Asiamet Resources Limited Drilling/Production Report
October 12 2016 - 1:00AM
UK Regulatory
TIDMARS
BKM Feasibility Study Advancing to Plan - Mining and Geotechnical Studies
Underway
TSX Venture Exchange and AIM Symbol: ARS
VANCOUVER, Oct. 12, 2016 /CNW/ - Asiamet Resources Limited ("ARS" or the
"Company") is pleased to advise that excellent progress is being made on the
Beruang Kanan Main ("BKM") feasibility study.
As the detailed Resource evaluation drilling and metallurgical test work
programs are now well advanced (45 holes/4500 metres of planned, 73 holes/6500
metres completed), the Company is ramping up the mine engineering and related
infrastructure components of the feasibility study. Australian Mine Design and
Development Pty Ltd ("AMDAD") and PT Ground Risk Management ("GRM") have
recently been engaged to undertake the mining engineering and geotechnical
components of the feasibility study, respectively.
AMDAD has over the past 27 years completed the engineering evaluation, planning
and development for many highly successful open pit mine developments in
South-east Asia similar to BKM. John Wyche, the principal leading the BKM
engagement has over 30 years of evaluation, development and operation
experience in open-cut and underground mining across more than 90 projects in
Australia, the South Pacific, South East Asia, China, North America, Mexico and
West Africa.
AMDAD's scope of work includes open pit optimization, production rate
assessments and development scenario analysis. These activities will support
the strategic project development decisions being made by the Company in the
coming months. More detailed feasibility study work will build upon these
studies as results from the current exploration program and metallurgical
test-work become available. With improved Resource knowledge, AMDAD will
execute the required work to produce feasibility level pit designs, waste rock
management and dump designs, mining equipment sizing and selection, mine
scheduling, and the estimation of capital and operating costs for the mine.
The geotechnical program will be led by GRM, a highly experienced consultancy
that has completed over 100 geotechnical assignments across the Indonesian
archipelago in the past eight years, more than 50 of which have been based in
Kalimantan where the BKM copper deposit is located. Simon Ballantyne, the GRM
principal leading the BKM program, is a recognized industry leader in the
geotechnical field.
GRM will implement a program of data collation, detailed mapping, geotechnical
logging and laboratory testing to develop a robust geotechnical database for
open pit mine engineering including assessments and recommendations on waste
dumps. They will also provide geotechnical input into the infrastructure
location studies being conducted. With the assistance of site surveys, this key
input will allow the project team to establish an optimal site layout for the
process plant and related infrastructure. GRM are also assisting with the
hydrogeological components of the feasibility study, working with company
personnel and other project consultants to establish an appropriate groundwater
evaluation and management program.
PT Lorax, engaged for the Environmental, Geoscience and Hydrology aspects of
the feasibility study (as per ARS Press Release on 7 July 2016), has recently
completed field activities for the dry season flora and fauna survey and the
dry season aquatic ecology study. The rock geochemical characterization
program, also being led by PT Lorax, has continued with static tests for acid
rock drainage ("ARD") and metal leaching ("ML") evaluations progressing as
planned. Results from 77 samples collected during August will underpin the data
analysis for this key aspect of the feasibility study.
Tony Manini, Asiamet's Chief Executive Officer commented:
"The BKM feasibility study represents the most important pre-development
de-risking phase for the project, the outcomes of which will be used by a wide
range of stakeholders, including investors, financiers, government regulators
and local communities, to assess the project's technical, financial,
environmental and social viability. In order to ensure we meet or exceed the
expectations of our key stakeholder groups it is critically important that all
parts of the feasibility studies are completed to high industry standards.
Securing the services of such highly experienced consultants for these key
areas further strengthens the first-class team we have already assembled to
deliver the BKM feasibility study and we look forward to reporting results of
the various programs as they become available"
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
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.
Tony Manini, Deputy Chairman and CEO, Asiamet Resources Limited, Telephone: +61
3 8644 1300, Email: tony.manini@asiametresources.com; FlowComms Limited, Sasha
Sethi, Telephone: +44 (0) 7891 677 441, Email: Sasha@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
END
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