Asian Mineral Resources Limited
TSX VENTURE : ASN

Asian Mineral Resources Limited

August 31, 2007 11:15 ET

Asian Mineral Resources Limited Files Second Quarter Report 2007

TORONTO, ONTARIO--(Marketwire - Aug. 31, 2007) - Asian Mineral Resources Limited (TSX VENTURE:ASN) (the "Company") announced today that it has filed its interim second quarter financial statements and MD&A for the six months ended June 30, 2007. The MD&A contains disclosure regarding the status of the Company's Ban Phuc Project, including recently completed revised capital and operating cost estimates and a revised economic analysis based on these estimates. The revised total estimated capital cost of the project is now US$62.1 million including a US$5.1 million contingency cost.

Average processing costs have been estimated at US$15.99 per tonne and total life of mine underground mining operating costs have been estimated at US$51.8 million, of which US$10.3 plus a US$1 million contingency has been included in the revised capital cost estimate.

The revised base case financial model, based on assumptions including metal prices of Ni US$/t30,000, Cu US$/t4,400 and Co US$/t16.15, results in after tax and minority interest Net Present Value (at 10%) of US$172 million and an Internal Rate of Return of 130%. The application of sensitivity analyses shows that the project is robust enough to sustain a positive return at a nickel and copper price combination of US$12,100/t and US$1,100/t respectively. Under the metal prices assumed in the base case financial model, the payback from commencement of production is nine months.

The MD&A disclosure incorporates information contained in a Technical Report compiled by Sandercock & Associates Pty Ltd. which will be filed on SEDAR shortly.

Company Profile:

Asian Mineral Resources Limited is currently engaged in the exploration and development of the Vietnamese located Ban Phuc Nickel Project in which it currently 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 the Ban Phuc Nickel Project 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