29th Jun 2016 11:53
LONDON (Alliance News) - Russian development miner Amur Minerals Corp Wednesday said it hopes to complete the all-important definitive feasibility study for its flagship project by the end of 2017 as the company continues to advance the project after ten years' of work.
The company, which is not currently generating revenue, reported a pretax loss of USD706,000 in 2015 compared to the USD1.4 million loss posted in 2014.
Although administrative costs rose to USD4.1 million from USD2.4 million, Amur booked USD2.2 million of finance income compared to a USD161,000 expense a year earlier.
Amur has been working on the Kun Manie project for over a decade and is aiming to complete a definitive feasibility study by the end of 2017. Other objectives include converting the inferred resources at the project into indicated resources before defining locations to drill test wells for drilling in 2017.
Amur shares were down 6.7% to 3.50 pence per share on Wednesday.
By Joshua Warner; [email protected]; @JoshAlliance
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