AMI Resources Provides Shareholder Update and Financing


AMI Resources Inc. (AMU.V) today provide the following update.

Ghana Anuoro License: The license has been renewed. The Anuoro license contains a 14 kilometre long mineralized trend coincident with a narrow tonalitic intrusive that traces the contact between the Birimian volcaniclastic rocks and Tarkwaian quartzite. This Anuoro/Wabri trend is interpreted as the southern extension of the Santreso deposit within the Konongo mining license on the northern border of the Anuoro license.

The Anuoro/Wabri trend is proven to be mineralized with the Anuoro North Zone containing a NI 43-101 compliant at surface resource of 98,000 ounces of gold. The host mineralization is similar to the Chirano deposit (1.7 million oz) of Kinross on the Sefwi Belt in Ghana. This northern zone has not been drilled at depth. The Anuoro South Zone had returned elevated but erratic gold values from an earlier RC drill program and a review of the magnetics data suggests that the Anuoro/Wabri mineralized trend may lie further to the west of the Anuoro South drill grid. Some significant intercepts from AMI historical drilling in this zone are: Hole 06ANRC003 14m of 2.35 g/t gold; Hole 06ANRC072 20m of 1.06 g/t gold and Hole 06ANRC073 34m of 1.23 g/t gold.

Illegal mining activities on the southern portion of the Anuoro license suggests several more target areas that have yet to be tested. A proposed work program is being finalized to further test these targets.

Ghana Beposo License: AMI Africa Exploration Ltd. has launched a suit against the government of Ghana seeking compensation for the establishment of non-economic zone around Lake Botsumtwi, which puts our Beposo resource in jeopardy. A decision on this suit is expected in 2013.

Niger: Under an Option Agreement, Middle Island Resources Limited, an Australian public company, has been granted the right to earn an initial 70% interest in all the Company's assets in Niger by spending US$2,000,000 in work expenditures and property payments during a three-year period.

The Company's Niger project consists of the option agreement with Golden Star Resources Ltd. to earn a 51% interest in the Deba & Tialkam licenses, along with it's 100% owned Boksay license. These properties cover approximately 1159 sq km within the Sirba greenstone belt, which hosts Semafo's Samira Hill mine.

Middle Island has just completed a 6,640 meter auger drill program over several targets on the Deba permit, with results still pending. An induced polarization ( IP ) ground geophysical survey is currently underway over the high priority Tialkam South prospect prior to the commencement of anticipated 5,000 meter RC drill program.

The Company has agreed to a non-brokered private placement of up to 6,000,000 Units at the price of $0.05 per Unit. Each unit will consist of one common share and one half share purchase warrant, with each warrant entitling the holder thereof to acquire one common share at an exercise price of $0.10 for a period of one year from the date of closing.

The views and opinions expressed herein are the views and opinions of the author and do not necessarily reflect those of The NASDAQ OMX Group, Inc.

Copyright (C) 2014 All rights reserved. Unauthorized reproduction is strictly prohibited.

This article appears in: Investing , Commodities

Referenced Stocks: IP

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