TORONTO, ONTARIO--(Marketwire - July 18, 2012) - Asian Mineral Resources Limited ("AMR" or "Company") (TSX VENTURE:ASN) is pleased to announce that it has today granted stock options to its directors pursuant to the terms of the Company's stock option plan in lieu of cash-based directors' fees for past and future services.
Mr. Jan Castro, Chairman of AMR, stated, "In order to maximize the use of the Company's cash, each director of the Company has elected to forego cash-based compensation for their director fees and instead to receive the equivalent value in stock options. This is consistent with our efforts to quickly advance the Ban Phuc Nickel Project to commercial production".
Options to purchase up to 5,933,132 common shares were granted with a five year term and an exercise price of CDN$0.10 per common share of AMR. The options granted in respect of compensation and in consideration for past services from April 1, 2012 to June 30, 2012 will vest immediately. The options granted in respect of compensation and in consideration for services from July 1, 2012 to June 30, 2013 will vest quarterly in four equal portions on September 30, 2012, December 31, 2012, March 31, 2013 and June 30, 2013, subject to continued appointment as a director.
The Company is eligible to issue up to 10% of its issued and outstanding common shares at the applicable time under its stock option plan and there are 7,313,132 common shares of the Company reserved for issuance.
Asian Mineral Resources Limited is developing the Ban Phuc Nickel Project, located 160 km north-west of Hanoi in the Son La Province, which is 90% owned by its subsidiary Ban Phuc Nickel Mines LLC. The development of the project is in advanced stages, with underground and surface infrastructure near completion and commercial production expected to occur by June 2013. For further details on AMR and the Ban Phuc Nickel Project, please refer to the company website at www.asianminres.com.
This press release includes certain "Forward-Looking Statements." All statements, other than statements of historical fact, included herein, including without limitation, statements regarding completion of the project and the achievement of expected benefits, potential mineralization and reserves, exploration results and future plans and objectives of AMR are forward-looking statements that involve various risks and uncertainties. There can be no assurance that such statements will prove to be accurate and actual results and future events could differ materially from those anticipated in such statements. Important factors that could cause actual results to differ materially from AMR's expectations are disclosed under the heading "Risk Factors" in AMR's Annual Information Form and elsewhere in AMR's documents filed from time-to-time with the TSX Venture Exchange and other regulatory authorities. Forward‐looking statements are qualified entirely by this cautionary statement and are given only as at the date of this press release. AMR disclaims any obligation to update or revise any forward-looking statements, whether as a result of new information, future events or otherwise, except as required by law.
The TSX Venture Exchange has not reviewed and does not accept responsibility for the adequacy or accuracy of this news release.