TORONTO, ONTARIO--(Marketwire - Feb. 14, 2013) - Asia Now Resources Corporation (TSX VENTURE:NOW) ("ANR") is pleased to provide an update on its Beiya Project located in the Yunnan Province of China (the "Beiya Project"). Following certain changes in management in mid 2012, the board and management considered it appropriate to undertake a strategic evaluation of the Beiya Project prior to undertaking significant additional exploration or drilling programs.
ANR retained Resource and Mining Development (International) Pte. Ltd. ("RMD"), an independent contractor, to assist it with its strategic review. RMD examined certain aspects of the Beiya Project, including ground conditions, and made certain preliminary observations with respect to budgeting and future work, such as the preparation of a definitive life of mine plan.
Based on site visits and a review of both the data and site conditions, RMD observed, among other things, that ground conditions and rock mass quality are very poor, the rocks have a high fracture density and that the rock quality designation is low. RMD noted that future underground mining activities may require large capital expenditures due to a high degree of ground support that may be required. Furthermore, an open pit mine could require a large pre-strip ratio. Due to these factors, RMD referenced that the expenditures required for the development of either an underground or open pit mine on the Beiya Project prior to production may be higher than other deposits comparable in size to the Beiya Project. Based on these observations, RMD concluded that any decision for a mining option would require further detailed work to clarify the project viability; methods of underground mining would require review in detail; and any further work would require significantly more drilling to obtain sufficient detailed information in order to make a decision on methodology and viability.
ANR's board and management will continue to evaluate the options for the Beiya Project based on the RMD's observations and other considerations.
About Asia Now Resources:
Asia Now Resources Corp. ("ANR") is a mineral exploration company active in China since 2002. The Company has established offices, joint ventures and a significant network with Chinese partners. Current projects include lead, copper, gold and silver at two major projects, Beiya and Habo, both in China. ANR currently holds an indirect 72% interest in the Beiya Project with the option of increasing such indirect interest to 90%. The Beiya Project consists of two joint venture companies. The first, known as Beiya North, is part of a joint venture with Yunnan Non-Ferrous Geology and Mineral Resources Company Limited. ANR is also earning a 70% indirect interest (with the possibility increasing such indirect interest to 88%) in a second joint venture with Yunnan Geology and Mineral Resources Company Limited. The Beiya Project is 60 km by highway north of the city of Dali, which is a 35 minute flight from Kunming, the capital city of Yunnan Province. There are several daily flights, a railway and a paved highway between the two cities. The Beiya Project is one of two key projects that ANR is exploring in China. For more information, please visit www.asianow.ca.
This news release contains certain forward-looking statements. We have tried, whenever possible, to identify these forward-looking statements using words such as "anticipates", "believes", "estimates", "expects", "plans", "intends", "potential", "may" and other similar expressions. These statements reflect our current belief and are based upon currently available information. Accordingly, such forward-looking statements involve known and unknown risks, uncertainties and other factors which could cause ANR's actual results, performance or achievements to differ materially from those expressed in or implied by such statements. We undertake no obligation to update or advise in the event of any change, addition or alteration to the information contained in this news release including such forward-looking statements, unless otherwise required under applicable law.
Neither the TSX Venture Exchange nor its Regulation Services Provider (as that term is defined in the policies of the TSX Venture Exchange) accepts responsibility for the adequacy or accuracy of this release.
Asia Now Resources Corp.
Harold Roy Shipes
President & Chief Executive Officer
1 (520) 490-8100