Asian Mineral Resources Ltd Announces 50% Increase to Ban Phuc Nickel Reserves
TORONTO, ONTARIO -- (Marketwire) -- 07/30/10 -- Asian Mineral Resources Limited ('AMR') (TSX VENTURE: ASN) announced today an increase in the massive sulphide Ni/Cu reserves at its Ban Phuc project in north western Vietnam. The 36,000t of nickel estimated to be contained in the proven and probable reserves is an increase of 12,000t Ni (+50%) over previously reported estimates. The estimated contained copper has also increased by 6,000t (+60%) and now stands at 16,000t (Table 1).
Table 1: Ban Phuc Project Reserve Statement
----------------------------------------------------------------------------
Ban Phuc - Massive Sulphide Reserves
----------------------------------------------------------------------------
Tonnes Ni Cu Co Contained Contained Contained
Category (MT) (%) (%) (%) Nickel Copper Cobalt
(000't) (000't) (000't)
----------------------------------------------------------------------------
Proven 0.71 2.4 1.0 0.06 17 7 0.4
----------------------------------------------------------------------------
Probable 0.91 2.1 1.0 0.04 19 9 0.4
----------------------------------------------------------------------------
Total 1.62 2.2 1.0 0.05 36 16 0.8
----------------------------------------------------------------------------
The Qualified Person for the new reserve estimate and National Instrument
43-101 compliance is Chris Desoe, BE (Mining), Member of the Australasian
Institute of Mining and Metallurgy (MAusIMM), Member Mineral Industry
Consultants Association, of Australian Mine Design and Development Pty Ltd
(AMDAD). Mr. Desoe 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. Mr. Desoe consents to the inclusion of such information in this news
release in the form and context in which it appears.
'This result further demonstrates the potential of our Ban Phuc asset and comes on the back a successful campaign targeted at improving project value. The increase in reserves will have a major impact on the project economics and will afford us the flexibility to increase mine output to take advantage of spare capacity in the current Ban Phuc process plant design. We expect this will translate to a significant increase in annual metal production' commented Rob Guest, CEO of AMR.
The experience gained during the development of the two portals (Figure 1) and the exposure of the orebody on two separate horizons provided valuable insight into the geology and ground conditions that can be expected during production and this, together with the increased confidence in the resource, precipitated a review of the mine design. Geotechnical studies concluded that the level spacing could be increased from 15m to 20m. In addition the success of the strike drilling program, which confirmed that the deposit is open down dip to the west led to a repositioning of the lower access decline to optimize tramming distances and improve productivity (Figure 2).
To view Figure 1: Massive sulphide reserves, current infrastructure in red, proximity of 'Select' disseminated - Plan View, please visit the following link - http://media3.marketwire.com/docs/asn10730.pdf
To view Figure 2: Massive sulphide reserves (green & blue), current (red) and design infrastructure - Long Section, please visit the following link - http://media3.marketwire.com/docs/asn20730.pdf
Quality Assurance and Contributing Experts
----------------------------------------------------------------------------
EXPERT PERSON / COMPANY AREA OF EXPERTISE
----------------------------------------------------------------------------
Dr Bielin Shi Geological modeling, resource modeling,
(CSA Global Pty Ltd) resource estimate. See Press Release 9 June
2010.
----------------------------------------------------------------------------
Robert Bertuzzi Underground stope pillar, and crown pillar
(Pells Sullivan Meynink) sizes, geotechnical, and expected dilution
estimates.
----------------------------------------------------------------------------
Doug Parbery Underground operations including methods of
(AMDAD) mining, dilution/loss, mining inventory
estimate. Underground design, schedules and
estimation of mineral reserves tons and grade.
----------------------------------------------------------------------------
Robert Guest Operating costs, process assumptions, metal
(AMR/Ban Phuc Nickel Mines) prices, selling costs, assessment of project
viability based on life of mine schedule.
----------------------------------------------------------------------------
The technical information supplied to AMDAD was reviewed by Simon Mottram,
MAusIMM and an AMR employee. Mr. Mottram is a Qualified Person as defined by
National Instrument 43-101. F or 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.
Company Profile:
Asian Mineral Resources Limited operates in Vietnam through its 90% owned Vietnam subsidiary Ban Phuc Nickel Mines LLC which 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 u/g development and 80% of all plant equipment purchased, the project is approximately 65% complete and work can recommence once funding has been secured. For further information, please refer to the company 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.
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