Asian Mineral Resources Limited
TSX VENTURE : ASN

Asian Mineral Resources Limited

November 15, 2007 09:54 ET

Asian Mineral Resources Ban Phuc Project Update, November 2007

TORONTO, ONTARIO--(Marketwire - Nov. 15, 2007) - Asian Mineral Resources Limited (TSX VENTURE:ASN) ("AMR") announced today that excellent progress is being made by its 90% owned subsidiary, Ban Phuc Nickel Mines ("BPNM") on the Company's nickel sulphide project in north-western Vietnam.

Highlights include:

- Refurbishment of existing underground development has been completed and will now facilitate stope definition diamond drilling of the upper sections of the orebody scheduled to be mined in the first 18 months of production, with drilling beginning in early December.

- Metplant Engineering, the Company's EPCM engineer, are progressing well with the project engineering including appointing a Vietnamese engineer now engaged in identification of local material and equipment suppliers, in addition to identifying and progressing all necessary long lead items to point of award of contract.

- Construction to enlarge the administration and accommodation facilities using local contractors is well underway and communications and internet facilities have been linked into the nearby government telecommunications system.

- Refurbishment of all underground mining equipment required to develop the ramp and decline access to the orebody has been completed.

- A Knight Piesold engineer is now on site to set up the materials testing laboratory and is working with BPNM to source suitable contractors and equipment for earthwork construction.

- Metallurgical test work has commenced on selected higher grade (0.75 - 1.0% Ni) portions of the disseminated resource that lie adjacent in the footwall of the upper levels of the massive sulphide orebody. The test work will investigate the viability of blending this disseminated material with the massive sulphide resource without materially impacting planned concentrate specifications. If successful, this will lead to a review of the practicalities of increasing the production plan and mining reserves, as the used ball mill already purchased by BPNM is expected to have a grinding capacity in excess of that required to treat the massive sulphide ore.

- In addition to the progressive build-up of engineering activities, the commercial setup of the business has also progressed well. Supply International is assisting the Company in sourcing the multitude of supplies required to setup a mining operation, such as the recent purchase of sufficient explosives for the first 6 months of mining, now warehoused in Vietnam. The international freight handling group, Toll International, has been appointed to facilitate all movement of materials and equipment to Ban Phuc, with the first containers of equipment passing through customs without issue. The Pronto mine accounting and inventory control system, used in a number of existing Asian mine operations has been purchased and the first training of BPNM staff has been completed.

- BPNM has satisfied all the requirements of the Vietnamese authorities as pre-conditions to the issue of a mining license for the Ban Phuc project and is awaiting confirmation from the Ministry of Natural Resources and Environment regarding the expected issue date.

- BPNM has recently filed applications for exploration licenses for a portion of the Project Area covered by the Investment Certificate issued in July 2007 to replace the original 1993 Foreign Investment License.

"We are very pleased with our progress over recent months as there has been a steady build up of activities, with operational and contractor personnel on site to facilitate this rapid development. With the wet season just behind us, now is the optimal time to move forward, ensuring that Ban Phuc will become Vietnam's first nickel producer." commented Rob Thomson, President and CEO of the Company.

Corporate Profile

Asian Mineral Resources Limited is currently engaged in the exploration and development of the Vietnamese located Ban Phuc Nickel Project in which it now has a 90% interest. The Project is part of a granted Foreign Investment License covering 150 square kilometres of highly prospective ultramafic hosted nickel occurrences.

For further details on the Company and its projects please refer to the 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.

Contact Information

  • Asian Mineral Resources Limited
    Rob Thomson
    President & CEO
    + 84 (4) 943 3462 (Vietnam)
    or
    Asian Mineral Resources Limited
    Judith Webster
    Investor Relations
    (416) 360-3412 or Cell: (416) 453-8818 (Canada)
    Email: info@asianminres.com
    Website: www.asianminres.com