Widespread's Asian Minerals announces increased nickel resources
New Zealand Exchange Limited
P.O. Box 2959
Wellington
23 July 2010
Dear Sir,
Widespread’s Asian Minerals announces further increase in nickel resources
Asian Mineral Resources (“ASN”) is one of Widespread’s largest investments. This 4.3% shareholding (presently held at independent valuation based on our share of net assets) represents 25% of Widespread’s total assets.
ASN made the announcement below in Canada last night concerning a 55% increase in resources in the disseminated nickel orebody. It follows the recent announcement (9 June 2010) concerning a 40% increase in the massive sulphide orebody resources.
The two increases combined (39,000 tonnes) represent a material change in the measured and indicated categories of the mine resources. To better illustrate this point, the present in-situ market value of the additional 39,000 tonnes of nickel exceeds USD 750 million.
Total measured and indicated resources at Ban Phuc are now 119,200 tonnes with an in-situ market value today of USD 2.35 billion.
And, as the disseminated nickel ore can be blended with the massive sulphide ore when processing, the increased resources also benefit the value of the project by increasing the life of the mine.
For and on behalf of the Board,
Chris D Castle
Wellington
23 July 2010
TSX-Venture: ASN
120 Adelaide Street West, Suite 2500, Toronto, Ontario M5H 1T1
Email: info@asianminres.com
Asian Mineral Resources Limited announces 55% increase in Ban Phuc disseminated
resources
Toronto, Ontario – July 22, 2010, Asian Mineral Resources Limited (“AMR”) (TSX-V: ASN) announced today
an increase in the disseminated sulphide resources at its Ban Phuc nickel-copper project in north western
Vietnam. The contained nickel in the Measured and Indicated categories has increased to 73,900t Ni in 12.4MT
@ a grade of 0.59% Ni (Table 1), an increase of 55% over the previous figures.
Table 1
Ban Phuc - Disseminated Sulphide Resource Estimate
Using a cut-off of 0.40% nickel
Category Tonnes (000’) Ni % Cu % Nickel (t) Copper (t)
Measured 2,230 0.63 0.08 14,100 1,800
Indicated 10,245 0.58 0.04 59,800 3,900
Measured + Indicated 12,476 0.59 0.05 73,900 5,700
Inferred 7,415 0.56 0.01 41,700 700
The Qualified Person for the new estimate and National Instrument 43-101 compliance is Dr Bielin Shi, Member of
the Australasian Institute of Mining and Metallurgy (MAusIMM), of CSA Global – Perth, Australia. Dr. Shi has
sufficient experience which is relevant to the style of mineralization and type of deposit under consideration, and to
the activity he is undertaking, to act as a Qualified Person as defined by NI 43-101. Dr Shi consents to the inclusion of
such information in this news release in the form and context in which it appears.
This increase in disseminated resources follows the increase in the massive sulphide resources previously
announced and is the result of a concerted drill program designed to test the integrity and continuity of the
disseminated mineralisation which lies in close proximity to the massive resource (Figure 1 & 2).
Figure 1
Together with the recently announced increase in massive sulphide resources the Ban Phuc project now has a
total of 119,200t of nickel contained in a Measured and Indicated resource of 14.1MT @ 0.84% Ni (Table 2)
Asian Mineral Resources Limited
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Table 2
Ban Phuc – Total Resource Estimate
Using a cut-off of 0.40% nickel
Category Tonnes (000’) Ni % Cu % Nickel (t) Copper (t)
Measured and Indicated
Massive sulphides 1,691 2.68 1.19 45,328 20,143
Disseminated sulphides 12,476 0.59 0.05 73,900 5,700
Massive + Disseminated 14,167 0.84 0.19 119,238 25,843
Inferred
Massive sulphide 170 1.94 0.81 3,303 1,361
Disseminated sulphides 7,415 0.56 0.01 41,700 700
Massive + Disseminated 7,585 0.59 0.03 45,003 2,061
Within the disseminated resource lies an area of ‘select disseminated’ (Figure 2) which is adjacent to the
massive sulphide and is readily accessible from the underground infrastructure needed to mine the massive
sulphide resource. This zone offers potential for bulk mining methods which could provide supplemental feed
to take advantage of spare capacity in the current Ban Phuc plant design. Preliminary metallurgical test work
has confirmed that Ban Phuc disseminated material can be blended with the massive sulphide and processed
via the existing flowsheet without negatively impacting on recovery or the saleability of the concentrate.
Figure 2 Cross Section 50,000E Showing Massive Sulphide and Disseminated Sulphide Lodes
Asian Mineral Resources Limited
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Table 3
Ban Phuc - “Select” Disseminated Resource Estimate
Using a cut-off of 0.40% nickel
Category Tonnes (000’) Ni % Cu % Nickel (t) Copper (t)
Measured 1,552 0.62 0.10 10,100 2,100
Indicated 579 0.51 0.02 3,100 100
Measured + Indicated 2,131 0.59 0.08 13,100 2,100
“The definition of the new ‘Select’ disseminated (Table 3) resource in close proximity to the underground
development currently planned that can be treated either concurrently or separately with the massive ore
which opens new possibilities for further value creation and optimization of the underground mine.”
commented Rob Guest, CEO of AMR. “The economics are under review as the wide intersections encountered
offer potential to employ cheaper bulk mining methods and the availability of excess capacity in the process
plant allows the ore to be treated on a marginal basis”.
Company Profile:
Asian Mineral Resources Limited has been active in Vietnam since 1993 and through its 90% owned Vietnam
subsidiary Ban Phuc Nickel Mines LLC is developing the Ban Phuc sulphide deposit in Son La province 5 hours
drive north-west of Hanoi. Construction of the project, which is targeting the production of 60,000tpa of
concentrate containing nickel/copper/cobalt was suspended in October 2008 when metal prices were under
pressure from the world financial crisis. With over 1,000m of underground development and 80% of all plant
equipment purchased, the project is approximately 65% complete and is currently under care & maintenance
pending receipt of funding to complete construction. For further information, please refer to the company
website at www.asianminres.com or contact:
Rob Guest, CEO
#9 Nguyen Hong Street
Ba Dinh District, Hanoi, Viet Nam
T: +84 4 3773 7997
F: +84 4 3773 7996
Email: rguest@banphucnickel.vn
Paula Kember, CFO
120 Adelaide Street West, Suite 2500
Toronto, ON M5H 1T1
T: 416 360 3412
F: 416 367 1954
E: info@asianminres.com
Quality Assurance
The technical information supplied to CSA was reviewed by Simon Mottram, MAusIMM and an AMR employee. Mr. Mottram is a Qualified
Person as defined by National Instrument 43-101. For more detailed information regarding the Ban Phuc massive sulphide deposit please
refer to Technical report (NI 43-101) - English - August 2007, that can be found at www.sedar.com.
Forward-Looking Statements
This press release includes certain "Forward-Looking Statements." All statements, other than statements of historical fact, included herein,
including without limitation, statements regarding potential mineralization and reserves, exploration results and future plans and
objectives of Asian Mineral Resources Limited are forward-looking statements that involve various risks and uncertainties. There can be no
assurance that such statements will prove to be accurate and actual results and future events could differ materially from those
anticipated in such statements. Important factors that could cause actual results to differ materially from Asian Mineral Resources
Limited’s expectations are disclosed under the heading "Risk Factors" and elsewhere in Asian Mineral Resources Limited documents filed
from time-to-time with the TSX Venture Exchange and other regulatory authorities.
The TSX Venture Exchange has not reviewed and does not accept responsibility for the adequacy or accuracy of this
news release.
