Business
Statement re Feasibility Study Initiated
Statement re Feasibility Study Initiated.
About this update from Asiamet Resources Limited
[{"type":"text","content":"\n Statement re Feasibility Study InitiatedAsiamet Strengthens Finances and Initiates BKM Feasibility Study VANCOUVER, British Columbia, May 25, 2016 (GLOBE NEWSWIRE) -- Asiamet Resources Limited (\"ARS\" or the \"Company\") is pleased to announce that it has commenced a Resource definition drilling program at the Beruang Kanan Main (\"BKM\") copper deposit in Central Kalimantan, Indonesia as part of the BKM Feasibility Studies. The Company plans to drill approximately 110 diamond drill holes totaling 9,000 meters to significantly enhance Resource confidence and upgrade a majority of the current Inferred Resource of 49.7million tonnes grading 0.6% Cu containing 657 million pounds of copper at 0.2% reporting cut, to the Measured and Indicated Resource categories. Indicated Resources at BKM currently contain 231MIbs in 15.0M tonnes grading 0.7% Cu at a 0.2% reporting cut. Only Measured and Indicated Resources can be considered for conversion to Mineable Ore Reserves in the Feasibility Study. Results will be reported progressively as they become available and an updated Resource estimate is expected before the end of Q3, 2016.Additional work programs also being initiated as part of the Feasibility Studies include:geotechnical drilling to define pit-slope stability and aid open pit mine designlarge diameter (PQ) drilling to collect samples from across and through the deposit for detailed metallurgical test work and mine waste characterization studies.detailed metallurgical studies comprising short and long column leach tests on a suite of representative mineralized composites to determine optimum copper recoveries, assess deposit variability and provide inputs into the mine and process plant design;environmental and water resources studies and permitting applicationsAsiamet also advises that following on from a recently completed private placement of GBP1.5m (approximately CAD 2.7m), the Company's financial position has been further strengthened by the receipt of tax refunds totaling approximately USD1.0m from the Indonesian Government tax department. The refunds relate to tax payments (VAT) made by the Company for various goods and services in the years 2006, 2007, 2013 and 2014. Payments were received on April 26 and May 19, 2016, respectively. The Company is now in a sound financial position to significantly ...