Asian Mineral Resources raises cash

The placement issued 400,000 fully paid shares at 50 cents each, bringing the company's total number of shares on issue to 10.3 million.

The funds will be used to meet ongoing corporate expenses and other expenses associated with raising finance and obtaining a listing on a suitable stock exchange.

Asian Mineral Resources has been carrying out exploration in Vietnam for the past 8 years and holds a 70% interest in the 600 square kilometre Ta Khoa exploration concession, where it was recently granted approval to begin a diamond drilling program.

Canadian company Falconbridge Limited has an option to acquire 51% of AMV's holding in Ta Khoa by providing US$5.5 million of exploration funding by May 2003. Falconbridge has already spent over US$1 million on exploration at the site and is funding the current drilling program.

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