Amur Minerals Corporation the nickel copper sulphide exploration and resource development company focused on the far east of Russia, is pleased to provide an update on the Kun-Manie mining licence application.
This follows communications with various Russian federal agencies involved in the process for the granting of the Mining Licence and recent changes in pertinent legislation that should positively impact the process of issuance of the Licence.
Previously, as part of the process of the granting of the Mining Licence, the Ministry of Economic Development was required to determine the value of the nickel and copper concentrates to be produced at Kun-Manie for the purpose of calculating a one-time payment upon conversion of a portion of the exploration licence area to that of the Mining Licence. However, for various reasons beyond the control of the Company, MED had not issued an approved report to Rosnedra (an agency of the Ministry of Natural Resources).
Significant delays in receiving the necessary MED documentation have been encountered by several companies, including Amur. In response to these delays, the responsibility to oversee determination of the value of minerals for purposes of estimating the one-time payment has been reassigned to Rosnedra from MED. The implementation of the new procedures is presently being finalised by Rosnedra.
Amur will continue to monitor the development of the process and report to the shareholders as additional information becomes available and the procedures are implemented by Rosnedra.
Mr Robin Young CEO of Amur Minerals commented that "The change in responsibility from MED to Rosnedra is good news. The shift of responsibility places the valuation of the concentrate back within Rosnedra, an organisation which is highly qualified and experienced in the completion and direction of this licence related work. We look forward to working with Rosnedra in providing any additional information related to our valuation and in the final award of our Mining Licence. Three other external agencies responsible for providing additional reports to Rosnedra have completed their work.
We are also monitoring the changes in the Russian Far East where a substantial effort is being undertaken to develop projects key to development of the region as desired by the Russian government. We are in contact with supportive local authorities that are intent on our moving the project forward."
