Asiamet Resources Limited Asiamet Third Quarter Results 2016
November 30 2016 - 1:00AM
UK Regulatory
TIDMARS
The Asiamet Resources Limited (the "Company" or "ARS") Financial
Statements and Management Discussion & Analysis - Quarterly Highlights
("MD&A - QH") for the three and nine months ended September 30, 2016 are
available for viewing on www.sedar.com or www.asiametresources.com.
Throughout the quarter the Company continued advancing a feasibility
study for the development of a 25,000tpa heap leach copper mine at the
Company's 100% owned Beruang Kanan Main ("BKM") deposit. At the BKM
site a comprehensive Resource evaluation diamond core drilling program
commenced at the end of May aiming to upgrade a majority of the current
Inferred Mineral Resource i.e. 49.7million tonnes grading 0.6% Cu
containing 657 million pounds of copper at (0.2% Cu reporting cut), to
the higher confidence Measured and Indicated Mineral Resource
categories. Excellent continuity of copper mineralization has been
established across a significant proportion of the deposit thus far with
high rates of conversion from Inferred Resource to Measured and
Indicated Resources anticipated when a new Resource estimate is
completed. A total of 56 holes for 5600 meters of drilling has been
completed with an additional 62 holes/5400 meters planned. Upon
completion of the Resource evaluation drilling program it is expected
that a considerable part of the Resource will be available for economic
evaluation to determine Mineral Reserves. As only Measured and Indicated
Resources can be considered in the economic evaluation and subsequent
calculation of Mineral Reserves, valuations placed on these higher
confidence level Resources are generally considerably greater than those
for Inferred Resources. This represents a major de-risking and value
enhancing step for the BKM project.
In addition to the Resource drilling, representative bulk samples of the
deposit mineralization were collected using large diameter core drilling
and sent to Core laboratories in Australia for detailed
crushing/agglomeration and column leach test work. This detailed work is
critical to the design and costing of the processing circuit. Positive
results for the crushing component of the study were announced on
November 22(nd) , 2016. Column leach test work is underway.
PT Lorax was engaged for the Environmental, Geoscience and Hydrology
aspects of the feasibility study and PT Ground Risk Management ("GRM")
for the geotechnical studies required for mine design and the location
and engineering of mine related infrastructure. Both groups commenced
work during the quarter. PT Lorax completed field activities for the dry
season flora and fauna survey and the dry season aquatic ecology study.
77 samples were collected as part of the rock geochemical
characterization program, with the initial results of static tests for
acid rock drainage and metal leaching recently reported (ARS News
release November 22(nd) , 2016).
On October 12(th) , 2016, the Company also announced the appointment of
Australian Mine Design and Development Pty Ltd ("AMDAD") for mine
engineering and related infrastructure components of the feasibility
study. AMDAD have extensive experience working in Indonesia together
with local consultants, contractors and service providers.
Indonesian consultants will be engaged for the power, road, transport
and logistics components of the study work.
Other activities undertaken in the three months ended September 30, 2016
have been focused on corporate initiatives aimed at further
strengthening the company's project delivery capability, project
development funding, and on the conversion of the Beutong and Jelai
exploration IUP's (Izin Usaha Pertambangan) to production IUP's.
Conversion of both the Beutong IUP and Jelai IUP is being progressively
advanced through the various steps of the regulatory process within the
Government of Indonesia. Finalization of the Beutong IUP Production is
now subject only to the final internal processes of the Government.
Conversion of the Jelai IUP continues to be steadily progressed through
the various stages. Approval of the IUP Production secures long term
mining title valid for 20 years, extendable for two subsequent periods
each of 10 years duration.
Asiamet began fiscal 2016 with $778,634 cash. During the nine months
ended September 30, 2016, the Company spent $2,106,177 on operating
activities net of working capital changes, $21,565 on the purchase of
equipment and completed an equity placement of common shares for net
proceeds of $2,050,462 to end at September 30, 2016, with $701,354 cash.
Exploration and evaluation expenditures on Asiamet projects for the nine
months ended September 30, 2016 were $1,321,801, which amount is net of
a VAT recovery of $993,641. The Company began treating VAT as a current
asset beginning with fiscal year 2016. Total expenses, net of
exploration and evaluation expenditures totaled $658,638 in the nine
months ended September 30, 2016. By comparison, exploration and
evaluation expenditures for the nine months ended September 30, 2015
totaled $1,705,999 and administration expenses totaled $875,038.
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: +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
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 Corporate Solutions on behalf
of Nasdaq 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
http://www.asiametresources.com
(END) Dow Jones Newswires
November 30, 2016 02:00 ET (07:00 GMT)
Copyright (c) 2016 Dow Jones & Company, Inc.
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