Asia Pacific Mining Limited (“APML” or “the Company”) is an exploration and mining-focused company accessing the geological wealth and potential of Myanmar.
For the past year, the Company has continued to progress its goal of securing projects that have world-class potential. We believe that we will be the first Western-based company to secure an exploration permit in Myanmar since the late 1990s.
AP-4 Exploration Permit
We are pleased to announce that our application for an exploration permit in Shan State was approved, in principal, by the Ministry of Mines in late 2012. The AP-4 exploration permit is subject to customary Ministry of Mines conditions such as receiving documentation from the provincial, district, and township levels in the Shan State.
We are excited about this development since the AP-4 exploration permit covers approximately 80,000 hectares of land surrounding the historic and legendary Bawdwin mine. It is a widely held view that the Bawdwin mine has the potential to become one of the world’s largest and highest-grade silver-lead-zinc deposits once it is properly delineated using modern exploration techniques.
The land covered by our application has identified numerous mineral showings and is highly prospective for extensions of the Bawdwin mineralization, as well as for other volcanogenic massive sulfide deposits. An initial internal geological study from our extensive database suggests the potential for the AP-4 exploration permit to host a VMS camp.
The documentation required for the AP-4 exploration permit is routine in nature. It relates to the current use of land and whether any development projects have been approved in our area of interest. Our application covers ground managed by three townships – we have received completed documentation from one township and we are in the process of securing the required documentation from the other two.
Once the township documentation is complete, the Chief Minister of the Shan State will be in a position to respond to the Minister of Mines who will then submit our application to the Myanmar Investment Commission – a final approval step required for foreign companies working in Myanmar. We continue to work diligently with all levels of government as we move through this process.
We are also continuing to investigate other exploration and mining projects in Myanmar. On January 31st, an APML delegation made a four-day due diligence visit to an operating tin/tungsten mine with a view of coming to an agreement with the underlying owner.
This is a mine that historically was the world’s biggest tin/tungsten producer. Although the project had significant upside exploration potential to a world-class scale, the security situation in the area dictated that this was not an opportunity we could contemplate at the current time.
We are in the process of planning logistics for a field visit to investigate copper/gold opportunities in the Sagaing district of Myanmar in early April. This field visit is being planned as part of an extensive review of our comprehensive database and we are hopeful that it will form the basis for our next exploration permit application.
Cash Balances and Expenditures
During calendar year 2012, the Company was able to raise $USD 3.96 million net of financing costs. At the end of January 2013, the Company had $USD 3.63 million in cash balances. We will continue to be diligent with the money our shareholders have entrusted us with.
On behalf of APML’s management and directors, we wish to thank our shareholders for their support and enthusiasm during this exciting period. The Company is in the process of realizing its vision of becoming the premier exploration and mining company in Myanmar.
Chief Executive Officer
+65 9834 6808