ACCESSWIRE

Asiamet Fiscal 2015 Results

ACCESSWIRE

VANCOUVER, BC / ACCESSWIRE / May 3, 2016 / The Asiamet Resources Limited (the "Company" or "ARS") Financial Statements and Management Discussion & Analysis ("MD&A") for 2015 are available for viewing on www.sedar.com or www.asiametresources.com.

The highlights of the Company's activities in the 2015 year are summarized below.

Operations

- Completed the acquisition of a 40% interest (earning to 80%) in the Beutong project located in Aceh Province, Indonesia from Tigers Realm Minerals (ARS News Release January 14, 2015). The Beutong project contains a large NI43-101 compliant copper Resource with accessory gold and molybdenum and has good nearby infrastructure. Beutong provides Asiamet with an opportunity to significantly grow the scale of its copper business going forward.
- An experienced team was established to advance the Company's project portfolio through the exploration and development stages. A core leadership team comprising Tony Manini (Deputy Chairman and Chief Executive Officer), Steve Hughes (Vice President Exploration) and Mansur Geiger (Vice President Indonesia) was appointed on January 12, 2015.
- The BKM copper deposit was expanded in size and the Resource confidence was upgraded (ARS News Release October 21, 2015). Indicated Resources are now estimated at 231 million pounds (105,000 tonnes) of contained copper and Inferred Resources are estimated to contain 657 million pounds (298,000 tonnes) of copper (using a cut-off grade of 0.2% copper).
- A highly positive Preliminary Economic Assessment (PEA) for the development of a medium scale copper mine on the Beruang Kanan Main ("BKM") deposit within the Company's 100% owned KSK CoW property located in central Kalimantan, Indonesia was completed. Results of the PEA study demonstrate excellent potential for developing a robust, low strip ratio, low capital intensity copper project with low operating costs, strong cash flow generation capacity and significant upside potential through further Resource growth. (ARS News Release April 5, 2016).
- $4.3 million (net) was raised from the issue of new equity pursuant to three private placements during the year, each at progressively higher share issue prices.
- Options for advancing the Jelai Gold property in North-East Kalimantan were significantly progressed. An application made to convert both the Jelai and Beutong IUPs from exploration IUPs to production IUPs has been substantially progressed and both are now in the later stages of the approvals process.

Financials

- The Company incurred a loss and comprehensive loss for the year ended December 31, 2015, of $7,421,022 (2014 - $884,912) representing $7,470,845 expenses offset by $49,823 of other items. Of the $7,470,845 expenses, non-cash expenses included $208,300 share-based compensation, $10,548 depreciation and $3,693,127 acquisition costs of the Beutong IUP for net cash expenses of $3,558,870. Of this amount $2,389,472 (67%) was exploration and evaluation expenses and the remaining $1,169,398 general and administrative expenses (33%).
- The Company ended the year with $778,634 cash supplemented by an equity fund raise of £1,500,000 (approximately $2.2 million) closed April 26, 2016. These funds will allow the Company to continue its plans for 2016 without interruption.

and

Recommended Stories