Asian Mineral Resources Limited

COMPANY DATA | INTRODUCTION |  PROJECT IN HAND | MANAGEMENT
NEWS UPDATE | CHINESE

COMPANY DATA

INTRODUCTION

Asian Mineral Resources Limited ("ASN") is an independent international based exploration and mining company listed on the TSX Venture Exchange.

ASN is focused on creating shareholder value through the rapid development of its 70% owned and operated Ban Phuc Nickel Project located in Vietnam. The Company is setting the foundations to grow ASN into a significant nickel producer and acquire other Asian based resource projects.

ASN has restructured its Board of Directors, raised CDN$7.5 million (2004) in new equity, and commenced a variety of strategic initiatives designed to create wealth for all stakeholders. ASN has new management complimented by a hand picked team of key consultants with proven records for successful delivery of mining projects in the Asian region.

Currently, the Company's major asset is the Ban Phuc (sulphide) Nickel Project in Vietnam. ASN owns 70% of the project through Ban Phuc Nickel Mines (BPNM) Limited, an incorporated joint venture company. The Vietnamese Government holds the remaining 30%.

In 1993 ASN was granted a Foreign Investment Licence (522/GP) to explore for and develop nickel and copper deposits over a large prospective mineral concession. The Company remains focused on this 150 sq.km "Ta Khoa" concession situated in the Son La province in northwestern Vietnam.

The Ban Phuc deposit is located at the geographical center of the Ta Khoa concession with the other prospective targets situated in the surrounding region. The company completed its Feasibility Study in November 2005 and has just received the first approval of a four-step process to obtain its mining licence. Construction at the project is planned for 2006 and production for late 2007.


PROJECT IN HAND

Ban Phuc Nickel Project, Vietnam

Asian Mineral Resources Limited has an approved exploration license over the 150 sq.km Ta Khoa Concession located 180 km west of Hanoi in the Son La province, Vietnam. The Ta Khoa Concession contains a number of nickel-copper mineral prospects including the advanced Ban Phuc Deposit.

The Ban Phuc intrusion is one of the larger ultramafic bodies in the region with dimensions of 940 by 420 metres. The intrusion is elongate with a northwesterly trend corresponding to the strike of the Devonian metasedimentary host rocks. It has intruded along the trend of a discontinuous unit of crystalline limestone. At its northwestern edge, only the flat lying base is preserved. The intrusion narrows and deepens to the southeast where it has an oval cross-section dipping steeply northeast and roughly concordant with the enveloping metasediments. A locally discordant southern contact with metasediments confirms the body is intrusive and not an extrusive komatiite.

Concave layering is defined by low-grade nickel-enriched sulphide layers, which are conformable with the base and walls of the intrusion. In the wider basal zone preserved at the northwestern end of the intrusion these are flat lying with only minor convexity, but in the southeastern section the layers are tightly oppressed and strongly concave, extending up the footwall and hanging walls of the intrusion. There is evidence in bedding attitudes along strike to the southeast of the intrusion for a synformal structure, suggesting that the strongly concave layering may arise from folding, with the ultramafic originally having formed a thinner sill roughly conformable with the sediments and now occupying the fold axis. The presence of cumulate sulphides along the base and walls of the intrusion indicate that it is upright, though folding, if it has occurred, is isoclinal and the hanging wall is overturned.

Massive sulphide mineralization occurs in a major shear controlled vein structure in hornfels host rock along the southern margin of the Ban Phuc intrusion. The vein is approximately 730 metres in length and is drill identified to 450 metres below surface. It has a northwesterly strike of 280-310o and is steeply dipping predominantly to the northeast. This vein cuts lithological layering in metasediments at a low angle but appears conformable in section. Offshoots and bifurcations are minor and the vein is largely a singular structure with evidence of structural thickening interpreted in places.

A Vietnamese exploration team discovered and initially explored Ban Phuc in 1959-63. Surface and underground investigations entailed 12.5 km of diamond drilling, 3.1 km of adits and crosscuts, 1.0 km of exploration shafts, trenching and over 8,000 assays for nickel and over 4,000 for copper.

Other Exploration Targets:

A number of anomalous mineralized targets occur over the Company's 150 sq.km concession. Surface sampling, geochemical, geophysical, and limited drilling has been undertaken over some of these areas over the last 10 years.

The significant target areas and material results are:

· Ban Trang (located 2.5 km from Ban Phuc): 17 trenches and 5 drill holes have tested this 600 m long target zone. Historical drilling (LK4) intersected 8.0 m grading 0.5% Ni and 1.0% Cu, and LK2 reported 1.0 m grading 2.7% Ni.

· Ban Trang South: Airborne and ground geophysical surveys have been undertaken and identified anomalous trends. Surface grab sampling has reported grades averaging 1.6% Ni, 0.5% Cu, 1.6 g/t Pt, and 0.4 g/t Pd.

