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Aurasian Minerals applies for licences in Myanmar

Last updated: 08:07 01 Dec 2014 GMT, First published: 09:07 01 Dec 2014 GMT

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Aurasian Minerals (LON:AUM) has submitted application for three exploration licences in Myanmar and is looking at possible opportunities in Lao.

The gold explorer, formerly known as Triple Plate Junction, has exclusive access to Newmont Mining’s exploration database for South East Asia.

Tony Shearer, Aurasian’s chairman, said it had identified encouraging targets in both Myanmar and Lao.

After visiting Myanmar on a number of occasions, he said the company submitted its applications last week with detailed discussions now underway with the Myanmar mining authorities.

Shearer added the company’s team will also be visiting Lao this month to explore the feasibility of submitting applications there.

If that visit goes well, the aim is to carry out field inspections of targets after the New Year and be in a position to submit licence applications.

Shearer cautioned that because mining regulations and taxes in both these countries are in the early stages of being developed “there could easily be delays outside our control.“

“As it continues to be likely that time will elapse before we can start to develop these projects, we are also looking at other countries in South-East Asia to see if we can obtain, on favourable terms, an interest in an advanced project,” he added.

This won’t be in Cambodia, though, as the company’s plans there have gone on hold.

Elsewhere, Aurasian is still waiting for the funds following its sale of its stake in the Warum project, while it is still hopeful of a sale of its Manus Island interest.

Losses in the half year to September were £208,000, while the company had cash of £908,000 at the period end. 

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