TORONTO, ONTARIO--(Marketwired - April 7, 2017) - Asian Mineral Resources Limited ("AMR") (TSX VENTURE:ASN) has today granted stock options to its Chief Executive Officer, Duncan Blount, as follows:
i) fifteen million options exercisable at Cdn $0.05 per share;
ii) fifteen million options exercisable at Cdn $0.075 per share; and
iii) fifteen million options exercisable at Cdn $0.10 per share.
The stock options granted to Mr. Blount shall have a five-year term and shall vest in equal instalments of five million options for each tranche ((i), (ii) and (iii) above) on September 22, 2017, March 22, 2018 and September 22, 2018. All common shares issued to Mr. Blount based on the exercise of these stock options, shall be subject to a hold period of twelve months from the date of issuance and therefore will be restricted from trading during that time.
The Company is eligible to issue up to 10% of its issued and outstanding common shares at the applicable time under its stock option plan.
AMR owns and operates one of the world's few sources of nickel sulphide ore, and is exploring for additional high-grade nickel assets in Vietnam. AMR commenced commercial production from its 90%-owned Ban Phuc Nickel Mine in Vietnam in mid-2013. As of 30 June 2016, the Ban Phuc Nickel Mine has produced a total of c. 20,000 tonnes of nickel and c. 10,000 tonnes of copper contained in concentrate, plus a cobalt by-product since the beginning of its mine life. Mining and processing operations at Ban Phuc were suspended in September 2016 and operations were transitioned to a care and maintenance scenario. In addition to in and near-mine expansion projects, Ban Phuc provides a platform from which AMR can continue to focus on developing a new nickel camp within its 150km2 of concessions located throughout the highly-prolific Song Da rift zone, where AMR has a number of advanced-stage nickel exploration targets.
For further details on AMR, please refer to the technical report entitled "NI 43-101 Technical Report - Ban Phuc Nickel Project" dated February 15, 2013 available on SEDAR or the AMR website www.asianmineralres.com.