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Ban Phuc Nickel Project Drilling Completed

Asian Mineral Resources Completes Ban Phuc Nickel Project Drilling

Asian Mineral Resources Limited (TSX Venture “ASN”) announced today further results from its recently completed drilling programme on the Ban Phuc Nickel (sulfide) Project in Vietnam. Since March 2004, Asian Mineral Resources Limited (“AMR”) has completed drilling of 73 holes for a total of 13,661 metres in a programme designed to explore resource extensions and in-fill the main Ban Phuc nickel deposit.

Significant Results (down-hole intervals) include:

BP04-53 2.80 metres at 6.38% Nickel and 2.00% Copper

BP04-51A 3.40 metres at 3.40% Nickel and 1.73% Copper

BP04-55 49.2 metres at 0.61% Nickel and 0.07% Copper

BP04-55A 22.0 metres at 0.68% Nickel and 0.11% Copper

BP04-61 17.8 metres at 0.54% Nickel and 0.04% Copper

“The completion of this comprehensive drilling programme, on time and on budget, is a milestone”, said Mr David Woodhouse, President and CEO, “We now have the base data necessary to prepare a definitive resource estimate for our feasibility study”.

Work is progressing rapidly on updating the geological model and validating the database in preparation to undertake a new revised resource estimate that will incorporate the new drilling data. A previously announced resource estimate (September 17, 2004) incorporated results from the first stage of open-pit targeted drilling (27 holes for 2,962 metres) and does not yet incorporate the 10,699 metres of additional drilling completed to date. Assay results for the last 11 holes are pending.

AMR is pleased to report the timely completion of this phase of its programme of in-fill, confirmatory, and extensional target drilling on the Ban Phuc massive sulphide vein structure and the lower grade disseminated ultramafic intrusive zone. Good progress is being made in understanding the structural and geological controls of these mineralised types.

Downhole Surveying Programme An independent contractor has completed a comprehensive down hole gyroscopic surveying programme on all the holes drilled in this recently completed campaign. Because the deposit contains magnetite and pyrrhotite, a down hole ‘gyroscopic’ survey tool was used as it is unaffected by local magnetic variations which would otherwise cause difficulties with conventional down-hole survey techniques.

Previously, a paucity of down hole survey information meant that the Company’s independent geological consultants were not able to classify and report any measured resources. These hole positioning uncertainties have now been eliminated which clears the way for the Company’s next resource estimate to include the full spectrum of resource classification categories. In addition, several drill holes from the recent campaign have been used as verification holes to confirm the positioning on some key pre-2004 drilling.

Geotechnical Drilling AMR’s independent geotechnical consultant, Knight Piesold, have supervised the completion of 16 triple-tube diamond core holes. Six holes were drilled at strategic locations in an area reserved for the proposed tailings storage facility. Seven holes have been completed over two potential plant site locations and three holes completed over an area to be reserved for a small water storage and sediment catchment barrier. This data is being processed and compiled for inclusion in the Company’s project assessment.

Massive Sulphide Zone Hole BP04-53 confirmed the down dip depth continuation of the high grade intercept previously intersected and reported (Nov. 9, 2004) from Hole BP04-49 (down hole 7.9 metres at 5.16% Ni and 1.67% Cu). These intercepts successfully confirm the presence of a high grade mineralised chute which remains open and untested down plunge to the west. Future drilling will test the down plunge continuity by systematically stepping out on sections further to the west. (Refer Table 1 and attached diagrammatic long section for details).

In-fill drill hole BP 04-51A confirmed the lateral and depth extents of the higher grade sulfide mineralisation on section 49950E within a previously delineated inferred resource block for which we had limited drilling information and were reliant on a few historical drill holes. This hole supports the evolving geological model by demonstrating continuity in relation to the westerly down plunge setting of the high grade mineralised chutes.

Holes BP04-48, 50A, 52, and 55A were drilled to explore the overall depth extent of mineralisation on sections between 49850E and 49950E. All holes successfully passed through the targeted structure with intercepts of barren mafic dyke however, the results suggest that these holes pass under the keel of the overall westerly plunging higher grade zone of mineralisation.

The quantitative impact all these intersections will have on the Company’s resource inventory will not be known until these data have been incorporated in our next resource estimation.

