Asiamet Resources Limited Asiamet Resources Limited : Drilling/Production Report

 
TIDMARS 
 
 
   For Immediate Release London AIM 
 
 
 
   15 August 2017 Symbol: ARS 
 
   Vancouver, British Columbia 
 
   Asiamet Resources files BKM Resource Update Report 
 
   for the Beruang Kanan Prospect, KSK CoW, Indonesia 
 
   Asiamet Resources Limited ("ARS" or the "Company") has filed a technical 
report supporting the independently estimated updated Resource at the 
Beruang Kanan Main Zone, KSK CoW, Indonesia. 
 
   As announced on June 28, 2017 the highlights of the updated Resources 
are: 
 
   HIGHLIGHTS 
 
 
   -- Resource confidence significantly upgraded with contained copper in 
      Measured and Indicated Resources increased by 207% in comparison to the 
      October 21, 2015 BKM Mineral Resource estimate. The BKM Copper deposit is 
      now estimated to contain Measured and Indicated Resources of 49.2 million 
      tonnes at 0.70% copper containing 711.3MIbs (322,600 tonnes) of copper at 
      a 0.2% copper cut-off grade (see Table 1 for details). 
 
 
   -- Additional 66Mlbs (30,000 tonnes) of contained copper (0.2% copper 
      cut-off grade) added to the BKM Resource inventory. 
 
 
   -- Beruang Kanan Main Resources are now estimated as: 
 
 
   -- Measured Resources of 20.5 million tonnes at 0.7% Cu containing 325.7MIbs 
      (147,700 tonnes) of copper at a 0.2% copper cut-off grade (refer Table 
      1). The October 21, 2015 BKM Mineral Resource estimate contained no 
      Measured Resources. 
 
 
   -- Indicated Resources of 28.7 million tonnes at 0.6% Cu containing 
      385.6MIbs (174,900 tonnes) of copper at a 0.2% copper cut-off grade 
      (refer Table 1). The October 21, 2015 BKM Mineral Resource estimate 
      contained 15.0 million tonnes at 0.7% Cu containing 231MIbs (105,000 
      tonnes) of copper. 
 
 
   -- Inferred Resources of 17.7 million tonnes at 0.6% Cu containing 241.0MIbs 
      pounds (109,300 tonnes) of copper at a 0.2% copper cut-off grade (refer 
      Table 1). The October 21, 2015 BKM Mineral Resource estimate contained 
      49.7 million tonnes at 0.6% Cu containing 657MIbs (298,000 tonnes) of 
      copper. 
 
 
   -- 73% of the copper contained in Resources is within the April 2016 BKM 
      Preliminary Economic Assessment ("PEA") conceptual open pit mine design. 
 
 
   The technical report is titled "Beruang Kanan Main Zone, Kalimantan 
Indonesia: 2017 Resource Estimate Report", prepared by Duncan Hackman of 
Hackman and Associates Pty. Ltd. Is as at June 28, 2017 and the report 
is dated July 28, 2017. 
 
 
 
 
Mineral Resource Estimate - Beruang Kanan Main Deposit 
 - June 2017 
 Table 1 - Measured, Indicated and Inferred Mineral 
 Resource (NI 43-101) 
                         Measured Mineral Resources 
  Reporting cut     Tonnes     Cu Grade      Contained Cu      Contained Cu 
      (Cu %)         ('000)     (Cu %)       ('000 tonnes)     ('000,000 lbs) 
       0.2           20.5        0.7            147.7              325.7 
       0.5           15.4        0.8            126.8              279.6 
       0.7            8.5        1.0             85.8              189.2 
 
                         Indicated Mineral Resources 
  Reporting cut     Tonnes     Cu Grade      Contained Cu      Contained Cu 
      (Cu %)         ('000)     (Cu %)       ('000 tonnes)     ('000,000 lbs) 
       0.2           28.7        0.6            174.9              385.6 
       0.5           16.9        0.8            127.7              281.6 
       0.7            7.7        1.0             73.8              162.7 
 
