Mining Investments Resources PLC Strategic Alliance with Artel Vostok (2980Q)

TIDMMIR

RNS Number : 2980Q

Mining Investments Resources PLC

05 November 2012

Mining Investment Resources plc

(www.MIRPLC.com)

Strategic Alliance with Artel Vostok

Mining Investment Resources plc ("MIR" or "the Company") announces that it has entered into a Strategic Alliance agreement (the "Agreement") with Artel Vostok, a company based in the north of the Khabarovsk region in the far east of Russia.

The Agreement envisages that Artel Vostok (www.Artelvostok.ru) will seek to acquire exploration licenses over several areas which have been identified as having geological exploration potential and thereafter MIR intends to acquire an interest in the licenses. It also encompasses co-operation on other projects within the area of operations of Artel Vostok which is an area in the Khabarovsk region which contains many other identified mineral exploration opportunities.

Upon the successful acquisition of an interest in an exploration license under the Agreement, it is proposed that, subject to approval by the Company's Nominated Adviser, the Chairman of Artel Vostok, Mr Gennady Malyshevsky, will be invited to join the Company's board.

Artel Vostok principally operates alluvial gold mines from the Kiran camp, a base on the Pacific coast of Russia from which they have mined over 35 tonnes (1,125,000) ozs of gold. It also provides exploration services to other mining companies, including drilling, and owns three Boart Longyear drilling rigs. The Kiran camp is able to import equipment into the area by sea and also has a small airport able to land Antonov (AN24 and AN10) planes. Artel Vostok recently discovered what is believed to have been one of the largest gold nuggets in Russia of around 7.6 kilograms, which currently resides in the Kremlin's jewelry collection. The company was formerly a partner of Silver Bears Resources (listed on the Toronto stock exchange Ticker: SBR) in the Avleyakan gold project which was successfully explored and subsequently sold.

The Board of MIR believe that it is important in any mining jurisdiction (particularly Russia) to work with partners which are well respected in their local communities and believe that a relationship of this type with Artel Vostok, which has a proven track record, should be one of the building blocks to create a successful mining exploration business.

Enquiries

 
                        Mining Investments 
Michael Nosworthy        Resources plc              [phone] 
 
                        Mining Investments 
Steve Roberts            Resources plc                07812043436 
 
 
                        Northland Capital 
Luke Cairns / Matthew    Partners Limited                020 7796 
 Johnson                 (Nomad and Joint Broker)            8800 
 
                        Peterhouse Corporate 
Peter Greensmith         Finance Limited                 020 7469 
 / Eran Zucker           (Joint Broker)                      0932 
 
Jonathan Anderson       Investor Relations            07950410680 
 

This information is provided by RNS

The company news service from the London Stock Exchange

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