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ATLANTA GOLD AND VOISEY BAY
OPERATIONS
MONTHLY PROGRESS REPORT, DECEMBER 1996/JANUARY 1997
1. COMPANY RESTRUCTURING TO ENHANCE SHAREHOLDER VALUE
Mr. Hermann Derbuch, Chairman, President and CEO of Atlanta Gold
Corporation and Voisey Bay Resources Inc. visited Jakarta in December
1996. Introductions were made to the companies' partners and courtesy
calls were also made to Government officials, dignitaries and competitor
companies in Indonesia. The strategy of the companies in Indonesia was
firmly established and the prioritization of work programs and
individual projects was carried out. Atlanta Gold and Voisey Bay
Resources have also formed strategic alliances with our key partners in
Indonesia and we believe we have achieved a "first" by having one of the
partners invest into the companies via a private placement.
2. PROJECT ACTIVITIES
Berau Project, (KP Joint venture)
Field activities commenced on December 11, 1996 when Exploration Manager
Stephen Walters, accompanied by four geologists departed Jakarta for
Tanjong Redeb in Berau Province, East Kalimantan. Access to the project
area is by a combination of river and land transport with a journey time
of up to two days depending on river conditions. The main objective of
the program was to undertake detailed drainage sampling, outcrop
geochemical sampling and comprehensive geological mapping within the
4,016 Ha. concession and to locate the source of anomalous gold
identified from previous surveys. A total of 43 stream sediments, 43
panned concentrates and 20 rock samples were collected and dispatched
for analysis. Results are expected in approximately three weeks time.
Exploration continued throughout the month of January 1997. There will
be a short break in early February due to Ramadan, an important Muslim
holiday in Indonesia.
Tanjong Satki (KP - Option)
Following meetings with the KP owner an "Option Agreement" was signed
between Atlanta Gold Corporation and PT Kresna Tambang Sawah, allowing
Atlanta the exclusive right to undertake due diligence field work for
the period up to February 6th, 1997. This Agreement replaces the Joint
Venture Agreement between Atlanta Gold Corporation, Indotan and PT.
Peripumata announced in the press release dated November 29, 1996.
A crew of time Indonesian geologists departed for this area on December
28, 1996. Exploration concentrated on locating a source of the anomalous
gold previously identified by Newmont Mining Corporation and to
characterize the area for potential deposit types. Exploration carried
on throughout the month of January, and will continue until the 6th of
February.
3. PRIORITIZATION OF COMPANIES PROJECTS
Currently established priorities of the companies' work programs on the
eight Indonesian properties are as follows:
Priority 1 Assessing best potential for early success and
development of drill targets based on known
gold bearing formations, gold in outcrop and
previous mining activity. Exploration is in
progress.
Berau - KP Joint Venture
Tanjung Satki - KP (Option for potential JV)
Priority 2 Projects where previous surveys have established
gold bearing formations on the property with gold in
outcrop and past mining activity closeby.
Exploration could commence by 2nd quarter 1997.
Upper Mahakam Project - CoW Application
Saran Project - CoW Application
Priority 3 "Grass roots" projects on favorable gold bearing
geological formations. Commencing by 3rd or 4th
quarter 1997.
Upper Barito Project - CoW Application
NW Kelian Project - CoW Application
Melak Project - CoW Application
Bayat Project - CoW Application
4. PROPERTY SUBMITTALS - NEW PROJECTS
To date twelve new exploration projects from four different sources have
been received. Some of these projects have substantial exploration data,
while others are more "grass roots". A desk top evaluation of these
projects will be undertaken and those with potential and in line with
the companies current objectives will be reviewed further. |
