LONDON (ShareCast) - Amur Minerals, the exploration and development company focused on Far East Russia, has received formal notification that the Federal Agency on Subsoil Use (Rosnedra) has completed calculation of the one-time payment to convert a portion of its exploration licence to a mining licence on its Kun-Manie nickel copper sulphide project.

At the request of the Ministry of Natural Resources (MNR), Amur Minerals said it had been formally notified by Rosnedra that the one-time payment to convert a selected portion of the exploration licence containing the Kun-Manie nickel copper JORC resources and reserves to a mining licence had been determined.

The group said that the estimated conversion price for a mining licence for subsoil use would be 24.6m Rubles (approximately $818,000).

Robin Young, Chief Executive Officer of Amur Minerals, commented: "This milestone takes us a step closer to a final decision of the award of the mining licence.

"In the meantime, we continue to prepare for the next drill season and work toward completion of the resource update based on the 2012 drill results. This also ensures that additional studies and engineering work related to the project can be prudently undertaken."

Amur Minerals’ share price was up 8.33% to 9.75p at 08:43 on Friday.

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