TIDMARS
RNS Number : 8012K
Asiamet Resources Limited
18 December 2018
BKM Copper Project BFS Update
Asiamet Resources is pleased to advise that the 4,500 metre
Resource infill and geotechnical drilling program being undertaken
to enhance the Beruang Kanan Main Copper Project ("BKM" or "the
project") bankable feasibility study ("BFS") is well underway with
initial results anticipated shortly.
As previously announced, the planned drilling and associated
study program aims to better optimise the mine design and improve
the overall economics and robustness of the Bankable Feasibility
Study (BFS) for the BKM copper project in preparation for project
financing.
A small group of highly experienced resource, geotechnical and
mine engineering consultants were re-engaged in early November to
oversee the collection, integration and interpretation of the
additional data required to supplement current studies. Along with
these technical consultants an external drilling contractor has
also recently been engaged to fast-track the drilling program.
Asiamet's own two fully-owned drill rigs were mobilised during
late November with a total of four holes (494.6 metres) completed
to 15 December 2018. Core samples have been sent to laboratories
for assaying and a further three drill holes are in progress.
In order to expedite the current drill programme, an additional
two rigs have been sourced from an external contractor with
significant prior experience on the BKM project. Drills have been
mobilised to site and will commence drilling shortly.
Initial drilling is focussed on two key mineralised zones within
and as extensions of the current open pit design as shown in Figure
1 linked below, where an upgrade in Resource confidence from the
Inferred category to the Indicated and Measured category (JORC
2012) is targeted.
Resources upgraded in the current drill program will then be
economically assessed for potential conversion to Ore Reserves.
Increasing Ore reserves available for integration into mine
planning and design optimisation studies is expected to increase
mine life and enhance overall robustness of the project from a
financing perspective.
Link to image of Proposed BKM pit shell with proposed zones for
drilling:
http://asiametresources.com/assets/img/ars2_171218.png
Corporate
In early December, meetings were held with a number of potential
strategic investors and partners in Jakarta. The level of interest
in Asiamet's portfolio of assets remains high and several groups
have signed confidentiality agreements and are actively engaged in
technical due diligence. Discussions with several other parties are
continuing with a view to upscaling diligence activity early in the
new year.
Peter Bird, Asiamet's Chief Executive Officer commented:
"Despite the general poor market sentiment for exploration and
development companies at present, Asiamet believes that it's
portfolio of high-quality assets is significantly undervalued and
the Company remains extremely focussed on progressing the infill
and geotechnical drilling programs required to enhance the economic
robustness of the BKM BFS at a time of compelling near term
supply-demand fundamentals for copper.
This additional piece of study work is expected to significantly
enhance the robustness of the BKM copper project and positively
impact outcomes from both a project financing and strategic
partnering perspective. We look forward to providing results and
further updates from the drilling and study program as the work
programs progress over the coming weeks"
ON BEHALF OF THE BOARD OF DIRECTORS
Peter Bird, Deputy Chairman and CEO
For further information, please contact:
-Ends-
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
Berenberg
Matthew Armitt, Sara MacGrath
Telephone: +44 20 3753 3142
Email: Matthew.Armitt@berenberg.com
Liberum
Clayton Bush, Kane Collings
Telephone: +44 7773 322679
Optiva Securities Limited
Christian Dennis
Telephone: +44 20 3137 1903
Email: Christian.Dennis@optivasecurities.com
This news release contains forward-looking statements that are
based on the Company's current expectations and estimates.
Forward-looking statements are frequently characterised 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 contains inside information as stipulated
under the Market Abuse Regulations (EU) no. 596/2014 ("MAR").
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END
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