Asian Mineral Resources Limited Announces 55% Increase in Ban Phuc Disseminated Resources
TORONTO, ONTARIO -- (Marketwire) -- 07/22/10 -- Asian Mineral Resources Limited ('AMR') (TSX VENTURE: ASN) announced today an increase in the disseminated sulphide resources at its Ban Phuc nickel-copper project in north western Vietnam. The contained nickel in the Measured and Indicated categories has increased to 73,900t Ni in 12.4MT @ a grade of 0.59% Ni (Table 1), an increase of 55% over the previous figures.
Table 1
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Ban Phuc - Disseminated Sulphide Resource Estimate
Using a cut-off of 0.40% nickel
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Category Tonnes (000') Ni % Cu % Nickel (t) Copper (t)
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Measured 2,230 0.63 0.08 14,100 1,800
Indicated 10,245 0.58 0.04 59,800 3,900
Measured + Indicated 12,476 0.59 0.05 73,900 5,700
Inferred 7,415 0.56 0.01 41,700 700
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The Qualified Person for the new estimate and National Instrument 43-101
compliance is Dr Bielin Shi, Member of the Australasian Institute of Mining
and Metallurgy (MAusIMM), of CSA Global - Perth, Australia. Dr. Shi has
sufficient experience which is relevant to the style of mineralization and
type of deposit under consideration, and to the activity he is undertaking,
to act as a Qualified Person as defined by NI 43-101. Dr Shi consents to the
inclusion of such information in this news release in the form and context
in which it appears.
This increase in disseminated resources follows the increase in the massive sulphide resources previously announced and is the result of a concerted drill program designed to test the integrity and continuity of the disseminated mineralisation which lies in close proximity to the massive resource (Figure 1 & 2).
To view 'Figure 1', please visit the following link:
http://media3.marketwire.com/docs/asnfig1.pdf
Together with the recently announced increase in massive sulphide resources the Ban Phuc project now has a total of 119,200t of nickel contained in a Measured and Indicated resource of 14.1MT @ 0.84% Ni (Table 2)
Table 2
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Ban Phuc - Total Resource Estimate
Using a cut-off of 0.40% nickel
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Category Tonnes (000') Ni % Cu % Nickel (t) Copper (t)
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Measured and Indicated
Massive sulphides 1,691 2.68 1.19 45,328 20,143
Disseminated sulphides 12,476 0.59 0.05 73,900 5,700
Massive + Disseminated 14,167 0.84 0.19 119,238 25,843
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Inferred
Massive sulphide 170 1.94 0.81 3,303 1,361
Disseminated sulphides 7,415 0.56 0.01 41,700 700
Massive + Disseminated 7,585 0.59 0.03 45,003 2,061
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Within the disseminated resource lies an area of 'select disseminated' (Figure 2) which is adjacent to the massive sulphide and is readily accessible from the underground infrastructure needed to mine the massive sulphide resource. This zone offers potential for bulk mining methods which could provide supplemental feed to take advantage of spare capacity in the current Ban Phuc plant design. Preliminary metallurgical test work has confirmed that Ban Phuc disseminated material can be blended with the massive sulphide and processed via the existing flowsheet without negatively impacting on recovery or the saleability of the concentrate.
To view 'Figure 2', please visit the following link:
http://media3.marketwire.com/docs/asnfig2.pdf
Table 3:
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Ban Phuc - 'Select' Disseminated Resource Estimate
Using a cut-off of 0.40% nickel
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Category Tonnes (000') Ni % Cu % Nickel (t) Copper (t)
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Measured 1,552 0.62 0.10 10,100 2,100
Indicated 579 0.51 0.02 3,100 100
Measured + Indicated 2,131 0.59 0.08 13,100 2,100
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The 'Select' disseminated resource is a subset of the new Disseminated
Resources in Table 1.
'The definition of the new 'Select' disseminated (Table 3) resource in close proximity to the underground development currently planned that can be treated either concurrently or separately with the massive ore which opens new possibilities for further value creation and optimization of the underground mine.' commented Rob Guest, CEO of AMR. 'The economics are under review as the wide intersections encountered offer potential to employ cheaper bulk mining methods and the availability of excess capacity in the process plant allows the ore to be treated on a marginal basis'.
Company Profile:
Asian Mineral Resources Limited has been active in Vietnam since 1993 and through its 90% owned Vietnam subsidiary Ban Phuc Nickel Mines LLC is developing the Ban Phuc sulphide deposit in Son La province 5 hours drive north-west of Hanoi. Construction of the project, which is targeting the production of 60,000tpa of concentrate containing nickel/copper/cobalt was suspended in October 2008 when metal prices were under pressure from the world financial crisis. With over 1,000m of underground development and 80% of all plant equipment purchased, the project is approximately 65% complete and is currently under care & maintenance pending receipt of funding to complete construction. For further information, please refer to the company website at www.asianminres.com.
Quality Assurance
The technical information supplied to CSA Global was reviewed by Simon Mottram, MAusIMM and an AMR employee. Mr. Mottram is a Qualified Person as defined by National Instrument 43-101. For more detailed information regarding the Ban Phuc massive sulphide deposit please refer to Technical report (NI 43-101) - English - August 2007, that can be found at www.sedar.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.
Contacts:
Asian Mineral Resources Limited
Rob Guest
CEO
+84 4 3773 7997
+84 4 3773 7996 (FAX)
rguest@banphucnickel.vn
Asian Mineral Resources Limited
Paula Kember
CFO
416 360 3412
416 367 1954 (FAX)
info@asianminres.com