Asiamet doubles stake in Beutong copper-gold project for A$4.375m
Source - SMW
Asiamet said Monday it had exercised its option agreement with PT Media Mining Resources to increase its stake in PT Emas Mineral Mumi to 80% from 40% for A$4.375m.
The company had increased its stake in PT Emas Mineral Mumi by acquiring the remaining 50% of Beutong Resources Pte Ltd, owner of the Beutong Copper-Gold Deposit, that it did not already own.
The Beutong Copper-Gold Deposit is held under a mining business license for production operations, providing 20 years of licence tenure which may be extended twice, each for a period of 10 years, totalling 40 years.
This is the key licence required to advance the Beutong project to the development stage. Beutong resources contain 2.4Mt of copper, 2.1Moz of gold and 20.6Moz of silver on 100% basis, Asiamet said.
'Achieving this major milestone doubles the Company's attributable contained metal inventory in Beutong to 1.92Mt copper, 1.68Moz gold and 16.48Moz silver,' said Peter Bird, Asiamet's Chief Executive Officer.
'The deposit remains open both laterally and at depth with recent drilling at Beutong East hole BEU0900-08 extending mineralisation beyond the current Resource envelope and terminating, due to rig depth capacity, in mineralisation grading 1.14% Cu.'