Amur Minerals Corp (LON:AMC) (5.5p/ £11.59m)*

On 1 September the Company announced it had received a 2 year extension to its Kun-Manie exploration licence to explore for nickel and copper. This has been a very quick process – barely 3 months since it was applied for and is testament to both the Company’s ability to navigate through the Russian mining regulations and procedures, and the contacts that management enjoys inside the Russian Mining Ministry.

This all bodes well for the Company’s outstanding application for the mining licence to accompany its certificate of discovery of the nickel sulphide deposit within the Kun-Manie property. The granting of a right to mine the deposit will focus the industry’s attention on the huge potential within Amur’s licenced areas.

The total approved reserve currently stands at 31.7 million tonnes of ore and averages 0.64 per cent nickel and 0.18 per cent copper.  An independently compiled pre-feasibility study of Kun-Manie carried out in 2007 incorporating a $7.50/lb nickel price, indicates a Post Tax NPV (10 per cent) of $84 million.

Peer group analysis suggests that Amur Minerals could attract a valuation similar to nickel sulphide exploration companies such as Starfield Resources or Victory Nickel of around £23.7m to £25.7m. The Pre-Feasibility Study gave the project a NPV of $84m which equates to 23.5p per share (note that this does not take account of the material rise in the nickle price as highlighted in our previous Small Cap Wrap comment). Thus 23.5p should be a very conservative target price when the Mining Licence is granted. At these levels, we recommend picking up stock.

Anglesey Mining (LON:AYM) (31.25p/£47.86m)

Anglesey’s 41 percent owned associate company and Toronto Stock Exchange listed Labrador Iron Mines Holdings is now on a fast track of constructing its iron ore project after agreement was reached with the Quebec Innu who had been blocking access to mining properties.  This follows the recent award of a mining certificate approving the construction of the Company’s mining facilities. With the positive news flowing through, Anglesey offers plentiful prospects. Dig in to this one.

Ant (LON:ANTP) (24p/ £5.83m)

ANT, the software company that allows TV operators to manage their content and provides customers with the ability to self-select services on demand, announced its interim results for the 6 months to 30 June 2010. Financial performance was better than for the prior year, with…

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