Asiamet Fiscal 2015 Results

For Immediate Release TSX Venture Exchange


3 May, 2016 and AIM

Vancouver, British Columbia Symbol:  "ARS"

Asiamet Fiscal 2015 Results

The Asiamet Resources Limited (the "Company" or "ARS") Financial Statements and Management Discussion & Analysis ("MD&A") for 2015 are available for viewing on or .  

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


  • 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.


  • 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.

Attached are the audited Consolidated Statements of Financial Position, Consolidated Statements of Comprehensive Loss, Consolidated Statements of Cash Flows, Consolidated Statements of Changes in Equity (the "Financial Statements") of the Company for the fiscal year ended December 31, 2015.

Operations Plan - 2016


The 2016 program will focus on long lead time items for the bankable feasibility studies and exploration and resource drilling to increase potential mine life at BKM including:

  • Additional drilling for metallurgy samples. Stage 3 short and long column copper leach and variability test work
  • Infill drilling to upgrade part of the BKM Resource to measured and indicated confidence levels with the aim of demonstrating a +10 year life
  • Environmental Impact Assessment for a potential mine development
  • Pre-feasibility study level project option analysis, optimisation of the various inputs to further enhance project economics, and value engineering studies
  • Further exploration work on high potential prospects BKS, BKW and BKZ where excellent targets for additional copper mineralization nearby BKM are demonstrated by strong surface and scout drilling results returned to date


PT EMM is continuing to progress approval of an IUP Production license for the Beutong Project. Upon receipt of the IUP Production the Company intends to re-activate field programs aimed at extending near surface Resources and progressing development of the project.


JCM is continuing to progress approval of the IUP Production for the Jelai Project while simultaneously engaging with potential partners for the project.


On April 28, 2016, Doris Meyer was re-appointed as the Company's Chief Financial Officer in addition to her role as Corporate Secretary. 


Tony Manini, Deputy Chairman and CEO

For further information please contact:


Tony Manini
Deputy Chairman and CEO, Asiamet Resources Limited
Telephone: +61 3 8644 1300

FlowComms Limited
Sasha Sethi
Telephone: +44 (0) 7891 677 441
Email: /

Asiamet Resources Nominated Adviser
RFC Ambrian Limited
Andrew Thomson / Oliver Morse
Telephone: +61 8 9480 2500
Email: /

VSA Capital Limited
Andrew Raca / Justin McKeegan
Telephone: +44 20 3005 5004 / +44 20 3005 5009

Optiva Securities Limited
Christian Dennis
Telephone: +44 20 3137 1903

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.

ASIAMET RESOURCES LIMITED (formerly Kalimantan Gold Corporation Limited)

(expressed in United States dollars, unless otherwise noted)

December 31,
December 31,
Current assets
Cash$  778,634$  30,382
Receivables and other assets99,91111,740
Non-current assets
Security deposit92,37420,960
Prepaid acquisition costs-13,618
TOTAL ASSETS $  1,062,718$  177,542
Current liabilities
Trade and other payables$  349,243$  278,299
Non-current liabilities
Provision for employee service entitlements42,37722,466
Shareholders' equity (deficit)
Share capital5,706,7411,674,842
Equity reserves29,967,93925,777,467
Non-controlling interest(7,028)-
TOTAL LIABILITIES AND EQUITY $  1,062,718$  177,542

ASIAMET RESOURCES LIMITED (formerly Kalimantan Gold Corporation Limited)

(expressed in United States dollars, unless otherwise noted)

  For the year ended
December 31,
December 31,
Accounting and audit$  62,166$  56,940
Consultants and shared office costs860,707194,787
Directors fees-3,500
Exploration and evaluation expenditures, net6,093,147437,235
Investor relations10,1672,206
Management fees earned-(47,388)
Office and administrative services25,90814,888
Share-based compensation208,300102,222
Telephone and communications1,2121,526
Transfer agent, filing and exchange fees112,05286,608
Travel and accommodation78,0202,742
Other items
Foreign exchange gain (loss)(6,760)(3,821)
Taxation recovery56,393-
Gain (loss) on sale of equipment40(1,877)
Interest income1501,382
#REF! $  (7,421,022)$  (884,912)
Loss attributable to:
Equity holders of the parent(7,421,022)(884,912)
   $  (7,421,022)$  (884,912)
Basic and diluted loss per common share$  (0.02)$  (0.01)
Weighted average number of shares outstanding461,838,631171,407,156

ASIAMET RESOURCES LIMITED (formerly Kalimantan Gold Corporation Limited)

(unaudited - expressed in United States dollars, unless otherwise noted)

   For the year ended
December 31,
December 31,
Cash provided from (used for):
Operating activities
#$  (7,421,022)$  (884,912)
Adjustment for non-cash items:
Exploration and evaluation expenditures acquired3,693,127-
Gain (loss) on sale of equipment(40)1,876
Share-based compensation208,300102,222
Unrealized foreign exchange loss (gain)16,315(6,617)
Changes in non-cash working capital:
Government deposit-36,110
Receivables and other assets(82,087)256,720
Trade and other payables34,682(428,359)
Provision for employee service entitlements19,911(155,070)
Investing activities
Beutong acquisition transaction costs(41,467)(13,618)
Purchase of equipment(1,465)-
Proceeds on sale of equipment-733
Financing activities
Share issues4,518,876-
Share issue costs(223,548)-
Effect of foreign exchange on cash-6,320
Increase (decrease) in cash 732,130(943,082)
Cash, beginning of the year 30,382973,464
Cash acquired on acquisition of subsidiary 16,122
 Cash, end of the year   $  778,634$  30,382

ASIAMET RESOURCES LIMITED (formerly Kalimantan Gold Corporation Limited)
CONSOLIDATED statementS of changes in equity (DEFICIT)

(unaudited - expressed in United States dollars, unless otherwise noted)

    Attributable to equity holders of the parent   
  Number of shares Share capitalEquity reservesDeficitTotalNon-controlling interestTotal
Balance, January 1, 2014 171,407,156$  1,674,842$  25,675,245$  (26,690,620)$  659,467$  -$  659,467
Share-based compensation--102,222-102,222-102,222
Loss and comprehensive loss
  for the year
Balance, December 31, 2014 171,407,156$  1,674,842$  25,777,467$  (27,575,532)$  (123,223)$  -$  (123,223)
Share issues - consideration shares171,407,1561,714,0721,590,418-3,304,490-3,304,490
Warrant issues - consideration warrants--414,253-414,253-414,253
Share issues231,782,7592,317,8272,201,049-4,518,876-4,518,876
Warrant issues - brokers--123,730-123,730-123,730
Share issue costs--(347,278)-(347,278)-(347,278)
Share-based compensation--208,300-208,300-208,300
Acquisition of a subsidiary----(7,028)(7,028)
Loss and comprehensive loss for
  the year
Balance, December 31, 2015 574,597,071$  5,706,741$  29,967,939$  (34,996,554)$  678,126$  (7,028)$  671,098

This announcement is distributed by NASDAQ OMX Corporate Solutions on behalf of NASDAQ OMX Corporate Solutions clients.

The issuer of this announcement warrants that they are solely responsible for the content, accuracy and originality of the information contained therein.

Source: Asiamet Resources Limited via GlobeNewswire