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Our research resources have been aimed towards the US Large Caps and the various prospective companies therein Asian Mineral Resources was among those that we have been closely examining due to their recent news and trading patterns. Sign up at www, streetinvesting.com for more information on the company mentioned herein.
This Monday, 3rd October, 2008, Asian Mineral Resources Limited announced that it adopted a corporate and operating strategy whereby; Most of the activity being undertaken at the Company's Ban Phuc Nickel Project, with the objective of a spring 2009 start-up, will be suspended and expenditures will be reduced to preserve corporate functionality and existence until mid-2009 without additional cash infusion other than a substantial VAT refund.
"While we are disappointed not to be in a position to proceed with Ban Phuc Project development and other activities as originally planned, we are in the fortunate position of having sufficient cash resources to implement the new strategy," commented Mr. Collin Ellison, the President of AMR. "We have been impacted adversely by factors affecting mineral project development worldwide and also by issues specific to Vietnam that require resolution if we are to achieve our original objectives. We and our Vietnamese joint venture partner, Coxama, will be meeting shortly to discuss the implementation of the new strategy as it relates to the Ban Phuc Project."
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