Government Licence Review Status

RNS Number : 6414A

Amur Minerals Corporation

23 December 2014

 



24 December 2014

AMUR MINERALS CORPORATION

(AIM: AMC)

Russian Government Mining Licence Review

Amur Minerals Corporation ("Amur" or the "Company"), the nickel-copper exploration and development company focused on base metal projects located in the Far East of Russia, is pleased to report that the review process by the Government of Prime Minister Dmitry Medvedev ("Russian Government") for the Company's mining licence application is underway and progressing.  This is the final stage of approval required in the granting of the "Detailed Exploration and Mine Production Licence" ("Licence").

The Company has received and responded to a request from the Russian Government to provide additional detailed information allowing for a final determination on the award of the Licence.  This included additional information on the Company's ownership structure, financing history, and exploration activity at Kun-Manie.  This information provided greater detail than was previously required of the Company.  The Government officials have informed the Company that such requests are common at this final stage.  Once the review is complete,  the Company will be notified of the Government's decision on the award of the Licence and will release the results of the decision in an RNS.

The Company also desires to inform shareholders of the actions to be implemented upon the approval by the Russian Government.  The approval by the Russian Government will initiate a directive wherein the Ministry of Natural Resources ("MNR") will instruct Rosnedra to issue the Production Licence.  Upon issuance and registration of the Licence, the Company will have 30 calendar days to submit its one-time conversion payment.  The Company has sufficient funds to complete the transaction.

The Company also notes that the current exploration licence will expire on 31 December 2014.  Expiry of the exploration licence does not impact the Company's right to obtain the production licence and will not impact the Detailed Exploration and Mine Production Licence award process which will continue through to a definitive and final decision.  Exploration licence expiry does not result in the loss of production rights to the Company, as the Company has already established its rights under the Russian Subsoils Law by successfully conducting exploration and receiving a Certificate of Discovery.  Should the Detailed Exploration and Mine Production Licence not be awarded by 31 December 2014, the Company will continue to undertake business as usual and continue to work on obtaining the final production licence. 

Highlights:

·     The Government of Prime Minister Dmitry Medvedev has already begun its review of the Company's Mining Licence application.

·     In what is considered standard procedure by Government officials, a request for additional detailed information was sent to the Company regarding ownership structure, exploration activity and financing.  The Company has already responded.

Robin Young, CEO of Amur Minerals Corporation, commented:

"We are pleased to update our shareholders on the Company's activity regarding our application for the Detailed Exploration and Mine Production Licence.  We have responded to Russian Government requests for additional detailed information that is typically requested at this stage of the approval process.  We remain optimistic of a positive outcome, and are grateful for the speed and professionalism of our counterparts in the Russian Government who continue to work closely with us as we advance the project towards a result that benefits our shareholders and the development of industry in the Russian Far East."

Enquiries:

Company Amur Minerals Corp.	Nomad and Broker S.P. Angel Corporate Finance LLP	Public Relations Yellow Jersey
Robin Young CEO	Ewan Leggat Katy Birkin	Dominic Barretto Kelsey Traynor
[phone]	[phone]	[phone]

Notes to Editors

The information contained in this announcement has been reviewed and approved by the CEO of Amur, Robin Young. Mr. Young is a Geological Engineer (cum laude) and is a Qualified Professional Geologist, as defined by the Toronto and Vancouver Stock Exchanges.

For further information, see the Company website at www.amurminerals.com. 

 

END

 

 

MSCTJBFTMBMTBBI