, which is 90% owned by its subsidiary Ban Phuc Nickel Mines LLC. The development of the project is in advanced stages, with underground and surface infrastructure near completion and commercial production expected to occur by June 2013. For further details on AMR and the Ban Phuc Nickel Project, please refer to AMR's website at www.asianminres.com.
This press release includes certain "Forward-Looking Statements." All statements, other than statements of historical fact, included herein, including without limitation, statements regarding completion of the project, the commencement of commercial production and the achievement of expected benefits, potential mineralization and reserve and resource estimates, exploration results and future plans and objectives of AMR are forward-looking statements. Forward-looking statements involve known and unknown risks, uncertainties and other factors which may cause the actual results, performance or achievements of AMR to be materially different from any future results, performance or achievements expressed or implied by the forward-looking statements. Important factors that could cause actual results to differ materially from AMR's expectations are disclosed under the heading "Risk Factors" in AMR's Annual Information Form, in the Prospectus and elsewhere in AMR's documents filed from time-to-time with the TSX Venture Exchange and other regulatory authorities. Such forward-looking statements are based on a number of material factors and assumptions, including: estimated cost to bring the Ban Phuc Nickel mine into commercial production, that contracted parties provide goods and/or services on the agreed timeframes; that on-going contractual negotiations will be successful and progress and/or be completed in a timely manner; that application for permits and licences will be granted/obtained in a timely manner; that no unusual geological or technical problems occur; that plant and equipment work as anticipated and that there is no material adverse change in the price of nickel. Although AMR has attempted to identify important factors that could cause actual actions, events or results to differ materially from those described in forward-looking statements, there may be other factors that cause actions, events or results to differ from those anticipated, estimated or intended. Forward-looking statements contained herein are made as of the date of this press release. AMR disclaims any obligation to update or revise any forward-looking statements, whether as a result of new information, future events or otherwise, except as required by law. There can be no assurance that forward-looking statements will prove to be accurate, as actual results and future events could differ materially from those anticipated in such statements. Accordingly, readers should not place undue reliance on forward-looking statements due to the inherent uncertainty therein.