Asian Mineral Resources Limited (“AMR”) is an independent, international based exploration and mining company listed on the TSX Venture Exchange: ASN. AMR is currently focused on creating shareholder value through the rapid development of its 90% owned and operated Ban Phuc Nickel Project located in Son La Province, northwestern Vietnam.
The Ban Phuc nickel deposit comprises of a resource with over 200,000 tonnes of nickel and 18,000 tonnes of copper hosted within two styles of sulphide mineralization (1) massive and (2) disseminated. It is located 180 km west of Hanoi, and enjoys excellent infrastructure with access via a sealed national highway, grid power, fibre-optic cable, water and both landline and cellular telephone communications all accessible within two kilometres of the project’s main facilities.
The massive sulphide deposit is open along strike to the west and down plunge. It has been the subject of an intense drilling and evaluation program culminating in the preparation of a detailed design for an underground mine and completion of a full feasibility study in late 2007. Following receipt of a mining license in Dec 2007 the company immediately commenced underground development and site construction however in mid 2008 the Vietnamese government increased export tariffs and this, together with the worldwide slide in metal prices precipitated in the suspension of construction, and the project was put into care & maintenance in October 2008.
In December 2009 the company announced that it had secured new funding which will allow it to reopen the project site and finalize optimization studies and documentation which it believes will lead to the raising of sufficient capital to restart the mine development and construction of the process plant.
In addition to the Ban Phuc project AMR has, through its 90% ownership in the project company, Ban Phuc Nickel Mines LLC, a 90% interest in significant exploration acreage immediately adjacent to the massive sulphide project. This contains a number of drill-ready prospects that are believed to have significant potential to host additional nickel-copper resources which, with modern exploration and evaluation, could become a source of additional feed to the Ban Phuc processing facility. These targets are supported by strong geophysical signatures and widespread anomalous rock chip sampling which have contributed to the view expressed by independent consultants that aggressive and systematic exploration could lead to the identification of further targets and the eventual development of a new nickel province.