Today in Canada Asian Minerals ("AMR"), our largest investment, issued a statement advising the achievement of two further milestones in developing the Ban Phuc nickel in north-western Vietnam.
AMR has entered into an EPCM contract with Metplant Engineering Services Pty (a member of the Bateman Engineering Group) ("Metplant") for its Ban Phuc Nickel Project for which a mining license was received in mid-December (see press release December 17, 2007). Until now, Metplant had been providing services on a purchase order basis.
The decision has also been made to take advantage of the full 450,000 tonne per annum ("tpa") nominal capacity of the refurbished ball mill by reconfiguring the plant design so that the rest of the circuit also has the capacity to handle this tonnage. This effectively represents a 50% increase over current mine production expectations of 300,000 tpa
These milestones are very good news for Widespread Minerals as AMR continues its present fast track development of the Ban Phuc nickel project
The AMR announcement is repeated below.
For and on behalf of the Board,
Chris D Castle
Onekaka, 30 January 2008
Asian Mineral Resources Limited Announces Signing of EPCM Contract and
Expansion of Plant Capacity
TORONTO, ONTARIO--(Marketwire - Jan. 29, 2008) - Asian Mineral Resources
Limited ("AMR" or the "Company") (TSX VENTURE:ASN) announced today that Ban
Phuc Nickel Mines subsidiary has entered into an EPCM contract with Metplant
Engineering Services Pty (a member of the Bateman Engineering Group)
("Metplant") for its Ban Phuc Nickel Project for which a mining license was
received in mid-December (see press release December 17, 2007). Until now,
Metplant had been providing services on a purchase order basis.The decision
has also been made to take advantage of the full 450,000 tonne per annum
("tpa") nominal capacity of the refurbished ball mill by reconfiguring the
plant design so that the rest of the circuit also has the capacity to handle
this tonnage. To meet current mine production expectations of 300,000 tpa the
plant will be operated on reduced hours on a campaign basis. The plant
modifications include larger pumps, a larger thickener and filter, an extra
cyclone and a second concentrate surge tank at a total estimated cost
increase of US$2 million and a one-month extension of the construction
period. The benefits to be gained from these modifications include:
- The ability to do preventative maintenance between processing campaigns thereby
improving plant efficiencies without negatively impacting production;
- greater flexibility to customize and optimise the circuit and/or reagent
regimes for different ore types;
- the availability of the 'spare' plant capacity for such a low capital cost will allow a
review of the economic cut-off grade for marginal ore; and- creating significant 'spare' processing
capacity which will be readily available to handle increased ore
"The EPCM contract signing is a significant milestone for Ban Phuc
and the process plant capacity expansion made in consultation with Metplant
to take full advantage of ball mill capacity with an acceptable increase in
capital cost is a rational, conservative decision as we continue to make
excellent progress with project development," commented Jim Askew, AMR's
Asian Mineral Resources Limited is currently engaged
in the development of the Vietnamese located Ban Phuc Nickel Project in which
it currently has a 90% interest. The project is designed to initially produce
some 5,000 tonnes of nickel (and associated copper) in concentrate per year,
with commissioning scheduled for early 2009.
For further details on the ompany and the Ban Phuc Nickel Project please refer to the website at
This press release includes certain "Forward-Looking Statements."
All statements, other than statements
of historical fact, included herein, including without limitation, statements
regarding potential mineralization and reserves, exploration results and
future plans and objectives of Asian Mineral Resources Limited are
forward-looking statements that involve various risks and uncertainties.
There can be no assurance that such statements will prove to be accurate and
actual results and future events could differ materially from those
anticipated in such statements. Important factors that could cause actual
results to differ materially from Asian Mineral Resources Limited's
expectations are disclosed under the heading "Risk Factors" and elsewhere in
Asian Mineral Resources Limited documents filed from time-to-time with the
TSX Venture Exchange and other regulatory authorities.
The TSX Venture
Exchange has not reviewed and does not accept responsibility for the adequacy
or accuracy of this news release.