Disseminated intrusive hosted mineralisation Holes BP04-55A and BP04-61 returned significant widths of +0.5% disseminated “UB2” dunite hosted mineralisation on sections 49950 and 49850 respectively. UB2 is the main serpentinised-dunite ultramafic unit containing virtually all the disseminated cumulate mineralization in the Ban Phuc deposit area and is volumetrically significant, constituting the majority of the Project’s resource inventory.

The drilling programme was designed to confirm the lateral and vertical continuity of the lower grade disseminated mineralisation within the limits of the proposed open-pit outline. The Company is actively compiling and interpreting the results received and reported to date. The quantitative impact of these results on the Company’s resource inventory will not be known until these data have been incorporated in our resource estimation, which is currently in progress Table 1 – Drilling Results
Hole BP- East North From (m) To (m) Int (m) Ni % Cu % Co % Comments
04-42 49800 50346 258.0 268.0 10.0 0.66 0.08 0.01 Diss.
04-51A 49950 50210 265.0 272.0 7.0 0.46 0.09 0.01 Diss.
286.0 289.4 3.4 3.40 1.73 0.11 MSV
04-52 49900 50170 349.0 355.0 6.0 0.54 0.49 0.02 Mafic dyke on structure
04-53 49750 50170 281.1 284.6 2.8 6.38 2.00 0.19 MSV
04-54 49850 50190 138.7 150.1 11.4 0.57 0.06 0.01 Diss.
209.0 221.0 12.0 0.76 0.11 0.01
04-55 49950 50250 Including 16.0 65.2 49.2 0.61 0.07 0.01 Diss. - oxide and transition
16.0 53.0 37.0 0.51 0.05 0.01
53.0 65.2 12.2 0.91 0.11 0.02 Diss.
04-55A 49950 50250 244.0 266.0 22.0 0.68 0.11 0.01 Diss.
372.15 372.3 0.15 3.24 1.26 0.11 MSV
04-57 49850 50190 139.0 143.0 159.0 140.0 144.0 161.0 1.0 1.0 2.0 0.53 0.58 0.52 0.07 0.78 0.18 0.01 0.01 0.01 Diss.
04-58 49925 50141 162.0 171.0 9.0 0.66 0.08 0.01 Diss.
197.35 197.55 1.0 2.1 0.65 0.01 MSV
04-60 50050 50105 95.1 159.0 105.0 164.0 9.9 5.0 0.87 0.73 0.13 0.15 0.01 0.02 Diss.
170.9 171.05 0.15 3.25 5.22 0.10 MSV
04-61 49850 50190 214.0 231.8 17.8 0.54 0.04 0.01 Diss.
- Diss = Disseminated mineralization. - MSV = Massive sulfide vein. - Intervals are reported as down-hole intercepts. - Only results above 0.50% Ni are reported. - Where necessary and practical internal waste and/or lower grade mineralized material may be incorporated in reported bulk assayed intervals. - The assay analysis was completed by Genalysis Laboratory Services Pty Ltd of Perth in Western Australia using a four acid digest technique. - Mr Stephen Carty, MAusIMM, is the qualified person for reporting of these programme results. - All results originate from HQ diamond drill core samples that have been saw cut. AMR allocates ½ of the core for metallurgical test work and sends ¼ of the core for assay analyses and retains ¼ of the core in its permanent core storage facilities.

Company Profile Asian Mineral Resources Limited is currently engaged in the exploration and development of the Vietnamese located Ban Phuc nickel sulphide project in which it currently has a 70% interest. The Project is part of a granted Foreign Investment License covering 150 square kilometers of highly prospective ultramafic hosted nickel occurrences.

For further details on the Company and its projects please refer to the web-site at

Forward-Looking Statements: This press release includes certain "Forward-Looking Statements." All statements, other than statements of historical fact, included herein, including without limitation, statements regarding potential mineralization and reserves, exploration results and future plans and objectives of Asian Mineral Resources Limited are forward-looking statements that involve various risks and uncertainties. There can be no assurance that such statements will prove to be accurate and actual results and future events could differ materially from those anticipated in such statements. Important factors that could cause actual results to differ materially from Asian Mineral Resources Limited’s expectations are disclosed under the heading "Risk Factors" and elsewhere in Asian Mineral Resources Limited documents filed from time-to-time with the TSX Venture Exchange and other regulatory authorities.

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