Asiamet Resources Limited ("ARS" or the "Company") is pleased to advise that, with the receipt of the outstanding consideration of USD700,000, it has completed the sale of its Jelai IUP to Ship Ocean Lte for USD800,000. The Jelai IUP is currently in the process of being converted from an IUP Exploration to an IUP Production. Ship Ocean Lte will acquire the property from Asiamet and assume full responsibility for the ongoing processing of the Jelai IUP. Conversion of an IUP is an intensive process that consumes considerable time and resources and Asiamet is very pleased to now be in a position to re-direct these resources towards advancing its core KSK and Beutong projects.
Significant progress has also recently been made on the Beutong IUP exploration to production conversion. After completing a review of the Beutong IUP Production application documents, the Indonesian Ministry of Energy and Mineral Resources ("ESDM") requested further revisions to be made. The requested documents and revisions included additional maps, modifications to the economic model, clarification on concentrate refining and conversion of the Beutong Resource model to comply with Indonesia's resource code "Komite Cadangan Mineral Indonesia" or Kode-KCMI 2011 ("KCMI"). The company engaged GEOMINE Mining and Geotechnical Consultants ("GEOMINE") to assist with the Resource model update. GEOMINE engineers have significant experience in the mining sector both nationally and internationally covering underground and open pit operations across most commodities. Australian Mine Design and Development Pty Ltd ("AMDAD") were also engaged to complete additional refinements to the mine engineering and related infrastructure components of the study, based on GEOMINE's revised Resource model. All of ESDM's revisions have been completed and the GEOMINE Competent or Qualified Person signed off on the study documents on March 6, 2017. All documents were re-submitted to ESDM on the same day. ESDM officials have advised that the updated documents will be reviewed and followed up with a PLENO session / presentation tentatively set for early May. ARS understands that this is the final requirement prior to grant of the Beutong IUP Production license.
Peter Bird, Asiamet's Chief Executive Officer commented:
"Asiamet is very pleased to have completed the sale of its Jelai IUP to local Indonesian interests at a satisfactory valuation. The conversion to an IUP Production is an intensive, time consuming process and we are now able to free up valuable resources and re-direct efforts towards progressing important government requirements and community engagements for our core KSK and Beutong projects. We are also pleased with the recent progress made to advance the IUP conversion for Beutong towards completion and understand that we are now in the final stages of the conversion process. Asiamet looks forward to providing further updates as additional information is received"
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
Peter Bird, Managing Director and CEO
For further information, please contact:
Managing Director and CEO, Asiamet Resources Limited
Telephone: +61 3 8644 1300
Executive Chairman, Asiamet Resources Limited
Telephone: +61 3 8644 1300
Telephone: +44 (0) 7891 677 441
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
VSA Capital Limited
Andrew Raca / Justin McKeegan
Telephone: +44 20 3005 5004 / +44 20 3005 5009
Telephone: +44 20 3137 1903
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").