VANCOUVER, BC / ACCESSWIRE / May 25, 2016 / Asiamet Resources Limited ("ARS" or the "Company") is pleased to announce that it has commenced a Resource definition drilling program at the Beruang Kanan Main ("BKM") copper deposit in Central Kalimantan, Indonesia as part of the BKM Feasibility Studies. The Company plans to drill approximately 110 diamond drill holes totaling 9,000 meters to significantly enhance Resource confidence and upgrade a majority of the current Inferred Resource of 49.7 million tonnes grading 0.6% Cu containing 657 million pounds of copper at 0.2% reporting cut, to the Measured and Indicated Resource categories. Indicated Resources at BKM currently contain 231 MIbs in 15.0 M tonnes grading 0.7% Cu at a 0.2% reporting cut. Only Measured and Indicated Resources can be considered for conversion to Mineable Ore Reserves in the Feasibility Study. Results will be reported progressively as they become available and an updated Resource estimate is expected before the end of Q3, 2016.
Additional work programs also being initiated as part of the Feasibility Studies include:
- geotechnical drilling to define pit-slope stability and aid open pit mine design
- large diameter (PQ) drilling to collect samples from across and through the deposit for detailed metallurgical test work and mine waste characterization studies.
- detailed metallurgical studies comprising short and long column leach tests on a suite of representative mineralized composites to determine optimum copper recoveries, assess deposit variability and provide inputs into the mine and process plant design;
- environmental and water resources studies and permitting applications
Asiamet also advises that following on from a recently completed private placement of GBP 1.5m (approximately CAD 2.7m), the Company's financial position has been further strengthened by the receipt of tax refunds totaling approximately USD 1.0m from the Indonesian Government tax department. The refunds relate to tax payments (VAT) made by the Company for various goods and services in the years 2006, 2007, 2013 and 2014. Payments were received on April 26 and May 19, 2016, respectively.
The Company is now in a sound financial position to significantly advance feasibility studies on the BKM copper project, complete drilling aimed at further expanding Resources in the BKM project area and subject to receipt of the necessary permits, drill test high grade polymetallic mineralization at the Baroi prospect. A number of corporate initiatives aimed at further strengthening the company's project delivery capability and financial position are being advanced simultaneously with the project work programs.
Asiamet Resources CEO Tony Manini commented:
"Following completion of a highly positive preliminary economic assessment ("PEA") for the BKM project and recent initiatives that strengthen our financial position, Asiamet has initiated feasibility studies for the development of a heap leach SX-EW copper mine at the BKM project. Feasibility studies will cover a broad range of technical, commercial, financial, social and environmental inputs in detail and represent a major and critically important phase of de-risking for the project, the outcomes of which will be used by a wide range of stakeholders, including potential financiers, to assess the project's viability. As the feasibility work programs on BKM are being progressed by the study team, exploration drilling aimed at expanding the Resource base and testing some additional high grade copper and polymetallic targets will progress with high expectations for success. Simultaneously important corporate initiatives to further strengthen the Company's financial position and enhance shareholder value are being vigorously pursued. We look forward to providing all our stakeholders with regular updates and a strong news flow during this exciting next stage of the Company's development."
Qualified Person
Data disclosed in this press release have been reviewed and verified by ARS's qualified person, Stephen Hughes, P. Geo, Vice President Exploration of the Company and a Qualified Person within the meaning of NI 43-101 and for the purposes of the AIM Rules.
ON BEHALF OF THE BOARD OF DIRECTORS
Tony Manini, Deputy Chairman and CEO
For further information please contact:
Tony Manini
Deputy Chairman and CEO, Asiamet Resources Limited
Telephone: +61 3 8644 1300
Email: [email protected]
FlowComms Limited
Sasha Sethi
Telephone: +44 (0) 7891 677 441
Email: [email protected] / [email protected]
Asiamet Resources Nominated Adviser
RFC Ambrian Limited
Andrew Thomson / Oliver Morse
Telephone: +61 8 9480 2500
Email: [email protected] / [email protected]
VSA Capital Limited
Andrew Raca / Justin McKeegan
Telephone: +44 20 3005 5004 / +44 20 3005 5009
Email: [email protected]
Optiva Securities Limited
Christian Dennis
Telephone: +44 20 3137 1903
Email: [email protected]
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.
This news release contains forward-looking statements that are based on the Company's current expectations and estimates. Forward-looking statements are frequently characterized by words such as "plan", "expect", "project", "intend", "believe", "anticipate", "estimate", "suggest", "indicate" and other similar words or statements that certain events or conditions "may" or "will" occur. Such forward-looking statements involve known and unknown risks, uncertainties and other factors that could cause actual events or results to differ materially from estimated or anticipated events or results implied or expressed in such forward-looking statements. Such factors include, among others: the actual results of current exploration activities; conclusions of economic evaluations; changes in project parameters as plans continue to be refined; possible variations in ore grade or recovery rates; accidents, labour disputes and other risks of the mining industry; delays in obtaining governmental approvals or financing; and fluctuations in metal prices. There may be other factors that cause actions, events or results not to be as anticipated, estimated or intended. Any forward-looking statement speaks only as of the date on which it is made and, except as may be required by applicable securities laws, the Company disclaims any intent or obligation to update any forward-looking statement, whether as a result of new information, future events or results or otherwise. Forward-looking statements are not guarantees of future performance and accordingly undue reliance should not be put on such statements due to the inherent uncertainty therein.
SOURCE: Asiamet Resources Limited