Subject:
CONTRACT OF WORK SIGNED OVER HALMAHERA
NICKEL PROJECT
Date:
Thu, 19 Feb 1998 09:57:10 -0500
From:
portfolio@newswire.ca
To:
"Portfolio Email User" <portfolio@newswire.ca>
Attention Business Editors:
CONTRACT OF WORK SIGNED OVER HALMAHERA NICKEL PROJECT
A JOINT VENTURE BETWEEN WEDA BAY MINERALS INC. AND P.T. ANEKA TAMBANG
Trading Symbol: ASE - ''WDA''
VANCOUVER, Feb. 19 /CNW/ - Weda Bay Minerals Inc. advises that the
Contract of Work over 120,500 hectares of land in Halmahera on which it has been exploring and evaluating a nickel resource under a Temporary Exploration License was signed with the Government of Indonesia today.
The Contract of Work provides secure tenure over the area together with the rights to undertake exploration, evaluation development and operation of a mining and processing facility. It also provides a firm legal and commercial structure for any future investment.
The Contract of Work is held by the Indonesian operating company P.T. Weda Bay Nickel in which Weda Bay Minerals Inc. 90 percent interest is held by its wholly owned Singapore subsidiary, Strand Minerals (Indonesia) Pte. Ltd.
With the Contract of Work signed, Mr. Clinton, President and CEO stated, ''the company will now move forward expeditiously with development of its major nickel/cobalt resource which will produce annually 30,000 tonnes of nickel and up to 1,500 tonnes of cobalt. The grade, tonnage, metallurgy and logistics of the project will place it in the lowest cost quartile of nickel production''.
By Order of the Board
WEDA BAY MINERALS INC.
-----------------------------
''LOUIS A. CLINTON'', PRESIDENT
The Alberta Stock Exchange has neither approved nor disapproved the
information contained herein.
-0- 02/19/98
For further information: (604) 687-6223 or 1-888-933-2646, Fax (604) 687-8646
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