Asian Mineral Resources (“ASN”) is Widespread’s largest investment. This 6.93% shareholding (presently held at independent valuation) represents 62.2% of Widespread’s total assets.
ASN made the announcement below in Canada last night which represents a significant advance on the part of the Vietnamese Government towards restoring the viability of the Ban Phuc nickel mine. This supportive attitude is likely to lead to a significant reduction in the presently proposed 20% nickel export tariff. It is comforting that tariffs on several other commodities exported have already been reduced.
Following the release of this announcement the “Don’t Sell Guidance” released by Widespread on Monday 18 May is no longer in force.
For and on behalf of the Board,
Chris D Castle
Onekaka, 20 May 2009
Asian Mineral Resources: Adjustment to Export Restrictions for Ban PhucTORONTO, ONTARIO--(Marketwire - May 19, 2009) - Asian Mineral Resources Limited ("AMR" or the "Company")(TSX VENTURE:ASN) announced today that the Vietnamese Ministry of Industry and Trade ("MOIT") has agreed, following submissions by AMR's 90% owned subsidiary Ban Phuc Nickel Mines LLC and the Son La Peoples Committee, that exports of nickel concentrate from its Ban Phuc project will be permitted for the five year period commencing with the beginning of production. The previous approval was for the period expiring at the end of 2013.
"We are pleased that MOIT has dealt with this important issue" commented Rob Guest president of AMR " and we look forward to similar progress in our ongoing dialogue with the authorities on other important Vietnamese issues whose resolution is critical to our being able to restart and complete the project when economic conditions including nickel price have improved sufficiently."
Asian Mineral Resources Limited is developing the Ban Phuc Nickel/Copper Project in Vietnam 5 hours drive north-west of Hanoi in which it has a 90% interest.
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.