Asiamet Resources Limited Feasibility Studies Progressing To Plan - Study Manager Appointed

 
TIDMARS 
 
 
   For Immediate Release TSX Venture Exchange 
 
 
 
   7 July, 2016 and AIM 
 
   Vancouver, British Columbia Symbol: "ARS" 
 
   Feasibility Studies Progressing to Plan - Study Manager Appointed 
 
   Asiamet Resources Limited ("ARS" or the "Company") is pleased to advise 
that excellent progress is being made on the key long lead time items 
required for the Beruang Kanan Main ("BKM") feasibility study. Field 
programs are now fully operational and Mr Mark Young, a proven leader of 
mineral resources and infrastructure developments globally, has been 
appointed to lead the owners team for the study. 
 
   Mark is a Principal of VCI Development and holds a Bachelor of 
Engineering (Minerals Processing) from the University of Queensland, 
with post graduate qualifications in applied finance and investment, 
along with strategy and business management, from the London School of 
Economics.  He has led project teams in numerous countries and 
commodities for both entrepreneurial explorer-developers and major 
mining companies. Over the past ten years, he has been extensively 
involved in greenfield mine developments, including the Amaam coal 
project in Russia for Tigers Realm Coal and BHP Billiton's major potash 
developments in Canada.  He has also worked on BHP Billiton's Chilean 
copper projects and on Rio Tinto's coal and iron ore operations in 
Australia. 
 
   At the BKM site a comprehensive Resource infill and extension drilling 
program is underway to upgrade a majority of the 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 Measured and 
Indicated Mineral Resource categories. Four drills are operational with 
13 holes/1585 meters of diamond core drilling completed to date. Two 
large diameter (PQ size) core holes have also been completed to collect 
fresh bulk samples for detailed metallurgical testwork. Approximately 
100 holes/9000 meters of Resource drilling and 15 holes/2000 meters of 
metallurgy drilling is planned. First assay results are expected within 
the next week. 
 
   The Company has also contracted a number of the key consultants and 
service providers required to oversee the long lead time items of the 
feasibility study and work programs in each of the key disciplines are 
underway. The various consultants and a summary of the work scope for 
each is provided below. Local Indonesian consultants, service providers 
and manpower are being utilized wherever possible. 
 
   PT Indodrill Indonesia: Large diameter core drilling (metallurgy 
samples) 
 
   PT Intertek Utama Services: Drilling and Environmental Assays 
 
   Hackman & Associates: Geology and Mineral Resources 
 
   --                     Drill program design 
 
   --                     Resource Modelling and Mineral Resource 
Estimation. 
 
   Millermet and CORE Laboratories: Detailed metallurgical test-work 
program, interpretations and evaluation comprising 
 
   --                     Overall copper recovery evaluation 
 
   --                     Resource-wide assessment of ore treatment 
characteristics and variability 
 
   --                     Short-column and Long-column Leach tests 
 
   --                     Solvent extraction analysis 
 
   --                     Quantitative mineralogical assessments 
 
   --                     Comminution and agglomeration tests 
 
   --                     Geo-mechanical assessments and composite 
derivations 
 
   --                     Materials handling assessments 
 
   --                     Geochemical assessments 
 
   --                     Leach kinetics characterization 
 
   --                     Geotechnical, geo-mechanical, geochemical and 
water management design criteria 
 
   --                     Basis of design for crushing and agglomeration, 
heap leach and SX-EW facilities 
 
   --                     Process selection and block flow diagrams 
including process simplification assessment 
 
   PT Lorax: Environmental Geoscience and Hydrology 
 
   --                     Geochemical assessment and waste rock properties 
characterization 
 
   --                     Hydrology and groundwater surveys 
 
   --                     Development of environmental controls basis of 
design criteria, including water and waste dump management parameters 
 
   Asiamet Resources CEO Tony Manini commented 
 
   "The BKM feasibility study represents a major de-risking phase 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. Securing the services of such a highly experienced study 
manager as Mark Young to lead this critically important phase in the 
life of the project is extremely pleasing. We have also assembled a 
first class team of consultants and service providers and now look 
forward to advancing the studies and progressively receiving results, 
which will be reported as they become available. A comprehensive infill 
and extension drilling program is well underway and we anticipate 
receiving and reporting the first drill results from this exciting 
program shortly. 
 
   As the feasibility study work programs are being advanced, important 
corporate activities continue to be progressed. Renewal of existing 
permits and conversion of licences for the Beutong and Jelai projects 
are in the final stages of processing and corporate joint venture - 
partnership initiatives to ensure we are well placed to complete the 
feasibility studies are actively being 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: [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#2026551 
 
 
  http://www.asiametresources.com 
 

(END) Dow Jones Newswires

July 07, 2016 02:01 ET (06:01 GMT)

Copyright (c) 2016 Dow Jones & Company, Inc.