BKM Copper Project Feasibility Study Advancing
October 06 2017 - 6:17AM
UK Regulatory
Dow Jones received a payment from EQS/DGAP to publish this press
release.
Asiamet Resources Ltd. (ARS)
BKM Copper Project Feasibility Study Advancing
06-Oct-2017 / 11:15 GMT/BST
Dissemination of a Regulatory Announcement, transmitted by EQS Group.
The issuer is solely responsible for the content of this announcement.
For Immediate Release London AIM
6 October 2017 Symbol: ARS
Asiamet BKM Copper Project Feasibility Study Advancing
Excellent progress continues to be made on the Beruang Kanan Main ("BKM")
Feasibility Study, encompassing all technical, commercial, environmental and
community disciplines.
Focus in the period since our recent successful capital raising has been as
follows:
? Mining and metallurgical engineering activity has been advancing through
design and analytical work, utilising the recently updated BKM Resource
information
? The metallurgical test-work program has significantly advanced through
the column leaching phase and complementary laboratory work including
physical (hydrodynamic) leach pad modelling to support leach pad
optimisation has been initiated
? Shortlisted service providers covering the process engineering, power
supply, and water management components of the BFS are being evaluated.
Preferred vendors will be engaged shortly to accelerate these aspects of
the study
Mine Engineering
Mine engineering activities ramping-up: Australian Mine Design and
Development ("AMDAD") were engaged in 2016 to undertake the mining
engineering components of the Feasibility Study. AMDAD has extensive and
relevant experience working in Indonesia and in early 2017 completed a
Project Definition Study ("PDS") for the BKM project (see RNS dated 22 March
2017) which built upon the planning from the Preliminary Economic Assessment
("PEA") to provide better definition for the Feasibility Study scope of
work. The results of the AMDAD PDS provided a high level of confidence in
advancing to a Bankable Feasibility Study ("BFS").
AMDAD are now developing new mining cost models and re-running a series of
pit optimisations based on the updated BKM Resource (see RNS dated 28 June
2017) and utilising more refined metallurgical and project planning
information.
Metallurgical Engineering
Metallurgical test-work program continuing optimisation activities: David
Readett from MWorx, the lead metallurgical consultant for the BKM
Feasibility Study, has continued to oversee the leach column program being
undertaken at CORE laboratories in Brisbane. Column tests have been running
since January 2017 and the short (2 metre) columns are currently progressing
through the scheduled closure process. Results in relation to this work are
anticipated before the end of October. The longer columns (6 metre) will
continue operating as planned, through to the 4th quarter of 2017.
The study team have also recently initiated a hydrodynamic testing program
which is being conducted at the world-leading HydroGeoSense ("HGS") facility
in Arizona. The hydrodynamic testing is a critical input to the heap-leach
design and focuses heavily on the physical behaviour of fluid-flow within
the heap.
Key data generated from these programs will allow the project team to
develop a robust and optimised set of design criteria for the heap-leach
pads and overall process engineering work.
Geochemistry
Kinetic test-work focused on the behaviour of the proposed waste dump
materials to environmental conditions overtime is underway and will support
the geochemical analysis being completed by our environmental team at PT
Lorax.
Vendor Selection
Additional contractors and consultants continue to be engaged to support
ramp-up of activities.
The selection of a process engineering service provider is well advanced,
with proposals having been submitted to the Company from seven international
engineering consultancies. Engagement of the preferred process engineering
contractor will be made shortly along with service providers covering the
following key study components:
? Power supply: Based upon the PEA it is anticipated that approximately
20MW of electricity will be required to support operations at BKM. The
study will determine the most appropriate technical and commercial
approach to supply power to the BKM operation.
? Water Management: Asiamet, supported by PT Lorax's Indonesian and
international experts, is developing site-wide water and load balances
using custom-built water management models. This is a key area for the BKM
Project to be initiated early this month.
? Site Infrastructure layout: Asiamet will shortly commence a limited
drilling program to confirm the suitability of key areas for locating
mine-site infrastructure from a mineralisation and geotechnical
perspective. This work is planned to be completed in the 4th quarter of
2017.
Peter Bird, Asiamet's Chief Executive Officer commented:
"Following on from an intensive Resource evaluation drilling programme and
subsequent significant upgrade in the BKM copper Resource estimate, we are
pleased to report a significant ramp up of activity relating to the
engineering and design aspects of the BKM Bankable Feasibility Study.
The Bankable Feasibility Study is very focused on fine tuning the outcomes
of the PEA. We are really pleased with the positive results generated from
the early phase engineering and design studies, coupled with the excellent
results from our exploration and metallurgical test-work programs. Work to
date reaffirms the potential for developing a high-quality copper mine at
BKM. The detailed engineering and design is a large package of work which
will significantly advance the progress and robustness of the BKM BFS and we
look forward to progressively reporting results as they become available."
Qualified Person
Data disclosed in this press release have been reviewed and verified by
Asiamet'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
Peter Bird, Deputy Chairman and CEO
-Ends-
For further information, please contact:
Peter Bird
Deputy Chairman and CEO, Asiamet Resources Limited
Telephone: +61 3 8644 1300
Email: peter.bird@asiametresources.com
Tony Manini
Executive Chairman, Asiamet Resources Limited
Telephone: +61 3 8644 1300
Email: tony.manini@asiametresources.com
FlowComms Limited
Sasha Sethi
Telephone: +44 (0) 7891 677 441
Email: Sasha@flowcomms.com
Asiamet Resources Nominated Adviser
RFC Ambrian Limited
Andrew Thomson / Stephen Allen
Telephone: +61 8 9480 2500
Email: Andrew.Thomson@rfcambrian.com / Stephen.Allen@rfcambrian.com [1]
Optiva Securities Limited
Christian Dennis
Telephone: +44 20 3137 1903
Email: Christian.Dennis@optivasecurities.com
Forward looking statements
This announcement includes "forward-looking statements" which include all
statements other than statements of historical facts, including, without
limitation, those regarding the Company's business strategy, plans and
objectives of management for future operations, or any statements proceeded
by, followed by or that include the words "targets", "believes", "expects",
"aims", "intends", "will", "may", "anticipates", "would", "could" or similar
expressions or negatives thereof. Such forward-looking statements involve
known and unknown risks, uncertainties and other important factors beyond
the Company's control that could cause the actual results, performance or
achievements of the Company to be materially different from future results,
performance or achievements expressed or implied by such forward-looking
statements. Such forward-looking statements are based on numerous
assumptions regarding the Company's present and future business strategies
and the environment in which the Company will operate in the future. These
forward-looking statements speak only as at the date of this announcement.
The Company expressly disclaims any obligation or undertaking to disseminate
any updates or revisions to any forward-looking statements contained herein
to reflect any change in the Company's expectations with regard thereto or
any change in events, conditions or circumstances on which any such
statements are based, unless required to do so by applicable law or the AIM
Rules.
ISIN: BM04521V1038
Category Code: DRL
TIDM: ARS
LEI Code: 213800PWJMT1NG28TA88
Sequence No.: 4704
End of Announcement EQS News Service
616517 06-Oct-2017
1: mailto:Oliver.Morse@rfcambrian.com
(END) Dow Jones Newswires
October 06, 2017 06:17 ET (10:17 GMT)
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