Asian Mineral Resources (ASN) has increased its stake in the Ban Phuc Nickel Project in northern Vietnam to 90%.

The company acquired an additional 20% project ownership for US$2.5 million.

The remaining 10% project ownership of the Ban Phuc Nickel Project will continue to be held by the joint venture partner, Mechanical Engineering Company of Son La Province, Vietnam.

The 20% interest acquisition from founding joint venture partner Mineral Development Company, was made in accordance with the terms of the July 12, 2005 definitive Purchase Agreement.

Asian Mineral Resources, an independent international-based exploration and mining company has secured its 90% project ownership by making the required payment of 80% of the purchase price.

The final payment is due on the issuance of mining approvals for the project, which are expected before the end of the year.

The Vietnamese Ministry of Planning and Investment has issued an amended Foreign Investment Licence that recognizes Asian Mineral Resources 90% ownership position.

Asian Mineral Resources president and CEO David Woodhouse says: "I'm delighted with this result as it clearly demonstrates Asian Mineral Resources capability to transact business in Vietnam and increase shareholder value ahead of the project's construction and development."

"Our joint venture partners and all levels of the Vietnamese Government have been enormously supportive of ASN, a positive testament to a burgeoning Vietnam ."