LONDON (Alliance News) - Asiamet Resources Ltd on Wednesday said it has started a definition drilling programme on the Beruang Kanan Main copper project in Indonesia ahead of a new resource update for the project expected in the third quarter.
Asiamet said it has started the drilling at the project as part of the feasibility studies for the project. It intends drilling around 110 diamond drill holes in a bid to boost confidence in the resources on the site and get an upgrade on the current inferred resource estimate.
The company also said its financial position has been strengthened after it received around USD1.0 million in refunds from Indonesian tax authorities related to past value-added tax payments.
Asiamet shares were up 5.3% to 2.37 pence Wednesday.
By Sam Unsted; samunsted@alliancenews.com; @SamUAtAlliance
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Asiamet Res (ARS)