Asiamet Resources Limited Asiamet First Quarter Results 2016

 
TIDMARS 
 
 
   VANCOUVER, British Columbia, May 31, 2016 (GLOBE NEWSWIRE) -- The 
Asiamet Resources Limited (the "Company" or "ARS") Financial Statements 
and Management Discussion & Analysis - Quarterly Highlights ("MD&A - 
QH") for the three months ended March 31, 2016 are available for viewing 
on www.sedar.com or www.asiametresources.com. 
 
   Exploration and evaluation expenditures on Asiamet projects for the 
three months ended March 31, 2016 totaled $498,024 or 72% of total 
expenses of $694,753.  Administration expenses totaled $196,729 or 28% 
of total expenses of $694,753.  By comparison, exploration and 
evaluation expenditures on Asiamet projects for the three months ended 
March 31, 2015 totaled $4,299,981 of which $3,866,813 related to the 
acquisition of the Beutong IUP for direct exploration expenses of 
$433,168 being 60% of total expenses of $722,683 (net of the acquisition 
costs).  Administration expenses totaled $289,515 or 40% of total 
expenses of $694,753. 
 
   As at March 31, 2016, the Company had a working capital deficiency of 
$145,233.  On April 27, 2016, the Company closed a brokered private 
placement and issued and settled through CREST 48,387,097 common shares 
at a price of GBP 3.1 pence per share for total gross proceeds of GBP1.5 
million (equivalent to approximately $2.2 million). The Company has 
received GBP1.39 million ($2 million) as at the date of this release, 
with the balance to be received shortly.  On April 26, 2016 and May 19, 
2016 the Company received a total of 13.2 billion IDR or approximately 
$980,000 of expected VAT refunds. This funding will allow the Company to 
continue its planned operations without interruption. 
 
   As previously reported the highlight of the quarter was the announcement 
on April 5, 2016, of the results of the independently prepared 
Preliminary Economic Assessment ("PEA") study of the Beruang Kanan Main 
Copper Deposit.  The PEA is the first study undertaken to evaluate the 
economics of developing an open pit mine and heap leach solvent 
extraction electro-winning facility ("SX-EW") to directly produce copper 
cathode based on the near surface copper deposit reported in the 2015 
BKM Resource estimate (ARS NR October 21, 2015). Results of the PEA 
study demonstrate excellent potential for developing a robust, low strip 
ratio, low capital intensity copper project with low operating costs, 
strong cash flow generation capacity and significant upside potential 
through further Resource growth.  The PEA is available for viewing on 
www.sedar.com orwww.asiametresources.com. 
 
   Asiamet also holds an indirect 40% interest in the Beutong Izin Usaha 
Pertambangan ("Beutong IUP") and has been focused on the conversion of 
this IUP exploration to an IUP production.  Following a number of delays 
related to implementing regulations associated with the Mining Law, this 
conversion is now in the latter stages of the approvals process. A final 
presentation to the Ministry of Energy and Mineral Resources ("ESDM") is 
scheduled for May 31st, 2016 and a decision on the grant of the IUP 
production is expected shortly thereafter. Approval of the IUP 
production would secure long term mining title valid for 20 years, 
extendable for two subsequent periods each of 10 years' duration. 
 
   Under Indonesian Mining law the holder of an IUP exploration is 
guaranteed an IUP production provided all requirements have been met, 
and an IUP exploration cannot be terminated if there has been an 
application made to convert to an IUP production. Irrespective of this 
provision, the Company has also requested an additional one year 
suspension of the Beutong IUP exploration to ensure continuity of title 
during the final stages of the IUP conversion process. The Beutong IUP 
exploration would otherwise expire on June 15, 2016. 
 
   Similarly, Asiamet has been progressing the conversion of the Jelai Izin 
Usaha Pertambangan ("Jelai IUP") (100% indirect interest) from an IUP 
exploration to an IUP production.  Asiamet is actively engaged in 
providing and presenting the required documentation to various 
Government departments including ESDM and is in the latter stages of 
this process.  Approval of the IUP production would secure long term 
mining title valid for 20 years, extendable for two subsequent periods 
each of 10 years duration. 
 
   To ensure continuity of title during the IUP conversion process, the 
Company has requested an additional one year suspension of the Jelai IUP 
exploration. The Jelai IUP would otherwise expire on June 2, 2016. 
 
   ON BEHALF OF THE BOARD OF DIRECTORS 
 
   Tony Manini, Deputy Chairman and CEO 
 
   For further information please contact: 
 
   Tony Manini 
 
   Deputy Chairman and CEO, Asiamet Resources Limited 
 
   Telephone: [phone] 
 
   Email: [e-mail] 
 
   FlowComms Limited 
 
   Sasha Sethi 
 
   Telephone: [phone] 
 
   Email: [e-mail] / [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 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#2016614 
 
 
  http://www.asiametresources.com 
 

(END) Dow Jones Newswires

May 31, 2016 02:01 ET (06:01 GMT)

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