Amur Minerals Corporation ('Amur' or the 'Company'), the exploration and resource development company, is pleased to announce that Oreall LLC has completed the Permanent Conditions Report ('TEO') on its far east Russia Kun-Manie nickel copper sulfide project.
Oreall's analysis and documentation is complete and is now undergoing the mandatory review process by the Russian Government Commission for Natural Resources Reserves ('GKZ'). Completion of the GKZ review will establish the reserves available for open pit mining at its 'Detailed Exploration and Mining Production' licence (BLG 15883 TE). Subsequent approval, the reserves will be utilised to establish the Russian approved mine plan for Kun-Manie.
Oreall results are based on the cumulative exploration information and comprehensive technical reports on mining, processing, metallurgical recoveries, engineering, intermediate product generation of both nickel and copper concentrates, environmental setting, transport and non-binding offtake agreements specific to the Kun-Manie mineralisation. Moscow based Oreall has compiled Russian based project specific operating and capital cost estimates using a team of industry recognised specialists / experts. Oreall has concluded and states that Kun-Manie is ready for industrial development. AMC notes that reserves reported herein are in accordance with Russian reserve reporting standards as JORC standards are not utilised in the definition or classification of mineralisation in the Russian Federation. There are three Russian categories identified as B, C1 and C2.
Those that are within an open pit or mined as ore from underground openings are reported as in-balance reserves whilst those not mined or below cutoff grade are off-balance reserves. Per the Committee for Mineral Reserves - International Reporting Standards ('CRIRSCO'), Russian and western resources / reserves are correlative. Russian B reserves equate to Proved when within a pit with Russian C1 approximating Probable Mineral Reserves.
Robin Young, CEO of Amur Minerals, commented: 'Submission of the independently compiled Permanent Conditions TEO in now complete. Going forward, the process will include a series of meetings between our team and the experts of various disciplines representing the GKZ. These are best viewed as negotiations, modifications and updates to the report. There is a calendar to completion of the work which is presently being finalised by the GKZ representative appointed to our Kun-Manie project. We shall revert once the schedule and key decision points are established.'
Comments on bulletin board speculation of funding
We note that there has been speculation on the internet regarding the inclusion of the Kun-Manie nickel copper project as a priority mining investment project for the Amur Region within the Plan for Social Development of Economic Growth Centre in the Amur Region, approved by the order of the Government of the Amur Region (as amended 1 July 2021). This is only an amendment to older documents and approvals. Kun-Manie was approved and listed in 2015. This confusion occurs intermittently and is most often resurfaces when Amur Oblast updates budgets and schedules expenditures which includes already listed priority projects.
We recommend that shareholders and those that are interested follow the various links that have been provided on the bulletin boards, fully read and digest the substantial information contained therein, especially as to how a project becomes a priority project and what is needed to obtain funding. Note, being on the list does not mean new funding has been provided, a company has access to funding. The Company works closely with a large number of agencies in Russia to secure funding for Kun-Manie and will announce any funding that is secured.
Contact:
Tim Blythe
Tel: +7 (4212) 75 56 15
Web: www.amurminerals.com
Market Abuse Regulation (MAR) Disclosure
This announcement contains inside information for the purposes of Article 7 of the Market Abuse Regulation (EU) 596/2014 as it forms part of UK domestic law by virtue of the European Union (Withdrawal) Act 2018 ('MAR'), and is disclosed in accordance with the Company's obligations under Article 17 of MAR
Notes to Editors
The information contained in this announcement has been reviewed and approved by the CEO of Amur, Mr. Robin Young. Mr. Young is a Geological Engineer (cum laude), a Professional Geologist licensed by the Utah Division of Occupational and Professional Licensing, and is a Qualified Professional Geologist, as defined by the Toronto and Vancouver Stock Exchanges. An employee of Amur, previously Mr. Young was employed as an independent consultant with Fluor Engineers, Fluor Australia and Western Services Engineering, Inc. during which time his responsibilities included the independent compilation of resources and reserves in accordance with JORC standards. In addition, he was the lead engineer and participant of numerous studies and projects requiring the compilation of independent Bankable Studies utilised to finance small to large scale projects located worldwide. Mr. Young is responsible for the content of this announcement which includes information derived by RPM Global.
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