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AsiaMet Resources Financial Update From Flow Comms

V detailed so H1 highlights include:

 

-          Resource expansion programme at BK Main deposit (from KSK cluster) to be completed approximately two months ahead of schedule.

-          Shallow high grade zone discovered which has potential to significantly improve project economics.

-          Results will now be incorporated into a single Resource update to be completed in late September or early October (not two as previously indicated).

-          Discussions progressing regarding partnering or divestment of Jelai epithermal gold asset being pursued (confidentiality agreement signed with one party presently undertaking due diligence).

-          Promising early metallurgical results at BKM for assessing of copper production from application of heap leach SX-EW processing technology (ongoing).

-          KSK Contract of Work – non-binding MOU signed with Government of Indonesia to confirm that CoW is in 5th year of the Exploration stage and as such has a total of +30 years remaining for exploration, development and operations. Confirms long-term tenure, MOU to be formalised and when negotiations complete, amendments will be incorporated into CoW .

-          Jelai gold asset and larger Beutong copper-gold projects: application process  to upgrade both from Exploration to Production Licences likely to take up to a further three months to complete.

 

Further operational goals for H2:

 

-          More drill results from BKM high grade zone.

-          Completion of BKM (BK Main from KSK Cluster) copper resource upgrade

-          Completion of ongoing metallurgical test work to confirm heap leaching as a viable processing methodology for the BKM mineralization.

-          Integrating Resource & metallurgical test work results with mine engineering and associated studies to assess the economic potential of the BKM deposit.

-          Preliminary Economic Assessment is targeted for completion in early 2016.

-          Results of this work will be reported progressively as each component of the studies is completed.

-          Reporting the results of scout drilling at the BK South, BK West and BK Polymetallic targets (all KSK cluster).

-          Finalising amendments to the KSK CoW and completing the conversion of the Beutong and Jelai IUP’s from exploration to production licenses.

-          Securing a suitable partner or acquirer to progress the Jelai gold project.

 

Notification of Options:

Directors to take Options in lieu of fees for 2015Employees have forgone short term incentive bonus payments and accepted frozen / lower salaries in favour of Stock OptionsAs per approved Stock Option Plan Directors granted a total of 6,000,000 Incentive Stock Options and 3,650,000 employees and consultants Options to for a total of 9,650,000Exercisable between August 31, 2015, and August 31, 2020, at an exercise price of C$0.05 per share (approx 2.478p)

 

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