Amur gets go-ahead

The Russian authorities have approved Amur Minerals Corporation’s exploration expansion plans at its Kun-Manie nickel and copper sulphide project.

The British Virgin Island-based company is negotiating with two or three potential local partners following the approval of its exploration filings for the project in the Russian Far East. Russian rules require this and the AIM-quoted company, which will need more funding at some stage, would welcome a partner to share the project costs.

Robin Young, Amur’s experienced American chief executive, comments, ‘these approvals provide the company with the opportunity to increase resources and to discover new deposits within a highly target-rich environment’. Floated at 33p three years ago, Amur
shares had fallen almost out of sight to 0.18p by last December, but have since then bounced to 3.85p, valuing the company at £4.7 million.

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