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ARS Asiamet Resources Limited

0.60
0.00 (0.00%)
28 Mar 2024 - Closed
Delayed by 15 minutes
Share Name Share Symbol Market Type Share ISIN Share Description
Asiamet Resources Limited LSE:ARS London Ordinary Share BM04521V1038 COM SHS USD0.01 (DI)
  Price Change % Change Share Price Bid Price Offer Price High Price Low Price Open Price Shares Traded Last Trade
  0.00 0.00% 0.60 0.55 0.65 0.60 0.60 0.60 1,654,384 08:00:00
Industry Sector Turnover Profit EPS - Basic PE Ratio Market Cap
Miscellaneous Metal Ores,nec 0 -6.93M -0.0027 -2.22 15.56M

BKM Copper Project Feasibility Study Advancing

06/10/2017 11:17am

UK Regulatory


Dow Jones received a payment from EQS/DGAP to publish this press release.

 
 
 Asiamet Resources Ltd. (ARS) 
BKM Copper Project Feasibility Study Advancing 
 
06-Oct-2017 / 11:15 GMT/BST 
Dissemination of a Regulatory Announcement, transmitted by EQS Group. 
The issuer is solely responsible for the content of this announcement. 
 
                                            For Immediate Release London AIM 
 
6 October 2017 Symbol: ARS 
 
           Asiamet BKM Copper Project Feasibility Study Advancing 
 
   Excellent progress continues to be made on the Beruang Kanan Main ("BKM") 
Feasibility Study, encompassing all technical, commercial, environmental and 
                                                      community disciplines. 
 
 Focus in the period since our recent successful capital raising has been as 
                                                                    follows: 
 
? Mining and metallurgical engineering activity has been advancing through 
design and analytical work, utilising the recently updated BKM Resource 
information 
 
? The metallurgical test-work program has significantly advanced through 
the column leaching phase and complementary laboratory work including 
physical (hydrodynamic) leach pad modelling to support leach pad 
optimisation has been initiated 
 
? Shortlisted service providers covering the process engineering, power 
supply, and water management components of the BFS are being evaluated. 
Preferred vendors will be engaged shortly to accelerate these aspects of 
the study 
 
                                                            Mine Engineering 
 
Mine engineering activities ramping-up: Australian Mine Design and 
Development ("AMDAD") were engaged in 2016 to undertake the mining 
engineering components of the Feasibility Study. AMDAD has extensive and 
relevant experience working in Indonesia and in early 2017 completed a 
Project Definition Study ("PDS") for the BKM project (see RNS dated 22 March 
2017) which built upon the planning from the Preliminary Economic Assessment 
("PEA") to provide better definition for the Feasibility Study scope of 
work. The results of the AMDAD PDS provided a high level of confidence in 
advancing to a Bankable Feasibility Study ("BFS"). 
 
AMDAD are now developing new mining cost models and re-running a series of 
pit optimisations based on the updated BKM Resource (see RNS dated 28 June 
2017) and utilising more refined metallurgical and project planning 
information. 
 
                                                   Metallurgical Engineering 
 
   Metallurgical test-work program continuing optimisation activities: David 
           Readett from MWorx, the lead metallurgical consultant for the BKM 
  Feasibility Study, has continued to oversee the leach column program being 
 undertaken at CORE laboratories in Brisbane. Column tests have been running 
since January 2017 and the short (2 metre) columns are currently progressing 
 through the scheduled closure process. Results in relation to this work are 
    anticipated before the end of October. The longer columns (6 metre) will 
          continue operating as planned, through to the 4th quarter of 2017. 
 
  The study team have also recently initiated a hydrodynamic testing program 
which is being conducted at the world-leading HydroGeoSense ("HGS") facility 
  in Arizona. The hydrodynamic testing is a critical input to the heap-leach 
   design and focuses heavily on the physical behaviour of fluid-flow within 
                                                                   the heap. 
 
       Key data generated from these programs will allow the project team to 
    develop a robust and optimised set of design criteria for the heap-leach 
                                  pads and overall process engineering work. 
 
                                                                Geochemistry 
 
       Kinetic test-work focused on the behaviour of the proposed waste dump 
 materials to environmental conditions overtime is underway and will support 
    the geochemical analysis being completed by our environmental team at PT 
                                                                      Lorax. 
 
