Asiamet Resources Limited Preliminary Economic Assessment Underway On Bkm Copper Deposit

 
TIDMARS 
 
 
   Asiamet Resources Limited ("ARS" or the "Company") is pleased to advise 
that a Preliminary Economic Assessment (PEA) on the Beruang Kanan Main 
("BKM") deposit within the Company's 100% owned KSK Contract of Work in 
Kalimantan, Indonesia, is well underway and advancing to plan. The 
independent PEA is being overseen by Orelogy, an Australian mine 
planning consultancy company, and is expected to be delivered at the end 
of the first quarter this year. 
 
   The PEA is evaluating the economics of developing an open pit mine and 
heap leach SX-EW processing facility that takes advantage of the near 
surface copper resources delineated in the 2015 BKM Resource estimate 
(ARS NR October 21, 2015). 
 
   Deliverables of the PEA include: 
 
 
   -- A conceptual mining study including an independent scoping level 
      engineering analysis 
 
 
   -- An estimation of the capital investment required to develop and sustain 
      the operations 
 
 
   -- Provision of a conceptual operating plan and associated operating costs 
      for the project 
 
 
   -- An analysis of the potential economic value of the project based on the 
      capital and operating cost estimates 
 
 
   -- Provision of a conceptual development plan and timeline for the project 
 
 
   -- A basic risk assessment to determine any fatal flaws and areas of 
      sensitivity requiring particular attention in future studies 
 
 
   -- Definition of the scopes of work required for any bankable feasibility 
      study to be undertaken on the project 
 
 
   This initial phase of project design, engineering and economic/financial 
evaluation of the BKM project represents the most important milestone in 
the life of the company to date and a group of highly experienced 
consultants have been assembled to undertake the various components of 
the PEA including: 
 
 
   -- Hackman and Associates - Resources 
 
   -- Orelogy - mining engineering, mine capital and operating cost estimates, 
      economic analysis 
 
   -- Miller Metallurgical Services - metallurgy, processing methods, process 
      design 
 
   -- DRA Pacific - project infrastructure, site development related capital 
      and operating costs, roads, power, water, mine and process plant 
      infrastructure, accommodation, site utilities and services 
 
   -- Resindo - transport and logistics 
 
 
   All consultants have commenced work and the momentum of activities is 
accelerating following the Christmas-New Year period. 
 
   The critical phase II metallurgical test work is being carried out by 
Core Group, a leading metallurgical development group with extensive 
copper leaching experience based in Brisbane, Australia. Graeme Miller 
of Miller Metallurgical Services is supervising the test work program 
which is evaluating the potential for economic treatment of the BKM 
mineralization utilizing heap leaching and SX-EW processing technology 
to produce copper cathode on-site. 
 
   The PEA is expected to be completed by the end of the first quarter in 
2016 with the full NI43-101 compliant technical report issued shortly 
thereafter. A strong interim news flow is anticipated as the level of 
study activity intensifies early in the New Year. Asiamet intends to 
provide regular updates on the progress of various studies and 
components of the PEA as they become available. 
 
   Asiamet Resources CEO Tony Manini commented 
 
   "Asiamet has assembled a very experienced group of consultants to cover 
the key areas of study required for the BKM PEA. All have previous 
exposure to Indonesian operating conditions and the availability of 
local content, services and labour. We are now well underway on some of 
the longer lead items of the studies and the momentum of activities is 
accelerating. The PEA is one of the most important milestones in 
Asiamet's history to date and we look forward to providing regular news 
flow as the various studies are progressed during the first quarter of 
2016." 
 
   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/ Mehrdad Yousefi 
 
   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#1976895 
 
 
  http://www.asiametresources.com 
 

(END) Dow Jones Newswires

January 06, 2016 02:00 ET (07:00 GMT)

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