Amur Minerals Corporation Repayment of Convertible Loan (7792T)

TIDMAMC

RNS Number : 7792T

Amur Minerals Corporation

18 November 2019

18 November 2019

AMUR MINERALS CORPORATION

(AIM: AMC)

Repayment of Convertible Loan

Amur Minerals Corporation ("Amur" or the "Company"), the nickel-copper sulphide mineral exploration and resource development company focused on the far east of Russia, is pleased to announce that the Company has today repaid in full the balance ($853,000) of the convertible loans outstanding to Riverfort Global Opportunities PCC Limited and YA II PN Ltd ("Riverfort") under the loan facility announced on 13 February 2018.

Robin Young, CEO of Amur Minerals Corporation, commented:

"The investment and support provided by Riverfort since February 2018 enabled Amur to continue the development of the project with the successful completion of the 2018 drill season, and the initiation of our current TEO feasibility study work programme. The 2018 field season allowed the Company to confirm the continuous mineralisation between the Ikenskoe and Kubuk deposits and to conduct infill drilling for resource classification. The Company was also able to complete the acquisition of the bulk samples for metallurgical test work, hydrological and rock mechanic drilling in 2018, all of which form important inputs into the TEO report."

Market Abuse Regulation (MAR) Disclosure

Certain information contained in this announcement would have been deemed inside information for the purposes of Article 7 of Regulation (EU) No 596/2014 until the release of this announcement.

 
 Company           Nomad and Broker                Public Relations 
  Amur Minerals     S.P. Angel Corporate Finance    Blytheweigh 
  Corp.             LLP 
 Robin Young CEO   Richard Morrison                Megan Ray 
                    Soltan Tagiev                   Tim Blythe 
 [phone]                                   [phone] 
  15               [phone]             3203 
 

For additional information on the Company, visit the Company's website, www.amurminerals.com.

Activities carried out from the support of the Riverfort convertible loan:

-- Construction of the 2018 access ice road to the site and full supply replenishment for the 2018 field and drill season.

-- Diamond core drilling distributed over the comprehensive length of the mining licence including infill drilling in accordance with Russian regulatory requirements and the confirmation of continuous mineralisation between the deposits of Ikenskoe / Sobolevsky and Kubuk.

-- Hydrological drilling to identify the location of sufficient water supplies to support the planned mine operations.

-- Collection of additional sample for derivation of a representative metallurgical sample covering the entirety of the planned production area bringing the total sample available for metallurgical test work and flow sheet design to more than 10 tonnes.

   --    Completion of an updated Prefeasibility Study based on information available mid year 2018. 

-- Comprehensive compilation of the global exploration and engineering data set through year end 2018 for use in the derivation of a TEO (feasibility study). Including a complete re-interpretation of all ore bodies.

-- Initiation of the mandatory TEO (feasibility study) due Q4 2020 which included completion of the Hydrological Assessment and ongoing work in the areas of rock mechanics (for open pit slope stability and underground design considerations), high level environmental assessment, and compilation of a Russian reserve based estimate using NAEN parameters.

-- Completion of the first phase of the access road design and identification of potential cost reduction by consideration of a one lane road.

-- Continued discussions with appropriate governmental agencies and successful filings with all necessary Russian regulatory agencies.

-- Continued discussions with various financial funding sources based in the UK, Russia, China, Korea and Japan. Including terms and conditions related to project financing, potential off-take agreements, metal trader groups and strategic partner discussions.

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November 18, 2019 08:47 ET (13:47 GMT)