                                                            Vendor Selection 
 
    Additional contractors and consultants continue to be engaged to support 
                                                      ramp-up of activities. 
 
   The selection of a process engineering service provider is well advanced, 
with proposals having been submitted to the Company from seven international 
  engineering consultancies. Engagement of the preferred process engineering 
   contractor will be made shortly along with service providers covering the 
                                             following key study components: 
 
? Power supply: Based upon the PEA it is anticipated that approximately 
20MW of electricity will be required to support operations at BKM. The 
study will determine the most appropriate technical and commercial 
approach to supply power to the BKM operation. 
 
? Water Management: Asiamet, supported by PT Lorax's Indonesian and 
international experts, is developing site-wide water and load balances 
using custom-built water management models. This is a key area for the BKM 
Project to be initiated early this month. 
 
? Site Infrastructure layout: Asiamet will shortly commence a limited 
drilling program to confirm the suitability of key areas for locating 
mine-site infrastructure from a mineralisation and geotechnical 
perspective. This work is planned to be completed in the 4th quarter of 
2017. 
 
                    Peter Bird, Asiamet's Chief Executive Officer commented: 
 
  "Following on from an intensive Resource evaluation drilling programme and 
  subsequent significant upgrade in the BKM copper Resource estimate, we are 
         pleased to report a significant ramp up of activity relating to the 
       engineering and design aspects of the BKM Bankable Feasibility Study. 
 
  The Bankable Feasibility Study is very focused on fine tuning the outcomes 
  of the PEA. We are really pleased with the positive results generated from 
  the early phase engineering and design studies, coupled with the excellent 
  results from our exploration and metallurgical test-work programs. Work to 
   date reaffirms the potential for developing a high-quality copper mine at 
   BKM. The detailed engineering and design is a large package of work which 
will significantly advance the progress and robustness of the BKM BFS and we 
  look forward to progressively reporting results as they become available." 
 
                                                            Qualified Person 
 
     Data disclosed in this press release have been reviewed and verified by 
          Asiamet'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 
 
                                         Peter Bird, Deputy Chairman and CEO 
 
-Ends- 
 
For further information, please contact: 
 
Peter Bird 
Deputy Chairman and CEO, Asiamet Resources Limited 
Telephone: +61 3 8644 1300 
Email: peter.bird@asiametresources.com 
 
Tony Manini 
Executive Chairman, 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 / Stephen Allen 
 
Telephone: +61 8 9480 2500 
 
Email: Andrew.Thomson@rfcambrian.com / Stephen.Allen@rfcambrian.com [1] 
 
Optiva Securities Limited 
Christian Dennis 
 
Telephone: +44 20 3137 1903 
 
Email: Christian.Dennis@optivasecurities.com 
 
                                                  Forward looking statements 
 
   This announcement includes "forward-looking statements" which include all 
    statements other than statements of historical facts, including, without 
      limitation, those regarding the Company's business strategy, plans and 
 objectives of management for future operations, or any statements proceeded 
 by, followed by or that include the words "targets", "believes", "expects", 
"aims", "intends", "will", "may", "anticipates", "would", "could" or similar 
   expressions or negatives thereof. Such forward-looking statements involve 
   known and unknown risks, uncertainties and other important factors beyond 
   the Company's control that could cause the actual results, performance or 
 achievements of the Company to be materially different from future results, 
    performance or achievements expressed or implied by such forward-looking 
           statements. Such forward-looking statements are based on numerous 
  assumptions regarding the Company's present and future business strategies 
  and the environment in which the Company will operate in the future. These 
  forward-looking statements speak only as at the date of this announcement. 
The Company expressly disclaims any obligation or undertaking to disseminate 
 any updates or revisions to any forward-looking statements contained herein 
  to reflect any change in the Company's expectations with regard thereto or 
         any change in events, conditions or circumstances on which any such 
 statements are based, unless required to do so by applicable law or the AIM 
                                                                      Rules. 
 
ISIN:          BM04521V1038 
Category Code: DRL 
TIDM:          ARS 
LEI Code:      213800PWJMT1NG28TA88 
Sequence No.:  4704 
 
End of Announcement EQS News Service 
 
616517 06-Oct-2017 
 
 
1: mailto:Oliver.Morse@rfcambrian.com 
 

(END) Dow Jones Newswires

October 06, 2017 06:17 ET (10:17 GMT)

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