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Progress Report On Diamond Drilling Ta Khoa

Asian Mineral Resources Limited

Progress Report On Diamond Drilling Ta Khoa Concession Vietnam

Asian Mineral Resources Limited (AMV: New Zealand Unlisted Securities Board) advises that eleven drill holes in the 16 hole program that commenced in November last year have been completed.

Assays from the first two holes (BP00-08, 250 m, BP00-10, 190m) did not return significant results, indicating that the geophysical conductors tested were caused by either graphite (BP-00-08) or pyrrhotite (BP00-10) in metasediments. Partial results from Holes BP00-03 and 06 (Ban Phuc Grid), BN 00 01 (Ban Nguon Grid) and BT 00 01 (Bang Tang Grid) were also negative.

Results from the second batch of samples should be available in about ten days, and the third, which was dispatched on the 18th January in about three weeks.

The second batch of samples includes samples from BP00-01 drilled to test the promising King-Snake Showing (Ban Phuc Grid). Surface sampling at the King Snake showing returned both high nickel -copper values accompanied by PGEs' (4.1% Ni, 1.5% Cu, 0.19% Co, 1.01 ppm Pt, 0.59 ppm Pd) as well as low grade Ni-Cu assays with elevated concentrations of PGEs (up to 19.12 g/t Pt+Pd). This hole intersected a narrow ultrabasic unit with 1.75m of semi-massive sulphides on one contact. (pyrrhotite chalcopyrite)
Another encouraging intersection was obtained in HN00-01 (Hong Ngai Grid) where a 26m section contained significant amounts of disseminated pyrrhotite and chalcopyrite in two ultrabasic units separated by a 3metre band of meta-sediments.
Samples from BP00-01 are in the second batch and those from HN00-01 are in the third batch.

The five remaining holes, three of which have only just collared should be completed during the second half of February.

At the beginning of February a ground geophysical survey (UTEM) will be undertaken over the new Ban Mong grid where float and some small lenses of remobilised massive sulphides have assayed over 4.5% Nickel with one sample also containing 5.5grams of PGEs (Pt+Pd).

Parts of the Ban Phuc Grid will also be resurveyed by UTEM in February. During February down hole UTEM surveys will be carried out on most of the completed drill holes.

Asian Mineral Resources is a New Zealand Company that is quoted on the Unlisted Securities Board maintained by the New Zealand Stock Exchange. The company has 10.2 million shares outstanding. It has been carrying out exploration in Vietnam for the past 8 years and holds a 70% interest in the 600km2 Ta Khoa exploration concession which includes the Ban Phuc Nickel deposit. This deposit contains a known resource of 1.0 million tonnes grading 3.5% Ni + 1.0% Cu + 0.08% Co and 4.5 million tonnes of 1.3 % Ni + 0.15% Cu + 0.02% Co.

Falconbridge Limited of Canada has an option to acquire 51% of the Company’s holding in Ta Khoa by providing US$5.5 million of exploration funding prior to 1st May 2003. Falconbridge have contributed over US$ 1.5 million to date, and is funding the current program.

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