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Asiamet Resources (LON:ARS, CVE:ARS) said it had assembled an experience team to deliver the preliminary economic assessment of the Beruang Kanan Main (BKM) copper deposit in Kalimantan, Indonesia, as it once again confirmed the study would be delivered by the end of the first quarter.
Crucially, the compilers of this independent assessment of the economics and costs involved all have experience of working in the country.
It has hired Hackman Associates to assess the resource, Orelogy to look at mine engineering and provide the costings and analysis of returns and Miller Metallurgical Services to assess the potential of the ore and process methods required.
Chief executive Tony Manini called the preliminary economic assessment (PEA) one of the company’s most important landmark to date.
He added: "Asiamet has assembled a very experienced group of consultants to cover the key areas of study required for the BKM PEA.
“All have previous exposure to Indonesian operating conditions and the availability of local content, services and labour. We are now well underway on some of the longer lead items of the studies and the momentum of activities is accelerating.”
The firm wants to develop an open pit operation, which analysts estimate to have the potential to generate 20,000 tonnes of copper by siting a solvent extraction and electro-winning plant nearby.
BKM is estimated to be host to 887mln pounds, or 402,000 tonnes of copper.
The shares, up 7.2% in the past month, advance a further 1.8% in early afternoon trade to 1.3p.
"We look forward to the PEA providing the first detailed insight into how the company plans to move the BKM project towards production," said the boutique research house SP Angel.