Widespread's Asian Minerals provides project update
Asian Mineral Resources ("ASN") is Widespread's largest investment, representing 75% of total assets. ASN made the following announcement concerning its Ban Phuc, Vietnam nickel mine development in Canada on Friday 4 April.
For and on behalf of the Board,
Chris D Castle
Onekaka, 7 April 2008
April 4, 2008Asian Mineral Resources: Ban Phuc Project Development Progress UpdateTORONTO, ONTARIO--(Marketwire - April 4, 2008) - Asian Mineral Resources Limited ("AMR" or the "Company") (TSX VENTURE:ASN) is pleased to provide an update on its construction and development activities at its 90% owned Ban Phuc Nickel-Copper Project in north Vietnam.
Process Plant Construction
Earthworks for the processing plant construction are on schedule and the preliminary works associated with construction of the tailings storage facility have commenced. Concrete works for the plant will commence in May. Purchase orders for all long lead time items have been placed and design to incorporate the increased plant capacity up to 450,000 tonnes pa is complete. Refurbishment of the ball mill being done in Perth is progressing well and it is expected to be shipped to Ban Phuc by mid 2008, in sufficient time for the schedule of the rest of the process plant.
Underground Mine Development
Development of the underground access ramp has advanced 25 metres from the lower portal. Ground conditions are good and require minimal support and the development is on target to intersect the ore body in the third quarter, 2008.
Shotcreting and stabilisation of the upper portal is well advanced and development of the upper access drive, which is only 130 metres from the ore body, is expected to commence in May of this year.
Tenders for the raiseboring of ventilation rises and ore passes have been received and award is planned to be made in April in line with the underground schedule.
Infill and Stope Definition Drilling
In-fill diamond drilling from both adits and surface rigs is underway. The information will be used to position underground development and allow definitive design of the stopes to be mined in the first 12-18 months of operation. Results from 3 holes drilled from surface are:
BP07-01 8.00 m grading 0.9%Ni, 0.2%Cu, 0.2g/t Pt+Pd from 71,00 m
BP07-02 1.45 m grading 1.9%Ni, 0.5%Cu from 65.00 m
Including 0.33 m grading 5.5%Ni, 0.3%Cu from 66.12 m
BP07-03 13.10 m grading 0.9%Ni, 0.3g/t Pt+Pd from 88.90 m
Including 0.67 m grading 3.2%Ni, 1.5%Cu from 134.80 m
0.32 m grading 6.1%Ni, 2.1%Cu from 135.15 m
Surface and underground drilling has confirmed the ore body geometry estimated in the feasibility study and resource model. A stepout drilling program is scheduled to commence in the second quarter with the goal of expanding the deposit, based on interpretation of the new results and application of exploration technologies, including down-hole EM sensing, not widely used before at Ban Phuc Project.
Rob Thomson, President and CEO comments, "We are proceeding at full speed with project development and construction at Ban Phuc and are on track for production commencement in early 2009. Given the process plant capacity for increased mill throughput, it is the Company's objective to aggressively explore the near term upside of exploitation of the large, lower grade disseminated sulphide resource adjacent to the massive sulphide vein. Resource definition drilling and metallurgical test work has commenced along with drilling focusing on several wide zones of greater than 1% Ni mineralisation. We expect to provide an update on our progress later in the second quarter."
Grade calculations are based on a 0.4% Ni lower cut off to define the mineralised structure, with no upper cut. Analytical work is being carried out at the independent Genalysis Laboratory Services Pty. Ltd., Perth. Australia. Analysis is by AAS from a four acid digest. Blanks and standards are being used to monitor laboratory performance during the analysis. This press release has been reviewed by in-house qualified person Simon Mottram, Member of the Australian Institute of Mining and Metallurgy (AusIMM).
AMR is developing the Ban Phuc Nickel-Copper Project in which it has a 90% interest. The Project based on current reserves is designed to produce some 5,500 tonnes pa of nickel and associated copper credits in concentrate in the first two years and average 4,500 tonnes pa of nickel over the mine life. Commercial sulphide concentrate production is scheduled in early 2009. The Company has also reinstituted a regional exploration program around its Ban Phuc Nickel Project.
For further details on the Company and the Ban Phuc Nickel Project please refer to the website athttp://www.asianminres.com/.
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.
To view the map "Ban Phuc Deposit", please visit the link below:http://media3.marketwire.com/docs/amr404.pdf
The TSX Venture Exchange has not reviewed and does not accept responsibility for the adequacy or accuracy of this news release.