Asiamet: Conversion of Beutong, Jelai IUPs near completion
Friday, August 26 2016 - 07:47 AM WIB
TSX-listed Asiamet Resources Ltd said that despite significant delays in the conversion of the Beutong IUP and Jelai IUP mining business permits into IUP production permits, the company now expects the government of Indonesia to soon issue the IUP production permits for both mining projects, which respectively are located in Aceh and East Kalimantan provinces.
?Conversion of both the Beutong IUP and Jelai IUP has been significantly delayed due to changes to the regulatory process and the responsible regulatory bodies and personnel within the Government of Indonesia, however the process is now nearing completion and a decision on the grant of an IUP production for both projects is expected shortly,? Asiamet said in a statement Thursday.
According to Asiamet website, the holder of the Beutong IUP is PT Emas Mineral Murni (PT EMM), which is owned 80 percent by Beutong Resources Pte Ltd. (Beutong Singapore), which in turn is owned 50 percent by Tigers Copper Singapore No. 1 Pte Ltd. (Tigers Singapore), a 100 percent subsidiary of Asiamet Resources Limited. Therefore, Asiamet holds an effective 40 percent interest in the Beutong gold mining project, in Aceh Province. PT Media Mining Resources (PTM) owns the remaining 20 percent of the shares of PT EMM.
Meanwhile, the holder of the Jelai IUP is PT Jelai Cahaya Minerals (JCM). A wholly-owned subsidiary of Asiamet, KLG Singapore Private Limited (KLG SING) holds 99.3 percent of the shares of JCM. The remaining 0.7 percent continues to be held for the benefit of Asiamet by the same two nominee shareholders who previously held 100 percent of JCM.
The Jelai Project consists of low-sulfidation epithermal gold-silver mineralization hosted by the northerly-striking and steeply west-dipping, Mewet, Sembawang, Lipan and Nyabi vein systems. Gold bearing-shoots are formed in these veins where intersected by secondary veins that strike northeasterly and dip steeply towards the northwest. Some of the gold bearing-shoots are open at depth. A total of 140 diamond drill-holes for a total of 16,813 meters have been completed in three drill-campaigns from 1997 to 2012.
Editing by Reiner Simanjuntak