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Asiamet to raise £6M to fund definitive feasibility study at BKM copper project

Asiamet Resources Ltd. intends to raise gross proceeds of £6 million at 4.3 British pence per share, it said Aug. 11.

The company will use the proceeds for completion of the definitive feasibility study for the BKM copper project, drilling of high priority targets close to the BKM deposit and drilling to expand the Beutong porphyry copper-gold-molybdenum deposit.

Optiva Securities ltd. is acting as broker for the placing.

In late-June, the resource estimate for the BKM deposit, part of the company's KSK Contract of Work in Kalimantan, Indonesia, increased to measured and indicated resources of 49.2 million tonnes at 0.70% copper containing 711.3 million pounds of copper, at a 0.2% copper cutoff grade.