Amur Minerals shares up as board updates on development

Amur Minerals posted its interim results for the six months to 30 June on Friday - another period of nil revenue as its continued its development activities.

The AIM-traded firm did double its loss from operations, however, to $2.34m year-on-year from $1.07m in the first half of 2015, as a result of a more-than-doubling of administrative expenses.

During the period, Amur attained a number of “major milestones,” including the completion of a preliminary survey of the access road route and the completion of bench scale metallurgical test work on its four main orebodies.

The board said a resource update was completed, which confirmed the presence of high grade continuous mineralised structures within three of the four main deposits.

“A combination of both open pit and underground production is being considered in the production development studies,” the board said in a statement.

It added that over 19,000 metres of drilling was completed within the Maly Kurumkon Flangovy deposit so far.

“The MKF deposit has been expanded to a total length of 3,000 metres, all of which has been drilled to a JORC category of Indicated resource suitable for use in the determination of reserves,” the board explained.

“At the start of this year the Indicated resource was limited to a total length of 1,400 metres.”

A 7.5 tonne bulk metallurgical sample had been collected and delivered to the company’s Khabarovsk core storage facility as well.

“MKF resource expansion remains to the east of the last drill line.

“This target is projected to be in the order of 400 metres and will be drilled in the future.

“Beyond this target, the Gorny mineralised area is present which could be an extension of the MKF deposit.”

At 1400 BST, shares in Amur Minerals Corporation were up 5.71% at 3.11p.