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Amur completes ice road, begins restocking Kun-Manie
Nickel-copper sulphide mineral exploration and resource development company Amur Minerals Corporation announced the completion of the 350 kilometre ice road from the Ulak station on the Baikal-Amur railway, to its Kun-Manie project in the far east of Russia, on Friday.
The AIM-traded firm said that as a result, it has initiated the restocking programme for implementation of its 2018 field season.
It said construction of the ice road was completed on 15 February - a week earlier than last year.
Nine vehicle convoys were now transporting the supplies that had been marshalled at the company's Ulak railway station siding to Kun-Manie.
The board said two of the eight planned trips had already been completed, adding that thus far, 80 cubic metres of fuel, supplies, spares and food for the upcoming season had been delivered.
It explained that, given it was the most cost effective way to resupply the operation, on completion of the restocking effort it would be in a position to diamond core drill a planned 15,000 metres and undertake several site investigation studies.
That would would gather additional information for engineering design considerations.
The completion of the ice road also represented an achievement of one of the milestones required under the financing agreement entered into by the company on 13 February, for the advance of a loan.
Other milestones required were the completion and announcement of the resource update, an updated open pit design, the open pit/underground trade off study, and the updated pre-feasibility project economics.
The board said it believed all of those milestones would be completed before the date that the company was required to exercise its option to give notice for a further loan advance.
Two further milestones to be met were that the total daily traded value for the 30 days prior to the second advance date was greater than the total daily traded value for the 30 days prior to the initial advance date, and that the volume-weighted average price of the second advance date was 50% greater than that on the initial advance date.
"With the construction of the winter ice road being completed earlier than ever, our 30 man transport team will continue to deliver supplies, fuel, spares and materials to site," said Amur CEO Robin Young.
"Operating on a 24 hour a day cycle, seven days a week, we anticipate successful and complete resupply of the site.
"The resupply will allow us to finish up the majority of our site investigative work for moving the project forward to a final production decision and design."