The latest financial statements from Asian Minerals Resources" Ban Phuc project in Vietnam confirm the nickel, copper and cobalt project"s potential.

The financial statements and MD&A include revised capital and operating cost estimates and a revised economic analysis based on these estimates. The revised total estimated capital cost of the project is now US$62.1 million including a US$5.1 million contingency cost.

Average processing costs have been estimated at US$15.99 per tonne and total life of mine underground mining operating costs have been estimated at US$51.8 million, of which US$10.3 plus a US$1 million contingency has been included in the revised capital cost estimate.

The revised base case financial model, based on assumptions including metal prices of nickel US$30,000 per tonne, copper US$4400 per tonne and cobalt US$16.15 per tonne, results in after tax and minority interest Net Present Value (at 10%) of US$172 million and an internal rate of return of 130%.

The application of sensitivity analyses shows that the project is robust enough to sustain a positive return at a nickel and copper price combination of US$12,100 per tonne and US$1100 per tonne respectively. Under the metal prices assumed in the base case financial model, the payback from start of production is nine months.