Widespread's Asian Minerals advises typhoon damage to Ban Phuc nickel mine development
Asian Mineral Resources ("ASN") is Widespread's largest investment, representing 37.8% of total assets at its present market value of Cdn $0.27 a share.
ASN made the announcement below in Canada last night. It's quite a positive sign, that despite the project suspension in place (caused primarily by the 20% nickel export tariff announced without warning in June 2008) that a site clean-up is already underway.
For and on behalf of the Board,
Chris D Castle
Wellington, 1 October 2008
Asian Mineral Resources Limited-Typhoon 'Hagupit' Impact on the Ban Phuc ProjectTORONTO, ONTARIO--(Marketwire - Oct. 1, 2008) - Asian Mineral Resources Limited ("AMR" or the "Company") (TSX VENTURE:ASN) announced today that its Ban Phuc nickel project (the "Project") located in the north-western province of Son La, Vietnam was adversely impacted by heavy rains associated with the typhoon 'Hagupit' during the period from 24th to 27th September 2008.
Prolonged heavy rains resulted in significant mud slides that blocked access to parts of the Project construction and caused damage to some construction equipment. A determination is being made as to the extent of the damage, the estimated costs of the required remedial work and the extent to which such costs will be reimbursed under the Company's insurance coverage, following which the Company will be in a position to provide more definitive information.
"It had been anticipated that the Project would occasionally have interruptions due to adverse weather and given the mountainous terrain the potential for mud slides was recognized however, the recent storm rains were the most severe for 34 years and consequently had a greater impact than would have normally been expected," said Collin Ellison, President and CEO of Asian Mineral Resources Limited. "The site clean-up of access roads and Project equipment is in progress in spite of the recent decision to suspend the Project construction. Additionally, Project management and personnel are working with the local community in the re-establishment and repairs to services and infrastructure."
Asian Mineral Resources Limited is developing the Ban Phuc Nickel/Copper Project in north-western Vietnam through its 90% interest in Ban Phuc Nickel Mines LLP.
For further details on the Company and the Project, please refer to the website atwww.asianminres.com.