Aurasian Minerals PLC Strategic update (6727X)
01 9월 2015 - 8:00PM
UK Regulatory
TIDMAUM
RNS Number : 6727X
Aurasian Minerals PLC
01 September 2015
AURASIAN MINERALS DISCONTINUES MYANMAR TENEMENT APPLICATIONS AND
ADDS A NEW AREA OF FOCUS
Aurasian Minerals ("Aurasian" or the "Company") is pleased to
provide an update on its strategic direction. As previously
announced on 12 June 2015, the Company has been seeking mining
assets in Myanmar and lodged applications for three exploration
permits totalling 1,900 sq.kms in this jurisdiction. However, in
view of the slow approvals process in Myanmar currently and the
need for management to focus on opportunities with a nearer-term
prospect of creating value, Aurasian has decided to withdraw these
applications and cease looking for assets in Myanmar. This decision
was taken following the recommendation of Aurasian's consultants
operating in South East Asia.
The Board continues to focus on Laos as an area of potential
interest and is working alongside its joint venture partner Sahamit
Phattana with a view to undertaking exploration and mineral
development activities in Laos. The Company and Sahamit have
identified a target area and are now attempting to acquire rights
to it but there are several challenges to overcome, including
negotiations with the existing licence holders, and the timing and
outcome are uncertain.
In light of the withdrawal from Myanmar and the potentially long
lead time to acquiring appropriate assets in Laos, the board has
considered broadening its areas of potential interest. As a result,
the Company has identified West Africa as an additional area of
focus due to the overall prospectivity of the region and the fact
that several board members have considerable experience and strong
contacts in the area. In addition many companies are dropping
ground or exiting the region due to the down turn in commodity
prices. Aurasian plans to focus initially on Burkina Faso in West
Africa. The board's experience indicates that Burkina Faso welcomes
mining exploration and permits are generally granted within a
reasonable time period.
The Company continues to seek assets in these two areas and
looks forward to providing further updates as it progresses.
Peter Mullens, CEO of Aurasian, commented: "With the down turn
in commodity prices many new exciting regions and opportunities are
opening up for the acquisition gold and copper projects. The last
time this happened was in the period 2000 to 2004. Board members of
Aurasian were then involved in a number of companies including
Aquiline Resources (AQI TSX), Laramide Resources (LAM TSX), and
Lydian Resources (LYD TSX), that took advantage of that downturn;
and the companies had strong results following the upturn of
commodity prices from 2004 until 2011."
"Mining and exploration is a cyclical game and we believe that
there is value to be achieved from buying at the bottom of the
market. Aurasian is building a data base, looking for quality
acquisitions and will continue to do this during the downturn."
ABOUT AURASIAN MINERALS
Aurasian Minerals PLC is an AIM listed junior exploration
company exploring for quality copper and gold projects. Aurasian
has a very experienced board and technical team headed up by Peter
Mullens and Tim Coughlin who co-founded Lydian Resources in 2004
which discovered the 5 million ounce Amulsar Gold project located
in Armenia. The Company has adequate funds in a difficult market
with approximately GBP 700,000 in the bank and a further US $
750,000 due to the company for the sale of its Wamum project in
Papua new Guinea.
For further information please contact Peter Mullens, CEO of
Aurasian Minerals
Enquiries
Aurasian Minerals Plc
Peter Mullens (CEO) pjm@aurasianminerals.com
finnCap Limited
Nominated adviser
Christopher Raggett/Scott Mathieson +44(0)20 7220 0500
This information is provided by RNS
The company news service from the London Stock Exchange
END
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