Amur Minerals Corporation Repayment of Convertible Loan (7792T)
19 November 2019 - 12:47AM
UK Regulatory
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
+7 (4212) 75 56 +44 (0) 20 7138
15 +44 (0) 20 3470 0470 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.
This information is provided by RNS, the news service of the
London Stock Exchange. RNS is approved by the Financial Conduct
Authority to act as a Primary Information Provider in the United
Kingdom. Terms and conditions relating to the use and distribution
of this information may apply. For further information, please
contact rns@lseg.com or visit www.rns.com.
END
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