Asiamet Resources Limited Preliminary Economic Assessment Underway On Bkm Copper Deposit
January 06 2016 - 1:00AM
UK Regulatory
TIDMARS
Asiamet Resources Limited ("ARS" or the "Company") is pleased to advise
that a Preliminary Economic Assessment (PEA) on the Beruang Kanan Main
("BKM") deposit within the Company's 100% owned KSK Contract of Work in
Kalimantan, Indonesia, is well underway and advancing to plan. The
independent PEA is being overseen by Orelogy, an Australian mine
planning consultancy company, and is expected to be delivered at the end
of the first quarter this year.
The PEA is evaluating the economics of developing an open pit mine and
heap leach SX-EW processing facility that takes advantage of the near
surface copper resources delineated in the 2015 BKM Resource estimate
(ARS NR October 21, 2015).
Deliverables of the PEA include:
-- A conceptual mining study including an independent scoping level
engineering analysis
-- An estimation of the capital investment required to develop and sustain
the operations
-- Provision of a conceptual operating plan and associated operating costs
for the project
-- An analysis of the potential economic value of the project based on the
capital and operating cost estimates
-- Provision of a conceptual development plan and timeline for the project
-- A basic risk assessment to determine any fatal flaws and areas of
sensitivity requiring particular attention in future studies
-- Definition of the scopes of work required for any bankable feasibility
study to be undertaken on the project
This initial phase of project design, engineering and economic/financial
evaluation of the BKM project represents the most important milestone in
the life of the company to date and a group of highly experienced
consultants have been assembled to undertake the various components of
the PEA including:
-- Hackman and Associates - Resources
-- Orelogy - mining engineering, mine capital and operating cost estimates,
economic analysis
-- Miller Metallurgical Services - metallurgy, processing methods, process
design
-- DRA Pacific - project infrastructure, site development related capital
and operating costs, roads, power, water, mine and process plant
infrastructure, accommodation, site utilities and services
-- Resindo - transport and logistics
All consultants have commenced work and the momentum of activities is
accelerating following the Christmas-New Year period.
The critical phase II metallurgical test work is being carried out by
Core Group, a leading metallurgical development group with extensive
copper leaching experience based in Brisbane, Australia. Graeme Miller
of Miller Metallurgical Services is supervising the test work program
which is evaluating the potential for economic treatment of the BKM
mineralization utilizing heap leaching and SX-EW processing technology
to produce copper cathode on-site.
The PEA is expected to be completed by the end of the first quarter in
2016 with the full NI43-101 compliant technical report issued shortly
thereafter. A strong interim news flow is anticipated as the level of
study activity intensifies early in the New Year. Asiamet intends to
provide regular updates on the progress of various studies and
components of the PEA as they become available.
Asiamet Resources CEO Tony Manini commented
"Asiamet has assembled a very experienced group of consultants to cover
the key areas of study required for the BKM PEA. All have previous
exposure to Indonesian operating conditions and the availability of
local content, services and labour. We are now well underway on some of
the longer lead items of the studies and the momentum of activities is
accelerating. The PEA is one of the most important milestones in
Asiamet's history to date and we look forward to providing regular news
flow as the various studies are progressed during the first quarter of
2016."
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:
-Ends-
Tony Manini
Deputy Chairman and CEO, Asiamet Resources Limited
Telephone: +61386441300
Email: tony.manini@asiametresources.com
FlowComms Limited
Sasha Sethi/ Mehrdad Yousefi
Telephone: +44 (0) 7704 974784
Email: Sasha@flowcomms.com / Mehrdad@flowcomms.com
Asiamet Resources Nominated Adviser
RFC Ambrian Limited
Andrew Thomson / Oliver Morse
Telephone: +61 8 9480 2500
Email: Andrew.Thomson@rfcambrian.com / Oliver.Morse@rfcambrian.com
VSA Capital Limited
Andrew Raca / Justin McKeegan
Telephone: +44 20 3005 5004 / +44 20 3005 5009
Email: araca@vsacapital.com
Optiva Securities Limited
Christian Dennis
Telephone: +44 20 3137 1903
Email: Christian.Dennis@optivasecurities.com
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.
This announcement is distributed by NASDAQ OMX Corporate Solutions on
behalf of NASDAQ OMX Corporate Solutions clients.
The issuer of this announcement warrants that they are solely
responsible for the content, accuracy and originality of the information
contained therein.
Source: Asiamet Resources Limited via Globenewswire
HUG#1976895
http://www.asiametresources.com
(END) Dow Jones Newswires
January 06, 2016 02:00 ET (07:00 GMT)
Copyright (c) 2016 Dow Jones & Company, Inc.
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