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AMR Completes Placement

AMR COMPLETES PLACEMENT


Asian Mineral Resources Limited (AMV: New Zealand Unlisted Securities Board) has closed a private placement to private clients of two New Zealand Stock Brokers.

The placement raised NZ $200,000 by issuing 400,000 fully paid shares in the company at NZ 50 cents each.

A commission of 4% is payable on funds raised. Funds will be used to meet on going corporate expenses and other expenses associated with raising finance and obtaining a listing on a suitable stock exchange.

Asian Mineral Resources is a New Zealand company that is quoted on the Unlisted Securities Board maintained by the New Zealand Stock Exchange. After the above placement the company has 10.3 million shares issued. It has been carrying out exploration in Vietnam for the past 8 years and holds a 70% interest in the 600 sq. km.Ta Khoa exploration concession, which includes the Ban Phuc nickel deposit. This deposit contains indicated resources of 1.4 million tonnes grading 2.3%Ni + 1.0%Cu + 0.08%Co and 1.2 million tonnes of 1.3%Ni + 0.15%Cu + 0.03%Co.

Falconbridge Limited of Canada has an option to acquire 51% of the Company’s holding in Ta Khoa by providing US$ 5.5 million of exploration funding prior to May 2003. Falconbridge has spent over US$ 1 million to date and is funding the current drilling program.

ENDS

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