Asiamet Resources Limited Asiamet First Quarter Results 2016
31 May 2016 - 4:01PM
UK Regulatory
TIDMARS
VANCOUVER, British Columbia, May 31, 2016 (GLOBE NEWSWIRE) -- The
Asiamet Resources Limited (the "Company" or "ARS") Financial Statements
and Management Discussion & Analysis - Quarterly Highlights ("MD&A -
QH") for the three months ended March 31, 2016 are available for viewing
on www.sedar.com or www.asiametresources.com.
Exploration and evaluation expenditures on Asiamet projects for the
three months ended March 31, 2016 totaled $498,024 or 72% of total
expenses of $694,753. Administration expenses totaled $196,729 or 28%
of total expenses of $694,753. By comparison, exploration and
evaluation expenditures on Asiamet projects for the three months ended
March 31, 2015 totaled $4,299,981 of which $3,866,813 related to the
acquisition of the Beutong IUP for direct exploration expenses of
$433,168 being 60% of total expenses of $722,683 (net of the acquisition
costs). Administration expenses totaled $289,515 or 40% of total
expenses of $694,753.
As at March 31, 2016, the Company had a working capital deficiency of
$145,233. On April 27, 2016, the Company closed a brokered private
placement and issued and settled through CREST 48,387,097 common shares
at a price of GBP 3.1 pence per share for total gross proceeds of GBP1.5
million (equivalent to approximately $2.2 million). The Company has
received GBP1.39 million ($2 million) as at the date of this release,
with the balance to be received shortly. On April 26, 2016 and May 19,
2016 the Company received a total of 13.2 billion IDR or approximately
$980,000 of expected VAT refunds. This funding will allow the Company to
continue its planned operations without interruption.
As previously reported the highlight of the quarter was the announcement
on April 5, 2016, of the results of the independently prepared
Preliminary Economic Assessment ("PEA") study of the Beruang Kanan Main
Copper Deposit. The PEA is the first study undertaken to evaluate the
economics of developing an open pit mine and heap leach solvent
extraction electro-winning facility ("SX-EW") to directly produce copper
cathode based on the near surface copper deposit reported in the 2015
BKM Resource estimate (ARS NR October 21, 2015). Results of the PEA
study demonstrate excellent potential for developing a robust, low strip
ratio, low capital intensity copper project with low operating costs,
strong cash flow generation capacity and significant upside potential
through further Resource growth. The PEA is available for viewing on
www.sedar.com orwww.asiametresources.com.
Asiamet also holds an indirect 40% interest in the Beutong Izin Usaha
Pertambangan ("Beutong IUP") and has been focused on the conversion of
this IUP exploration to an IUP production. Following a number of delays
related to implementing regulations associated with the Mining Law, this
conversion is now in the latter stages of the approvals process. A final
presentation to the Ministry of Energy and Mineral Resources ("ESDM") is
scheduled for May 31st, 2016 and a decision on the grant of the IUP
production is expected shortly thereafter. Approval of the IUP
production would secure long term mining title valid for 20 years,
extendable for two subsequent periods each of 10 years' duration.
Under Indonesian Mining law the holder of an IUP exploration is
guaranteed an IUP production provided all requirements have been met,
and an IUP exploration cannot be terminated if there has been an
application made to convert to an IUP production. Irrespective of this
provision, the Company has also requested an additional one year
suspension of the Beutong IUP exploration to ensure continuity of title
during the final stages of the IUP conversion process. The Beutong IUP
exploration would otherwise expire on June 15, 2016.
Similarly, Asiamet has been progressing the conversion of the Jelai Izin
Usaha Pertambangan ("Jelai IUP") (100% indirect interest) from an IUP
exploration to an IUP production. Asiamet is actively engaged in
providing and presenting the required documentation to various
Government departments including ESDM and is in the latter stages of
this process. Approval of the IUP production would secure long term
mining title valid for 20 years, extendable for two subsequent periods
each of 10 years duration.
To ensure continuity of title during the IUP conversion process, the
Company has requested an additional one year suspension of the Jelai IUP
exploration. The Jelai IUP would otherwise expire on June 2, 2016.
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: tony.manini@asiametresources.com
FlowComms Limited
Sasha Sethi
Telephone: +44 (0) 7891 677 441
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#2016614
http://www.asiametresources.com
(END) Dow Jones Newswires
May 31, 2016 02:01 ET (06:01 GMT)
Copyright (c) 2016 Dow Jones & Company, Inc.
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