Asiamet Resources Limited Feasibility Studies Progressing To Plan - Study Manager Appointed
07 July 2016 - 4:01PM
UK Regulatory
TIDMARS
For Immediate Release TSX Venture Exchange
7 July, 2016 and AIM
Vancouver, British Columbia Symbol: "ARS"
Feasibility Studies Progressing to Plan - Study Manager Appointed
Asiamet Resources Limited ("ARS" or the "Company") is pleased to advise
that excellent progress is being made on the key long lead time items
required for the Beruang Kanan Main ("BKM") feasibility study. Field
programs are now fully operational and Mr Mark Young, a proven leader of
mineral resources and infrastructure developments globally, has been
appointed to lead the owners team for the study.
Mark is a Principal of VCI Development and holds a Bachelor of
Engineering (Minerals Processing) from the University of Queensland,
with post graduate qualifications in applied finance and investment,
along with strategy and business management, from the London School of
Economics. He has led project teams in numerous countries and
commodities for both entrepreneurial explorer-developers and major
mining companies. Over the past ten years, he has been extensively
involved in greenfield mine developments, including the Amaam coal
project in Russia for Tigers Realm Coal and BHP Billiton's major potash
developments in Canada. He has also worked on BHP Billiton's Chilean
copper projects and on Rio Tinto's coal and iron ore operations in
Australia.
At the BKM site a comprehensive Resource infill and extension drilling
program is underway to upgrade a majority of the 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 Measured and
Indicated Mineral Resource categories. Four drills are operational with
13 holes/1585 meters of diamond core drilling completed to date. Two
large diameter (PQ size) core holes have also been completed to collect
fresh bulk samples for detailed metallurgical testwork. Approximately
100 holes/9000 meters of Resource drilling and 15 holes/2000 meters of
metallurgy drilling is planned. First assay results are expected within
the next week.
The Company has also contracted a number of the key consultants and
service providers required to oversee the long lead time items of the
feasibility study and work programs in each of the key disciplines are
underway. The various consultants and a summary of the work scope for
each is provided below. Local Indonesian consultants, service providers
and manpower are being utilized wherever possible.
PT Indodrill Indonesia: Large diameter core drilling (metallurgy
samples)
PT Intertek Utama Services: Drilling and Environmental Assays
Hackman & Associates: Geology and Mineral Resources
-- Drill program design
-- Resource Modelling and Mineral Resource
Estimation.
Millermet and CORE Laboratories: Detailed metallurgical test-work
program, interpretations and evaluation comprising
-- Overall copper recovery evaluation
-- Resource-wide assessment of ore treatment
characteristics and variability
-- Short-column and Long-column Leach tests
-- Solvent extraction analysis
-- Quantitative mineralogical assessments
-- Comminution and agglomeration tests
-- Geo-mechanical assessments and composite
derivations
-- Materials handling assessments
-- Geochemical assessments
-- Leach kinetics characterization
-- Geotechnical, geo-mechanical, geochemical and
water management design criteria
-- Basis of design for crushing and agglomeration,
heap leach and SX-EW facilities
-- Process selection and block flow diagrams
including process simplification assessment
PT Lorax: Environmental Geoscience and Hydrology
-- Geochemical assessment and waste rock properties
characterization
-- Hydrology and groundwater surveys
-- Development of environmental controls basis of
design criteria, including water and waste dump management parameters
Asiamet Resources CEO Tony Manini commented
"The BKM feasibility study represents a major de-risking phase 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. Securing the services of such a highly experienced study
manager as Mark Young to lead this critically important phase in the
life of the project is extremely pleasing. We have also assembled a
first class team of consultants and service providers and now look
forward to advancing the studies and progressively receiving results,
which will be reported as they become available. A comprehensive infill
and extension drilling program is well underway and we anticipate
receiving and reporting the first drill results from this exciting
program shortly.
As the feasibility study work programs are being advanced, important
corporate activities continue to be progressed. Renewal of existing
permits and conversion of licences for the Beutong and Jelai projects
are in the final stages of processing and corporate joint venture -
partnership initiatives to ensure we are well placed to complete the
feasibility studies are actively being 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:
-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 / 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#2026551
http://www.asiametresources.com
(END) Dow Jones Newswires
July 07, 2016 02:01 ET (06:01 GMT)
Copyright (c) 2016 Dow Jones & Company, Inc.
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