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Amur Minerals Corporation (AMC) is a rapidly-growing mineral resource exploration and development company focused on base metal projects located in the far east of Russia. The Company has three properties in the region with its principal asset being the Kun-Manie sulphide nickel, copper project located in Amur Oblast. With a JORC...Read more
Amur Minerals optimistic on 2012 drill programmeJune 25 2012, 4:22pm
The firm is focused on the Kun-Manie project in the far east of Russia and released today figures for the 12 months to December 31 last year.
"During 2011, the company successfully continued to raise funds in a challenging financial market and completed an exploration programme to define drill targets on its project licence," it said.
It added it was optimistic that the 2012 drilling programme will show significant increase in resource and reserves within the Maly Kurumkon trend immediately adjacent drilled deposits and along the trend between drilled deposits.
"Also the metallurgical test work results from SGS have shown a significant potential for increase in metal recovery," it said.
The company is also looking forward to receiving approval for the mining licence.
Last year saw the firm increase its cash position by 40 per cent to US$4.4 million and, operationally, complete work aimed at extending known deposits and delineating new targets located between and along the Kurumkon Trend host zone.
These efforts have been used to define drill targets for the 2012 programme, it said.
For the 12 months to December 31, Amur posted a pre-tax loss of US$4.6 mln (2010: US$365,000).