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King Snake Zone Defined For 2.6 Km.

Asian Mineral Resources Limited


June 2001

King Snake Zone Defined For 2.6_Km.

Asian Mineral Resources Limited (AMV – NZSE:2Y) has now received all results from the recent drilling program at Ban Phuc in northwest Vietnam, as well as results from a detailed UTEM geophysical survey carried out over the King Snake conductor.

The results of the season’s work are most encouraging, as it has demonstrated that the King Snake conductor can be traced continuously for 2600 metres and could possibly be followed for 4.8 kilometres. The structure contains significant nickel, platinum and palladium mineralization at all locations that have been tested by drilling and surface sampling By comparison, the defined 1.4 million tonne high-grade resource at Ban Phuc occurs within a similar structure over only a 450 metre length. The potential for outlining significant mineralization at King Snake therefore remains high.

A total of eighteen diamond drill holes on four grids were completed. Six holes intersected significant mineralization of which five intersected significant platinum and palladium values. Five of the six significant drill hole intersections occurred on the Ban Phuc grid and three intersected the King Snake conductor.

Holes BP00-01, which was reported previously, BP00-04 and BP00-11 tested the King Snake conductor at shallow depth below surface over a length of approximately 1100 metres. Each intersection passed through a zone of massive and semi massive sulphide containing clasts of the host rocks and is adjacent to thin zones of highly altered ultramafic rocks. These are characteristics similar to the nearby massive sulphide mineralization located at Ban Phuc 1.5 kilometres to the south-west. In addition, a new and more detailed UTEM geophysical survey was completed to better define the King Snake conductor. The survey demonstrates continuity of the conductor between 50100E and 50800E and between 51100E and 52600E. Survey lines at 50900E and 51100E could not be established because of the steep topography. The conductor may continue off the grid and link with known mineralization 2.2 kilometres to the southeast at Ban Tao.


Hole No
Grid Reference

metres ASSAYS
nickel copper cobalt platinum palladium gold
50550E 51150N including 0220 - 650 89.94
90.24 3.04
1.74 2.50
3.60 0.86
1.13 0.10
0.14 0.83
1.12 0.92
1.43 0.41

51400E 51340N 0300 -600 122.27 1.12 2.07 0.20 0.04 0.39 0.14 0.03

50300E 51059N 0220 -550 57.2 0.80 1.33 0.82 0.05 0.41 0.40 0.08
including ??? 0.41 2.21 1.19 0.08 0.80 0.71 0.10
BP00-02 0210 -550 145.0 1.00 2.16 <0.01 0.01 0.01 0.01 0.02

BP00-07 0180 -500 64.37 2.0 <0.01 0.02 <0.01 0.52 1.00 0.01
46190E 50289N 126.85 0.30 <0.01 0.01 <0.01 0.16 0.32 0.08

Note: All grid co-ordinates and drill hole co-ordinates are expressed in terms of a false origin at 50000E/50000W (metres) established near the village of Ban Phuc.

Hole BP00-02 was drilled to test a separate conductor on the Ban Phuc grid. The conductive horizon appears to be caused by a 1.78 metre thick zone of semi-massive sulphides, which does not contain economic mineralization. However, some 33_metres further down the hole close to a 3 metre thick basic dyke, a 1_metre thick sulphide containing zone returned significant nickel values. This zone contains a different style of mineralization to that found at King Snake.

Hole BP00-07 was drilled to test a well-defined strong conductor at the western end of the Ban Phuc grid. This hole intersected a number of zones of heavy pyrrhotite mineralization in meta-sediments. Two zones returned significantly anomalous platinum and palladium values. No nickel mineralization is present.

Further drilling is planned to start by November 2001 at the beginning of the next dry season when a minimum of 8 to 10 holes with an aggregate depth of approximately 3000 metres will be drilled to test the King Snake structure along strike from recent drilling and at greater depth below surface. Contingent on the diamond drilling results in the November program the detailed UTEM geophysical survey will be extended to the east to provide coverage over the Ban Tao mineralization.

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 10.65 million shares outstanding. It has been carrying out exploration on the 600 square kilometre 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 separate probable resource of 4.5 million tonnes of 1.3% nickel; 0.15% copper and 0.02% cobalt.

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$ 2.1 million to date.

For further information please contact:
Terry E. Bates, Managing Director
Phone: +84-4-943 3462
Fax: +84-4-943 3460

The information contained in this report is based on information compiled by a person who has more than five years experience in the field of activity being reported on. This report accurately reflects the information compiled by that person.

- 30 -

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