Asian Mineral Resources Limited (“AMR” or the “Company”) (TSX VENTURE:ASN -News) announced today that Malaysia Smelting Corp (“MSC”), having received required shareholder approval, intends to exercise its warrants to purchase 6,799,999 common shares of AMR at Cdn US$2.10 a share issued in December 2007 when MSC made its initial US$20 million investment in AMR common shares. Following such exercise, MSC will hold 19% of AMR’s outstanding shares, being a total investment of US$34.3 million. As previously disclosed, MSC will be entitled, for a period of two-years, to increase its ownership level to not more than 19.9% and to participate in future equity offerings in order to maintain such ownership position.
“We are delighted that MSC’s shareholders have demonstrated their support for AMR and our Ban Phuc Project by approving this further investment,” commented Jim Askew, Chair of the Board. “The proceeds will be used for Ban Phuc Project development and other budgeted expenditures.”
Asian Mineral Resources Limited is developing the Ban Phuc Nickel/Copper Project in north-western Vietnam in which it has a 90% interest. The Project is scheduled for commercial concentrate production in the first half of 2009.
For further details on the Co and the Project, please refer to the website at www.asianminres.com.
This press release includes certain “Forward-Looking Statements.” All statements, other than statements of historical fact, included herein, including without limitation, statements regarding potential mineralisation 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.
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