 
 
 
                   Inferred Mineral Resources 
Reporting cut  Tonnes   Cu Grade   Contained Cu    Contained Cu 
    (Cu %)      ('000)   (Cu %)    ('000 tonnes)   ('000,000 lbs) 
     0.2        17.7      0.6         109.3            241.0 
     0.5        12.1      0.7          86.2            190.1 
     0.7         4.7      0.9          41.9            92.4 
 
 
   Notes: Mineral Resources for the BKM deposit have been estimated in 
conformity with generally accepted CIM "Estimation of Mineral Resource 
and Mineral Reserves Best Practices" guidelines.  In the opinion of 
Duncan Hackman, the block model Resource estimate and Resource 
classification reported herein are a reasonable representation of the 
copper Mineral Resources found in the defined area of the BKM 
mineralisation.  Mineral Resources are not Mineral Reserves and do not 
have demonstrated economic viability. There is no certainty that all or 
any part of the Mineral Resource will be converted into Mineral Reserve. 
Computational discrepancies in the table and the body of the Release are 
the result of rounding. 
 
   KSK Contract of Work 
 
   The Beruang Kanan project is located within the KSK Contract of Work. 
The holder of the KSK Contract of Work ("KSK CoW") is PT Kalimantan 
Surya Kencana ("KSK"). ARS holds 100% of the shares of Indokal Limited 
("Indokal").  KSK is owned 75% by Indokal and 25% by PT Pancaran Cahaya 
Kahayan ("PCK").  Indokal owns 100% of PCK. 
 
   On February 16, 2017, the Company formally established with the 
Government of the Republic of Indonesia that the KSK CoW has now entered 
the Feasibility Study Period which runs for not less than two years, is 
extendable, and provides time to complete studies and identify the area 
for mining. The KSK CoW has a total of 30+ years remaining for 
exploration, development and operations. 
 
   The Company has previously signed a non-binding Memorandum of 
Understanding ("MOU") with the Government of the Republic of Indonesia 
("GOI") covering amendments to its KSK CoW. KSK continues discussions 
with the GOI regarding possible amendments to some of the KSK CoW terms 
in order to achieve closer alignment with the current Law No. 4/2009. 
 
   Qualified Person 
 
   Duncan Hackman (B. App.Sc., MSc., MAIG) of Hackman & Associates Pty Ltd 
(Australia) is the independent Qualified Person within the meaning of NI 
43-101 and the AIM Rules for Companies for the purposes of Mineral 
Resource estimates contained within this press release.  Data disclosed 
in this press release have been reviewed and verified by ARS's qualified 
person, Stephen Hughes, P. Geo. a director of ARS and a Qualified Person 
within the meaning of NI 43-101 and the AIM Rules for Companies. 
 
   ON BEHALF OF THE BOARD OF DIRECTORS 
 
   Peter Bird, Deputy Chairman and CEO, Asiamet Resources Limited 
 
   For further information, please contact: 
 
   -Ends- 
 
   Peter Bird 
 
   Deputy Chairman and CEO, Asiamet Resources Limited 
 
   Telephone: [phone] 
 
   Email: [e-mail] 
 
   Tony Manini 
 
   Executive Chairman, 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 / Stephen Allen 
 
   Telephone: [phone] 
 
   Email: [e-mail] / [e-mail] 
 
   Optiva Securities Limited 
 
   Christian Dennis 
 
   Telephone: [phone] 
 
   Email: [e-mail] 
 
   This news release contains forward-looking statements that are based on 
the Company's current expectations and estimates. Forward-looking 
statements are frequently characterised 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 contains inside information as stipulated under the 
Market Abuse Regulations (EU) no. 596/2014 ("MAR"). 
 
   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

August 15, 2017 02:00 ET (06:00 GMT)

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