Asian Mineral Resources Limited
TSX VENTURE : ASN

Asian Mineral Resources Limited

November 03, 2006 09:26 ET

Asian Mineral Resources Limited Announces Offering of Common Shares

TORONTO, ONTARIO--(CCNMatthews - Nov. 3, 2006) -

NOT FOR DISTRIBUTION TO U.S. NEWS WIRE SERVICES OR DISSEMINATION IN THE UNITED STATES

Asian Mineral Resources Limited ("ASN" or the "Company") (TSX VENTURE:ASN) announces that it intends to offer up to 6,500,000 common shares of ASN ("Shares") at a price of $0.75 per Share for gross proceeds of up to $4,875,000 by way of a non-brokered private placement (the "Offering"). It is anticipated that certain insiders of ASN will subscribed for approximately 6,000,000 of the 6,500,000 Shares being offered pursuant to the Offering.

The sale of the Shares is subject to a number of conditions, including the approval of the TSX Venture Exchange. The proceeds of the Offering will be used for development and exploration expenditures and for general working capital purposes.

Mr. David Woodhouse, the CEO of ASN, commented that "Asian Mineral Resources Limited is pleased with this strategic private placement as it strengthens our cash position as we make our transition into the Ban Phuc Nickel Project development stage".

The securities offered have not been registered under the U.S. Securities Act of 1933, as amended, and may not be offered or sold in the United States absent registration or an exemption from the registration requirements. This press release shall not constitute an offer to sell or the solicitation of an offer to buy nor shall there be any sale of securities in any State in which such offer, solicitation would be unlawful. The Shares sold pursuant to the Offering will be subject to a hold period of four months and a day from the date of issuance.

Company Profile

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

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
    David Woodhouse
    President & CEO
    (416) 360-3412
    (416) 362-6830 (FAX)
    Email: info@asianminres.com
    Website: www.asianminres.com
    or
    Grove Communications
    Kate Black
    (416) 360-3412
    (416) 362-6830 (FAX)