Asiamet Resources Limited Asiamet Third Quarter Results 2016

 
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: [phone] 
 
   Email: [e-mail] 
 
   FlowComms Limited 
 
   Sasha Sethi 
 
   Telephone: [phone] 
 
   Email: [e-mail] 
 
   Asiamet Resources Nominated Adviser 
 
   RFC Ambrian Limited 
 
   Andrew Thomson / Oliver Morse 
 
   Telephone: [phone] 
 
   Email: [e-mail] / [e-mail] 
 
   VSA Capital Limited 
 
   Andrew Raca / Justin McKeegan 
 
   Telephone: [phone] 
 
   Email: [e-mail] 
 
   Optiva Securities Limited 
 
   Christian Dennis 
 
   Telephone: [phone] 
 
   Email: [e-mail] 
 
   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.