· Ban Khoa (located 1.5 km from Ban Phuc): Some trenching, surface sampling, and one historical hole (LK2) intersected 10.0 m grading 1.2% Ni.

· Ban Tao (located on eastern flank of Ban Phuc): Grab sampling of surface mineralized material has returned average grades of 1.1% Ni, 1.2% Cu, 2.0 g/t PGE.

· King Snake (located 1.0 km from Ban Phuc): Some drilling completed over this trend warrants follow-up work. Sampling of the massive sulphide outcrop returned grades of 4.0% Ni, 1.5% Cu, 0.12% Co, 1.7 g/t Pt, and 2.0 g/t Pd.

· Hong Ngai, Ban Nguon and Ban Bo: Airborne and ground geophysics have identified strong anomalous trends. A grid programme of soil samples have been systematically collected and are currently being assayed results pending.

· Ban Mong: Historical work has identified massive and disseminated mineralization in an excavated adit. Channel sampling has returned grades over a 5.0 m interval of 0.8% Ni and 1.0 m grading 6.6% Ni.

MANAGEMENT

Asian Mineral Resources Limited has a well managed team comprised of individuals who bring business and operational experience.

Management is:

David Woodhouse, B.Sc., MBA
President and CEO

Ray Burring, B.Sc., MIMMM, C. Eng
Project Manager

Steven Dudka, B.Sc., P.Geo
Geology/Exploration Manager

Dinh Huu Minh, Ph.D
Deputy Director, Vietnam

Tran Ngoc Anh, B.Comm, G.A.C.
Administrative Manager, Vietnam



Board of Directors are:

Jim Askew: non-exec Chairman
Mining engineer, international financing and developments

David Woodhouse: Chief Executive Officer
Mining geology and operation, resource banking background


Ian MacGregor: non-exec Director ( Secretary )
Corporate/Commerical Lawyer - corporate governance

Rob Thomson: non-exec Director
Mining engineer, project development and operations

Chris Castle: non-exec Director
Corporate finance, funds management

NEWS UPDATE

On October 24, 2006, Asian Mineral Resources Ltd. provided Ban Phuc nickel project progress update. Work to date includes various geotechnical and soil sampling test drilling, initial architectural and structural designs, preparation site surveys, formulation of tendering documentation, and advancing negotiations with offtake smelter groups and financiers.

On July 18, 2006, Asian Mineral Resources Ltd. has acquired an additional 20% project ownership in the Ban Phuc nickel project, Vietnam, for $2.5million (U.S.). The 20% interest acquisition from founding joint venture partner, Mineral Development Co., was made in accordance with the terms of the July 12, 2005, definitive purchase agreement, thereby increasing ASN's interest to 90%. The remaining 10% project ownership will continue to be held by the provincial-based joint venture partner, Mechanical Engineering Co. of son La province, Vietnam.

On July 10, 2006, Asian Mineral Resources Ltd. announced the closure of convertible note facility. Asian Mineral Resources Ltd. has issued $2.5 million of Series B notes to AGD Mining Ltd. pursuant to a final drawdown under its $5 million convertible note subscription agreement dated July 12, 2005. The proceeds will be used for working capital and the financing of ASN's purchase of an additional 20% project ownership in the Ban Phuc nickel project, Vietnam.

On June 07, 2006, Asian Mineral Resources Ltd.'s 70 per cent owned joint venture company, Ban Phuc Nickel Mines Ltd. (BPNM) reported to purchase a second-hand crushing circuit for its Ban Phuc nickel project in Vietnam. The equipment being acquired is located in northern Vietnam and with minimum refurbishment will meet the technical requirements of the company's feasibility study for treating the project's massive sulphide material.

The purchase will reduce total project capital by an estimated $450,000(U.S.) from $33.6 million(US) to $33.15 million(US) ( inclusive of contingency ). BPNM has identified further potential capital cost savings of up to $3.15 million(US) through the localizing of equipment suppliers and fabrication activities within Vietnam and engineering and planning work is undertaken by the company's staff and consultants.

On May 12, 2006 Asian Minerals Resources Limited announced that it has issued 706,875 shares on April 19, 2006 on the exercise of previously granted options under its Stock Option Plan. After the issuance of these shares, the Company has a total of 49,681,381 shares outstanding.

On May 04, 2006 Asian Mineral Resources Limited announced that its 70% owned joint venture company, Ban Phuc Nickel Mines Limited ("BPNM"), has received approval from the Vietnamese Mineral Resource Evaluation Council ("Council") under the Ministry of Natural Resources and Environment ("MNRE") establishing the Company's resource estimation parameters for its Ban Phuc Nickel Project in Vietnam. The approval is the first in a series of sequential steps which will culminate with the granting of a mining license to BPNM.

On May 01, 2006 Asian Mineral Resources Limited announced that it has filed its audited financial statements for the year ended December 31, 2005 along with Management's Discussion and Analysis for the same period.

