Junior Miner Amur Minerals Is Debt Free and Sufficiently Funded

By: Amur Minerals Corporation
 
Dec. 4, 2014 - PRLog -- Mineral exploration and development firm Amur Minerals Corporation (AIM: AMC) is “debt free and sufficiently funded,” the company’s interim financial results which ended in June 2014 revealed.

Amur Minerals (http://amurminerals.com/), which is currently pursuing its mining production license in the Russian Far East, possesses cash reserves reaching US $1.018 million as of the financial report’s publication last June 30, 2014.

The financial results stated the company had no significant capital expenditure as it converts its exploration license into a production license. The company recently concluded the exploration phase for its Kun-Manie project.

The company’s directorate stated in the report that their cash flow forecasts through June 2015 indicate that Amur Minerals is “sufficiently funded” due to its cash and derivative financial assets. The company’s amounts receivable under the derivatives are dependent on share prices, they noted in the report.

Amur Minerals also reported that earlier this year it received four settlements amounting to US$173,000 from the Lanstead Capital LLP financing agreement it inked in 2012. The company also received a separate US$4,000 from a settlement with Lanstead for another financing agreement in 2013.

Other highlights of the company’s financial results document include the progress of its Kun-Manie exploration project, particularly in regards to the details of the project’s field operations and technical assessment.

Kun-Manie Updates

The company announced that it has replenished its Kun-Manie project site, which is situated in the Amur Oblast region in Russia, with fuel, spares and supplies. The company’s equipment is also well-maintained and ready for its road and drill site construction and site support following the release of its mining license.

In the meantime, the company plans to focus on processing remaining requirements to move forward with its post mining license as well as working on the “engineering aspects of the proposed design” for the Kun-Manie site.

Russia’s Ministry of Economic Development has approved the company’s application for a “Detailed Exploration and Production License” in November. The company has completed the requirements of the Federal Agency for Subsoil Use or Rosnedra, which will submit its summary report to the Ministry of Natural Resources (MNR). Once approved by the MNR, the company’s application will be forwarded to the office of Prime Minister Dmitry Medvedev for final review and approval.

Amur Minerals Corporation is a mineral exploration and development company engaged in base metal projects in Russia’s Far East. The company's largest asset is its Kun-Manie sulphide nickel, copper site located in Amur Oblast, a federal subject of Russia.

Based on its feasibility study and preliminary exploration, Amur Minerals discovered that the site is rich with JORC-determined resources of more than 830,000 nickel equivalent tons. The discovery costs of the site amount to less than $US 0.04 per pound of nickel, reflecting the project’s cost-efficiency.

Amur Minerals trades on the London Stock Exchange’s Alternative Investment (AIM) Market platform. Its stocks closed at 9 pence on Wednesday.

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Source:Amur Minerals Corporation
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Tags:Mining, Investing, Junior Miner, Nickel, Base Metals
Industry:Mining
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