AMR Engages Investment Bank To Raise Finance
8th April 2001
Asian Mineral Resources Engages Investment Bank To Raise Finance
Asian Mineral Resources Limited (AMV: New Zealand Unlisted Securities Board) has entered into an agreement with IBK Capital Corp. a Toronto based investment banking group, to raise equity capital on a best efforts basis.
The funds raised will be used to finance the company’s working capital requirements including the listing of its common shares on a recognized stock exchange, and on carrying out preliminary exploration on the company’s new applications for exploration permits in Vietnam.
At Ta Khoa the company has completed an 18-hole diamond drilling program, two holes more than originally planned, using funds provided under the option agreement with Falconbridge. Assay results from the second half of the program will be released as soon as they are available.
The ground geophysical survey, (UTEM), being carried out on the new Ban Mong grid, and the resurveying of the King Snake UTEM conductor on the Ban Phuc grid in greater detail have now been completed and results are being processed. In both cases the objective is to define the configuration of known lenses of massive and semi-massive nickel sulphides that also contain significant platinum and palladium values.
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 10.4 million shares outstanding. It has been carrying out exploration on the Ta Khoa concession, which includes the Ban Phuc nickel deposit. This deposit contains probable resources of 1.0 million tonnes grading 3.5% nickel; 1.3% copper; 0.08% cobalt occurring as a core within a 1.4 million tonne probable resource grading 2.3% nickel; 1.00% copper and 0.08% cobalt. It also contains a probable resource of 4.5 million tonnes of 1.3% nickel; 0.15% copper and 0.02% cobalt.
Recently reported exploration work has shown that other nickel sulphide occurrences in the Ta Khoa concession i.e King Snake, Ban Trang, Ban Trang South, Ban Tao and Ban Mong have significant platinum and palladium values
associated with them. Recorded values have ranged between one and 17g platinum per tonne and up to 2g palladium per tonne.
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 has contributed approximately US$ 2.0 million to date.