On April 17, 2006 Asian Mineral Resources Limited announced that it has issued CA$42,059.90 Series C Notes in full satisfaction of the interest owing for the quarter ended March 31, 2006 under its previously announced CA$5,000,000 convertible note facility with AGD Mining Ltd.. The Notes issued and any common shares issued on their conversion are subject to a four-month hold period, which expire on August 18, 2006.

On March 10, 2006 Asian Mineral Resources Limited announced that the appointment of Grove Communications Inc. as Investor Relations consultant to the company in the areas of corporate communications, investor relations and market awareness.

On November 21, 2005 Asian Mineral Resources Limited announced that it has closed its previously announced $2.4 million private placement financing. AMR issued a total of 6,000,000 units of AMR("Units") at a price of $0.40 per unit for gross proceeds of $2,400,000. The proceeds of the placement will be used to complete the definitive feasibility study on the Company's Ban Phuc Nickel Project in northern Vietnam, exploration expenditures and for general working capital purposes.

On November 14, 2005 Asian Mineral Resources Limited announced the completion of the Feasibility Study on the Ban Phuc Nickel sulfide project in Vietnam by Ausenco Limited and a team of consultants and contractors. The positive results of the Feasibility Study support the development of a 200,000 tonne per year underground mining operation and conventional sulfide flotation plant to produce a nickel and copper bulk concentrate.

On October 28, 2005 Asian Mineral Resources Limited announced that it has issued CA$721,000 Series A Notes pursuant to a draw down its previously announced CA$5,000,000 Convertible Note facility with Cambrian Mining PLC. The proceeds of the drawdown will be used for working capital purpose.

On October 18, 2005 Asian Mineral Resources Limited announced a non-brokered private placement offering of up to 6,000,000 units of AMR at a price of $0.40 per unit for gross proceeds of up to $2,400,000.

On July 13, 2005, Asian Mineral Resources Limited announced that it has drawn down under its previously announced CDN$5 million Convertible Note facility with Cambrian Mining PLC CDN$1,250,000 Series A Notes to be used for working capital purposes and CDN$362,850 of Series B Notes to be used to make the initial 10% escrow installment of the purchase price of an additional 20% interest in the Ban Phuc nickel sulphide project.

On July 13, 2005, Asian Mineral Resources Limited announced that it has entered into a Subscription Agreement with AIM listed Cambrian Mining PLC under which, subject to final TSX-V approval, AMR will issue approximately CDN$5 million of Senior Unsecured Convertible Notes in tranches, with an interest rate of 7.5% and convertible into AMR common share at $0.50 per share until their July 12, 2006 maturity date. The conversion price represents a 60% premium to the current AMR market price.

Asian Mineral has also entered into a definitive Purchase Agreement with Mineral Development Company ("Mideco") to acquire their 20% interest in the Ban Phuc Nickel Project for US$2.5 million thereby increasing AMR's interest to 90%. The remaining 10% will continue to be held by the other joint venture partner, Mechanical Engineering Company of Son La Province, Vietnam.

On July 05, 2005, Asian Mineral Resources Limited noted the recent announcement by fellow Vietnam based and TSX listed mining company Tiberon Minerals Limited of their being granted a mining licence to develop and mine their Nui Phao tungsten/fluorspar project. The licence grant is very encouraging for AMR as it moves into the final stages of its feasibility study on the Ban Phuc nickel sulphide project in Vietnam.

On June 06, 2005, Asian Mineral Resources Limited announced that the historical underground workings at the Company's flagship Ban Phuc Project in Vietnam have been successfully refurbished by its mining contractor. Under the supervision of Paramina Earth Technologies Inc., a leading underground mining contractor based in the Philippines, safe timbered access to the old workings has been completed. This provides AMR with the unique opportunity to collect geological data and sample the mineralization to augment its continuing final feasibility work on the Ban Phuc nickel sulphide project in Vietnam.

On April 19, 2005, Asian Mineral Resources Limited announced that its team of independent consultants have completed a Preliminary Assessment in relation to its 70% owned Ban Phuc nickel sulphide project in Vietnam. The Preliminary Assessment relies on information compiled by independent engineering firm Ausenco Limited and a contributing team of specialist consultants and contractors.

Preliminary Assessment - Base Case… .

" Stage-1" Underground mining operation

-200,000tpa processing rate
- Total Milled Production 1.01 mt at 2.5% Ni, 1.1% Cu
-Traditional bulk concentrate flotation plant
-4,000tpa Ni and 2,000tpa Cu in concentrate p.a.
-1 year construction for 5.25 year mine life
-Start-up capital US$33.6m ( incl.10% contingency )
-Metallurgy = 85.6%Ni recovery ( 9.5% Con.)
-Average operating cash cost (Ni) US$2.00 per lb. ( with Cu credits )

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