19th Jun 2014 10:54
LONDON (Alliance News) - Amur Minerals Corp said Thursday that it has cleared the next step of advancing its mining application for its Kun Manie project in far east Russia through the Russian licence system.
The company has received a protocol confirming that the exploration phase of the project is complete. Amur said this is key to converting its project, which is classified as a Federally Strategic Project under Russian law, from being held as an exploration licence to a production licence.
Under Russian law, a Federally Strategic Project must complete exploration before it can be granted a production licence.
The next stage is detailed exploration and production, under a new production licence.
"We remain positive the licence will be awarded to our subsidiary, whose staff continue to work diligently with authorities in addressing questions that arise during the review process," said Chief Executive Robin Young in a statement Thursday.
Shares in Amur last traded flat at 3.00 pence Thursday morning.
By Hana Stewart-Smith; [email protected]; @HanaSSAllNews
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