Last checked at 18 Dec 2018 08:13
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 BirdDeputy Chairman and CEO, Asiamet Resources LimitedTelephone: +61 3 8644 1300Email: peter.bird@asiametresources.com
Tony ManiniExecutive Chairman, Asiamet Resources LimitedTelephone: +61 3 8644 1300Email: 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").