TSX Venture Exchange and AIM Symbol: ARS
VANCOUVER, Oct. 12, 2016 /CNW/ - Asiamet Resources Limited
("ARS" or the "Company") is pleased to advise that excellent
progress is being made on the Beruang Kanan Main ("BKM")
feasibility study.
As the detailed Resource evaluation drilling and metallurgical
test work programs are now well advanced (45 holes/4500 metres of
planned, 73 holes/6500 metres completed), the Company is ramping up
the mine engineering and related infrastructure components of the
feasibility study. Australian Mine
Design and Development Pty Ltd ("AMDAD") and PT Ground Risk
Management ("GRM") have recently been engaged to undertake the
mining engineering and geotechnical components of the feasibility
study, respectively.
AMDAD has over the past 27 years completed the engineering
evaluation, planning and development for many highly successful
open pit mine developments in South-east Asia similar to BKM. John Wyche, the principal leading the BKM
engagement has over 30 years of evaluation, development and
operation experience in open-cut and underground mining across more
than 90 projects in Australia, the
South Pacific, South East Asia,
China, North America, Mexico and West
Africa.
AMDAD's scope of work includes open pit optimization, production
rate assessments and development scenario analysis. These
activities will support the strategic project development decisions
being made by the Company in the coming months. More detailed
feasibility study work will build upon these studies as results
from the current exploration program and metallurgical test-work
become available. With improved Resource knowledge, AMDAD will
execute the required work to produce feasibility level pit designs,
waste rock management and dump designs, mining equipment sizing and
selection, mine scheduling, and the estimation of capital and
operating costs for the mine.
The geotechnical program will be led by GRM, a highly
experienced consultancy that has completed over 100 geotechnical
assignments across the Indonesian archipelago in the past eight
years, more than 50 of which have been based in Kalimantan where the BKM copper deposit is
located. Simon Ballantyne, the GRM
principal leading the BKM program, is a recognized industry leader
in the geotechnical field.
GRM will implement a program of data collation, detailed
mapping, geotechnical logging and laboratory testing to develop a
robust geotechnical database for open pit mine engineering
including assessments and recommendations on waste dumps. They will
also provide geotechnical input into the infrastructure location
studies being conducted. With the assistance of site surveys, this
key input will allow the project team to establish an optimal site
layout for the process plant and related infrastructure. GRM
are also assisting with the hydrogeological components of the
feasibility study, working with company personnel and other project
consultants to establish an appropriate groundwater evaluation and
management program.
PT Lorax, engaged for the Environmental, Geoscience and
Hydrology aspects of the feasibility study (as per ARS Press
Release on 7 July 2016), has recently
completed field activities for the dry season flora and fauna
survey and the dry season aquatic ecology study. The rock
geochemical characterization program, also being led by PT Lorax,
has continued with static tests for acid rock drainage ("ARD") and
metal leaching ("ML") evaluations progressing as planned. Results
from 77 samples collected during August will underpin the data
analysis for this key aspect of the feasibility study.
Tony Manini, Asiamet's Chief
Executive Officer commented:
"The BKM feasibility study represents the most important
pre-development de-risking phase for the project, the outcomes of
which will be used by a wide range of stakeholders, including
investors, financiers, government regulators and local communities,
to assess the project's technical, financial, environmental and
social viability. In order to ensure we meet or exceed the
expectations of our key stakeholder groups it is critically
important that all parts of the feasibility studies are completed
to high industry standards. Securing the services of such highly
experienced consultants for these key areas further strengthens the
first-class team we have already assembled to deliver the BKM
feasibility study and we look forward to reporting results of the
various programs as they become available"
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
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.
SOURCE Asiamet Resources Ltd