Asiamet Resources Limited Further Re Preliminary Economic Assessment: Asiamet Resources Files Preliminary Economic Assessment...

 
TIDMARS 
 
 
 
 
 
   VANCOUVER, British Columbia, May 20, 2016 (GLOBE NEWSWIRE) -- Asiamet 
Resources Limited ("ARS" or the "Company") has filed a technical report 
supporting the independently prepared Preliminary Economic Assessment 
("PEA") study of the Beruang Kanan Main Zone.  The PEA has been 
finalized in compliance with the guidelines of Canadian National 
Instrument 43-101.  The PEA is available for viewing on www.sedar.com or 
www.asiametresources.com. 
 
   As announced on April 5, 2016, the highlights of the PEA are: 
 
   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. 
 
   PEA base case highlights: 
 
 
   -- Target annual production of 25,000 tonnes LME grade A (99.999%) copper 
      metal 
 
   -- After-tax Net Present Value ("NPV") of US$204.3 million (10% discount 
      rate) 
 
   -- After-tax Internal Rate of Return ("IRR") of 38.7% 
 
   -- Gross Revenue of US$1.27 billion (US$3.25Ib copper price over Life of 
      Mine ("LOM") 
 
   -- C1 Operating cost of US$1.28 per pound 
 
   -- Initial Capital Cost of US$163.8 million with low capital intensity 
 
   -- 2.4 year payback (After-tax from the start of production) 
 
   -- Robust mine plan derived from Indicated Resources (29%) and Inferred 
      Resources (71%) 
 
   -- Initial 8+ year mine life at a low average strip ratio of 1.23 
 
   -- Significant potential for additional mineralization close to BKM 
 
 
   Asiamet considers target production of 25,000 tonnes of copper cathode 
per year for an initial 8 year LOM to be the most appropriate option for 
the PEA given the significant exploration potential already identified 
close to the BKM deposit. Copper mineralization at BKM remains open in 
several directions and locally at depth. Adjacent high potential 
prospects at Beruang Kanan South ("BKS"), Beruang Kanan West ("BKW") and 
BKZ Polymetallic ("BKZ") also represent attractive targets for 
additional mineralization as demonstrated by the strong surface and 
drilling results returned to date e.g. 10m at 2.52% Cu incl. 2m at 7.45% 
Cu from 19.5m at BKS (ARS NR November 16, 2015). Increasing the Mineral 
Resource base, and thus the potential feed available to the BKM 
processing facilities evaluated in the current PEA, is likely to have a 
strongly positive impact on the BKM Copper Project value and will be a 
key focus for Asiamet going forward. 
 
   Qualified Person 
 
   The PEA was led by the following Qualified Persons ("QP"), as such term 
is defined in NI 43-101, each of whom is independent of Asiamet and have 
read and confirmed that this news release, and the April 5, 2016 news 
release, fairly and accurately reflects the contents of the PEA report: 
 
 
   -- Mr. Ross Cheyne (BE Mining, FAusIMM) 
 
   -- Mr. Graeme Miller (FAusIMM, CP AusIMM, BE (Chem) 
 
   -- Mr. Duncan Hackman (B.App.Sc., MSc., MIAG) 
 
   -- Mr. Johan Du Preez (BSc Eng., P.Eng) 
 
   -- Mr. Ali Sahami (Ph.D) 
 
 
   The technical information has been included herein with the consent and 
prior review of the above noted QPs, who have verified the data 
disclosed, including sampling, analytical and test data underlying the 
information or opinions contained herein. 
 
   Mr. Ross Cheyne was responsible for the overall compilation of the PEA 
Study. He is MD of ORELOGY Consulting Pty Ltd and is the QP for purposes 
of National Instrument 43-101. Mr. Cheyne has more than 28 years' 
experience, and has experience relevant to this style of operation to 
qualify as a Qualified Person as defined in NI 43-101. 
 
   Mr. Graeme Miller is the QP responsible process metallurgy, process 
design and associated cost estimation for leach pad through to SX / EW. 
This includes supervising the metallurgical test work and estimated the 
copper recoveries. He is a hydrometallurgical and mineral processing 
engineer with more than 30 years of experience, much of it related to 
heap leach projects (+12) and solvent extraction operations (+40). 
 
   The QP responsible for the independent Resource Estimate at BKM is Mr. 
Duncan Hackman (B.App.Sc., MSc., MIAG), a consultant geologist with more 
than 30 years' experience.  Mr. Hackman is Principal of Hackman and 
Associates and is a member of the Australian Institute of Geoscientists. 
He has sufficient experience relevant to the style of mineralization and 
type of deposit under consideration and to the activity undertaken to 
qualify as a Qualified Person as defined in NI 43-101. All mineral 
Resources have been estimated in accordance with the definition 
standards on mineral resources and mineral reserves of the Canadian 
Institute of Mining, Metallurgy and Petroleum ("CIM") referred to in 
National Instrument 43-101, commonly referred to as NI 43-101. U.S. 
reporting requirements for disclosure of mineral properties are governed 
by the United States Securities and Exchange Commission ("SEC") Industry 
Guide 7. Canadian and Guide 7 standards are substantially different. 
This News Release uses the terms "measured," "indicated" and "inferred" 
resources. We advise investors that while those terms are recognized and 
required by Canadian regulations, the SEC does not recognize them. 
Mineral resources which are not mineral reserves do not have 
demonstrated economic viability. 
 
   Engineering designs for Infrastructure buildings, road and earthworks, 
where required, were undertaken by DRA Global. (DRA). DRA also provided 
indicative cost estimates for those items not quoted by Indonesian 
suppliers. This work was peer reviewed by Mr. Johan Du Preez (BSc Eng., 
P.Eng). Mr. Du Preez is a civil engineer with 40 years' of relevant 
mining infrastructure experience. 
 
   Pt. Prastiwahyu Trimitra Engineering investigated various energy supply 
options for BKM project.  PT SMEC Denka Indonesia assessed Hydropower 
development potential within the BKM project area.  PT. Resindo 
Resources and Energy Indonesia (Resindo) reviewed the preferred options 
/ alternatives for the supply of mining and copper processing plant 
equipment and/or large volumes of bulk materials to the BKM site.  PT 
Lorax Indonesia completed a Flora and Fauna Ecology Study and provided 
input to development of a site-specific biodiversity management plan and 
a general reference for future environmental management strategies.  Mr. 
Ali Sahami (Ph.D) is the President of PT Lorax Indonesia. 
 
   The information that relates to geology, mineralization, drilling, and 
mineral resource estimates on the BKM copper deposit, is based on 
information prepared under the supervision of, or has been reviewed by 
Mr. Stephen Hughes P. Geo., Asiamet Resources' Vice President of 
Exploration, a geologist with more than 20 years of experience, a 
director of ARS and a Qualified Person within the meaning of NI 43-101 
and the AIM Rules for Companies.  Mr. Hughes has reviewed and validated 
that the information contained in the release is consistent with that 
provided by the QPs responsible for the PEA. All principal technical 
personnel and QP's participating in the development and review of the 
PEA have extensive relevant experience. 
 
   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#2014099 
 
 
  http://www.asiametresources.com 
 

(END) Dow Jones Newswires

May 20, 2016 02:00 ET (06:00 GMT)

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