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Asian Mineral Resources Ltd
Symbol ASN
Shares Issued 795,920,841
Close 2018-04-23 C$ 0.015
Market Cap C$ 11,938,813
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Asian Mineral arranges $380,000 (U.S.) loan with Pala

2018-04-24 13:51 ET - News Release

Ms. Paula Kember reports

ASIAN MINERAL RESOURCES UPDATE ON STRATEGIC REVIEW FOR BAN PHUC NICKEL MINE IN VIETNAM AND ANNOUNCEMENT OF FINANCING AGREEMENT

Asian Mineral Resources Ltd. has entered into a further loan agreement with Pala Investments Ltd., a shareholder of the company, to assist with financing of redundancy payments to the employees of its subsidiary, Ban Phuc Nickel Mines LLC. The loan is for an aggregate principal amount of $380,000 (U.S.), has a fixed maturity date of March 31, 2019, and carries an interest rate of 5 per cent per year (payable on maturity). In addition, the loan is unsecured and the company may, at any time, repay some or all of the loan (without restriction or prepayment charges). The loan will be used to pay employee termination payments and receivables to prepare Ban Phuc for potential restructuring or liquidation.

The company's board of directors wishes to acknowledge the strong support which Pala has provided to the company since it became a strategic investor of Asian Mineral in 2012. Since 2012, Pala has committed significant financial, technical and operational resources to support Asian Mineral (both its shareholders and management team) with successfully bringing the Ban Phuc nickel mine into commercial production. During this present time of financial difficulty, the board wishes to thank Pala for supporting the board with its efforts to explore the company's strategic options, and also for this latest round of financial support, which will enable the company to fulfill its commitments to Ban Phuc Nickel's employees in Vietnam.

As previously announced on Oct. 19, 2017, and April 16, 2018, the board has been exploring its strategic options with regard to the Ban Phuc nickel mine in Son La, Vietnam. The focus remains on the sale of all the assets comprising the Vietnam operation. To date, there has been no success in finding a buyer and the company is in need of financing to continue its search. The board is considering alternatives in the event no future financing sources are available and Ban Phuc Nickel, or its assets, are not sold. The company remains in serious financial difficulty and there is considerable uncertainty regarding the company's ability to continue as a going concern.

About Asian Mineral Resources Ltd.

Asian Mineral owns and operates a nickel mine with historical nickel sulphide production, and is exploring for additional high-grade nickel assets in Vietnam. The company commenced commercial production from its 90-per-cent-owned Ban Phuc nickel mine in Vietnam in mid-2013. As of June 30, 2016, the Ban Phuc nickel mine has produced a total of approximately 20,000 tonnes of nickel and approximately 10,000 tonnes of copper contained in concentrate, plus a cobalt byproduct since the beginning of its mine life.

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