Nickel boost for Amur

Recently floated Amur Minerals says its Maly Krumkon discovery could add 40,000 tonnes to potential nickel resources of 209,000 tonnes.

Maly Krumkon lies 4.5 km north-west of AIM-quoted Amur's previously-identified Vodorazdelny mineralised zone at Kun-Manie in far-eastern Russia. Robin Young, chief executive officer of AIM-quoted Amur, says the new find is based on four holes drilled in two sections 600 metres apart.

The company, which says it still has most of the £3.2 million raised by its 33p pre-float placing, is looking out for new licences in the region. According to Young, a pre-feasibility study of the project is about to begin and 'we should get some solid answers by December', even though permafrost will inhibit operations from September.

If the results confirm this optimism, that could pave the way to a full bankable feasibility study and a possible start of mining in 'five to seven years'. Young says Amur is in the market for deals with other mining companies and would like to add a copper-gold project to its portfolio.

RAB Capital funds hold nearly 15 per cent of Amur, whose shares have fluctuated between 36.75p and 21.5p since flotation. Now 22p and valuing the company at £19 million, they have speculative recovery possibilities.

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