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Amur Minerals Corporation

  • BY: Andrew Hore |
  • POSTED: 12/08/2013 |

Explorer Amur Minerals Corporation says that all 21 drill holes have intersected nickel and copper sulphide mineralisation at the Kubuk deposit located within the Kun-Manie licence area.

The mineralised body appears to be 750 metres in length and 350 metres wide. The average thickness is 30 metres. Average grades are 0.66% for nickel and 0.32% for copper. Kubuk has become the fifth resource deposit drilled by Amur.

Once the drill programme is completed a resource and reserve assessment will be undertaken. Kun-Marie currently has a resource of 527,000 tonnes of nickel.

Despite this news the share price is 7.63p, well below the 9.75p benchmark price for the recent 5m equity swap. The cash is receivable over 24 months and the notional placing price is 7.25p a share. If the issue price were based on the current share price Amur would issue shares at 5.67p a share. That would mean that Amur would receive 163,000 rather than 208,000.

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