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Gold/Mining/Energy : Mining News of Note -- Ignore unavailable to you. Want to Upgrade?

To: LoneClone who wrote (111423)	3/21/2015 12:25:52 PM
From: LoneClone	Read Replies (1) \| Respond to of 195027

Amur Minerals eyes substantial resource upgrade at Kun-Manie By Philip Whiterow March 19 2015, 10:41am proactiveinvestors.co.uk Additional drilling at Amur Minerals’ ( LON:AMC) Kun-Manie project in Far East Russia would lift its resource by almost 70% even before going underground, a new conceptual study has suggested. In-filling at the Maly Kurumkon/Flangovy, Kubuk and Ikenskoe/Sobolevsky deposits would convert inferred resources to indicated and expand the present open pit defined JORC reserve to a total of 67mln tonnes averaging 0.59% nickel and 0.18% copper. Robin Young, Amur’s chief executive, said this would amount to 366,000 tonnes of nickel and 99,000 tonnes of copper and be sufficient for a bankable feasibility study. In turn, it would potentially boost earnings by US$0.54bn, with the upgraded resources and reserves able to sustain a 6mln ore tonnes per year production rate. While the conceptual study was for an open pit operation, Amur said the substantial portions of the resource appear suitable for mining underground, which would expand the reserve even further. The new estimates are based on a lower US$7.50/lb (US$16,540/t) nickel price assumption versus US$8.50/lb used in August 2014, and updated operating unit costs. Amur will now prioritise the in–fill programme, starting at Maly Kurumkon. Young said: "Though simple in design, the conceptual open pit study has identified near term drill priorities key to rapidly developing reserves that are necessary for obtaining bankability for Kun-Manie. “As we await the approval decision to award the mining licence, we continue to undertake activities to advance the project on the behalf of our investors and shareholders. “This includes work progressing on the update to the 2007 SRK study wherein identified upgrades and enhancements are being incorporated into the final project configuration." House broker SP Angel said while conversion of the inferred resource is subject to more drilling, the completed study highlights potential across a number of targets within the Kurumkon trend. “Historically, the company has demonstrated high drill confirmation success rate in converting of inferred resources to different categories. “In-fill drilling should also allow for a significant increase in the mine life allowing for a better return on capital in the form of all-weather road construction, processing plant and mining fleet.“