Asiamet seeks additional suspension of Jelai IUP exploration
Wednesday, June 1 2016 - 04:39 AM WIB
TSX-listed Asiamet Resources Limited said it has requested an additional one year suspension of the Jelai IUP exploration, East Kalimantan, to ensure continuity of title during the IUP conversion process.
The company said in a statement on Monday that the Jelai IUP would otherwise expire on June 2, 2016.
Asiamet has been progressing the conversion of the Jelai Izin Usaha Pertambangan (Jelai IUP mining business license) (100% indirect interest) from an IUP exploration to an IUP production.
Asiamet said it is actively engaged in providing and presenting the required documentation to various Indonesian government departments including the Ministry of Energy and Mineral Resources and is in the latter stages of this process.
?Approval of the IUP production would secure long term mining title valid for 20 years, extendable for two subsequent periods each of 10 years duration,? the company said.
According to Asiamet website, the holder of the Jelai IUP is PT Jelai Cahaya Minerals (JCM). A wholly-owned subsidiary of the company, 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