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Int'l Dunlap Minerals - Contracts of Work signed April 28th - Jakarta
Business Wire - April 29, 1997 14:48
FINANCIAL INTERNATIONAL-DUNLAP IDZ NEW-YORK MINING METALS V%BW P%BW
VANCOUVER, BRITISH COLUMBIA--(BUSINESS WIRE)--April 29, 1997-- International Dunlap (VSE IDZ.) Dr. Peter J. Guest reports:
International Dunlap Minerals Corporation ("Dunlap") and joint venture partner Barrick Gold Corporation ("Barrick"), collectively (the "Corporations"), are pleased
to announce that both Contracts of Work ("COWs") have been awarded to the Corporations by the Indonesian Department of Mines and Energy during a
ceremony held on April 28th in Jakarta. The two sixth generation COWs are for the highly prospective Aceh and Flores properties and were signed by Indonesian
joint venture companies ("PMA companies") incorporated by the Corporations.
The ACEH COW covers approximately 144,884 hectares in northwest Sumatra, Indonesia. Dunlap holds a 15 percent carried interest (through to first production,
repayable only with respect to construction costs) in the PMA Company that has entered into the Aceh COW (the "Aceh PMA Company"), with the option to
acquire an additional 18 percent interest in the Aceh PMA Company. PT Mutiara Mitramin, a privately owned Indonesian company, holds a 5 percent carried
interest (through production) in the Aceh PMA Company and the remaining interest is held by a subsidiary of Barrick.
The FLORES COW covers approximately 975,134 hectares on the island of Flores, Indonesia. The Flores COW area is immediately east of Newmont's "Batu
Hijau" porphyry gold-copper deposit and west of the Lerokis volcanogenic gold-copper deposit located on the adjacent islands of the Sunda-Banda Arc. Dunlap
holds a 10 percent interest in the PMA Company that has entered into the Flores COW (the "Flores PMA Company"). PT Mega Citra Garuda, a privately owned
Indonesian company, holds a 5 percent interest in the Flores PMA Company and the remaining interest is held by a subsidiary of Barrick.
The Corporations look forward to working together with Barrick as the operator, towards the aggressive advancement of these two mineral exploration properties.
On behalf of the Board, Peter J. Guest, D.Eng.
President, C.E.O. & a director
The Vancouver Stock Exchange has not reviewed and does not accept responsibility for the adequacy or accuracy of the contents of this news release.
CONTACT: International Dunlap Minerals Corporation
Rose Moon, 604/608-1633
24 hour recorded
shareholder update, 604/608-1633 ext. 241
REPEATS: New York 212-752-9600 or 800-221-2462; Boston 617-236-4266 or
800-225-2030; SF 415-986-4422 or 800-227-0845; LA 310-820-9473
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