Amur Minerals completes construction of ice road

Amur Minerals Corporation, a nickel-copper sulphide mineral exploration and resource development company, has completed the construction of its winter ice road from the Baikal - Amur rail siding to its Kun-Manie project.

Amur Minerals Corporation, a nickel-copper sulphide mineral exploration and resource development company, has completed the construction of its winter ice road from the Baikal - Amur rail siding to its Kun-Manie project.

The road is constructed every year and is used by the comnpany to restock the project site for the upcoming field season.

The group said that fuel, supplies, spare parts and drill materials are currently being transported along with road, which will continue over a period of four months.

The restocking process will enable the company to drill approximately 6,000 metres using the LF-90 Boart Longyear rig which the company purchased in early 2012. Last year's average drilling cost per metre was reduced from more than $250 per metre to $165 per metre due to the purchase of the rig precluding the need to utilise more expensive contract drilling services.

Chief Executive Officer Robin Young of Amur Minerals, said: "We are pleased to be setting up for our 2013 field season during which we intend to undertake the initial drilling within one of our prime exploration targets at Kun-Manie. Geochemical sampling, geophysical surveys and trenches confirm that the Kubuk area could contain a substantial mineralised zone of more than three kilometres in length."

The share price fell 3.86% to 5.6p by 14:40.

NR

Recommended

Why it pays to face up to your investment mistakes
Investment strategy

Why it pays to face up to your investment mistakes

Buying stocks can be a complicated business. But selling stocks can be tricky, too – even if you sell for the right reasons. Max King explains how to …
17 Sep 2021
Share tips of the week – 17 September
Share tips

Share tips of the week – 17 September

MoneyWeek’s comprehensive guide to the best of this week’s share tips from the rest of the UK's financial pages.
17 Sep 2021
Royal Mail will deliver for investors – here's how to play it
Trading

Royal Mail will deliver for investors – here's how to play it

Royal Mail Group has found its feet in the past 18 months and looks cheap. Matthew Partridge looks at how to trade the shares.
14 Sep 2021
The times may be changing, but don’t change how you invest
Small cap stocks

The times may be changing, but don’t change how you invest

We are living in strange times. But the basics of investing remain the same: buy fairly-priced stocks that can provide an income. And there are few be…
13 Sep 2021

Most Popular

The times may be changing, but don’t change how you invest
Small cap stocks

The times may be changing, but don’t change how you invest

We are living in strange times. But the basics of investing remain the same: buy fairly-priced stocks that can provide an income. And there are few be…
13 Sep 2021
Two shipping funds to buy for steady income
Investment trusts

Two shipping funds to buy for steady income

Returns from owning ships are volatile, but these two investment trusts are trying to make the sector less risky.
7 Sep 2021
Should investors be worried about stagflation?
US Economy

Should investors be worried about stagflation?

The latest US employment data has raised the ugly spectre of “stagflation” – weak growth and high inflation. John Stepek looks at what’s going on and …
6 Sep 2021