ARS Asiamet Resources Limited

 
TIDMARS 
 
 
 
   Asiamet Strengthens Finances and Initiates BKM Feasibility Study 
 
 
 
   VANCOUVER, British Columbia, May 25, 2016 (GLOBE NEWSWIRE) -- Asiamet 
Resources Limited ("ARS" or the "Company") is pleased to announce that 
it has commenced a Resource definition drilling program at the Beruang 
Kanan Main ("BKM") copper deposit in Central Kalimantan, Indonesia as 
part of the BKM Feasibility Studies. The Company plans to drill 
approximately 110 diamond drill holes totaling 9,000 meters to 
significantly enhance Resource confidence and upgrade a majority of the 
current Inferred Resource of 49.7million tonnes grading 0.6% Cu 
containing 657 million pounds of copper at 0.2% reporting cut, to the 
Measured and Indicated Resource categories. Indicated Resources at BKM 
currently contain 231MIbs in 15.0M tonnes grading 0.7% Cu at a 0.2% 
reporting cut. Only Measured and Indicated Resources can be considered 
for conversion to Mineable Ore Reserves in the Feasibility Study. 
Results will be reported progressively as they become available and an 
updated Resource estimate is expected before the end of Q3, 2016. 
 
   Additional work programs also being initiated as part of the Feasibility 
Studies include: 
 
 
   -- geotechnical drilling to define pit-slope stability and aid open pit mine 
      design 
 
   -- large diameter (PQ) drilling to collect samples from across and through 
      the deposit for detailed metallurgical test work and mine waste 
      characterization studies. 
 
   -- detailed metallurgical studies comprising short and long column leach 
      tests on a suite of representative mineralized composites to determine 
      optimum copper recoveries, assess deposit variability and provide inputs 
      into the mine and process plant design; 
 
   -- environmental and water resources studies and permitting applications 
 
 
   Asiamet also advises that following on from a recently completed private 
placement of GBP1.5m (approximately CAD 2.7m), the Company's financial 
position has been further strengthened by the receipt of tax refunds 
totaling approximately USD1.0m from the Indonesian Government tax 
department. The refunds relate to tax payments (VAT) made by the Company 
for various goods and services in the years 2006, 2007, 2013 and 2014. 
Payments were received on April 26 and May 19, 2016, respectively. 
 
   The Company is now in a sound financial position to significantly 
advance feasibility studies on the BKM copper project, complete drilling 
aimed at further expanding Resources in the BKM project area and subject 
to receipt of the necessary permits, drill test high grade polymetallic 
mineralization at the Baroi prospect. A number of corporate initiatives 
aimed at further strengthening the company's project delivery capability 
and financial position are being advanced simultaneously with the 
project work programs. 
 
   Asiamet Resources CEO Tony Manini commented 
 
   " Following completion of a highly positive preliminary economic 
assessment ("PEA") for the BKM project and recent initiatives that 
strengthen our financial position, Asiamet has initiated feasibility 
studies for the development of a heap leach SX-EW copper mine at the BKM 
project. Feasibility studies will cover a broad range of technical, 
commercial, financial, social and environmental inputs in detail and 
represent a major and critically important phase of de-risking 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. As the feasibility work programs on BKM are being progressed 
by the study team, exploration drilling aimed at expanding the Resource 
base and testing some additional high grade copper and polymetallic 
targets will progress with high expectations for success. Simultaneously 
important corporate initiatives to further strengthen the Company's 
financial position and enhance shareholder value are being vigorously 
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#2015216 
 
 
  http://www.asiametresources.com 
 

(END) Dow Jones Newswires

May 25, 2016 02:01 ET (06:01 GMT)

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