Further Funding For Asian Minerals

Tuesday, 15 May 2001, 3:05 pm
Press Release: Asian Mineral Resources Ltd

14 May, 2001

Asian Mineral Resources Limited (AMV: New Zealand Unlisted Securities Board) has obtained additional funding through the exercise of options held by directors and parties associated with directors. Two hundred and seventy five thousand options were exercised to raise NZ$ 137,500.

The funds raised will be used to help finance the Company’s working capital requirements, including the listing of its common shares on a recognized stock exchange.

In Vietnam a ground geophysical survey was carried out on the new Ban Mong grid. The resurveying of the King Snake conductor on the Ban Phuc grid in greater detail has now been completed and results are being processed. In both cases the objective was 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 now has 10.65 million shares outstanding. It has been carrying out exploration on the 600km2 Ta Khoa concession, in Vietnam, which includes the Ban Phuc nickel deposit along with other high-grade nickel occurrences, some of which also contain significant platinum and palladium valves.

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.

Ends

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