01 Sep Strategic update
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
Aurasian Minerals Plc
Peter Mullens (CEO) email@example.com
Christopher Raggett/Scott Mathieson +44(0)20 7220 0500