AIM listed AuM applies for mineral exploration licences in Myanmar – Aurasian Minerals continues to make good progress with its south-east Asia exploration programme. The group delivered three applications for mineral exploration licences to the Myanmar Mining Authorities in December.

It says: “We have since been advised by the authorities that AuM’s applications to explore for copper, gold and silver mineralization have been registered and that no other company can lodge an application which overlaps the areas applied for by AuM.

“For the moment our applications are regarded as ‘pending’ due to the current security situation in the relevant areas. When the areas have been given security clearance the authorities have indicated that they will then process the AuM applications after excising the jade and gem mining concessions that currently exist over the areas applied for.

“As well as discussing these applications with the authorities we are also discussing with them other applications that we might submit, and we are following up on initial discussions we have had with local companies that currently have licences.”

The update continues: “Certain employees of the Company visited Lao PDR in December 2014 to explore the feasibility of submitting licence applications there and to obtain geological information. We are currently assessing the results of this visit and will decide soon whether to submit an application for a mineral exploration licence.

“We continue to seek opportunities to enter into projects which are more advanced with nearer term drilling targets in Myanmar, Lao PDR and other regions in South-East Asia. Entry into any of these projects will be subject to our ability to secure favourable terms for AuM.”

It adds: “As stated in the Company’s interim report of 1 December 2014, AuM continues to negotiate a contract for the sale of its interest in Wamum with a party who has agreed in principle to acquire the asset. Unfortunately, these negotiations are moving slowly although the Company hopes to sign an agreement in the near future. In this case, we would expect the cash consideration to arrive after the Papua New Guinea authorities have approved the transfers, some time in mid-2015.”

The company also says that is quite advanced in discussions that it hopes will lead to it selling its interest in one of the properties at Manus Island.

The company says Tony Shearer has told his colleagues that now that the company is moving into an exploration stage he feels that somebody with the skills and experience that is more appropriate to a company at that stage should be chairman. Accordingly he will be resigning as chairman and as a director once the right candidate has been identified. The board is also looking at whether other changes should be made to the composition and structure of the Board and the management team. These changes will be announced in due course.

Source: Stock Market Wire

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