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Gold/Mining/Energy : BRE-X,BSR,ORL,CME,TGC,BYG,CVL,PCR,CBJ,EMT,SPQ,MSM,IRL,NC.

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To: Dav!d who wrote (122)	3/24/1997 3:33:00 PM
From: Wayne Whalen	of 130

IRL COWs SIGNED: March 24, 1997 Drilling To Start At Busang North - Drilling To Start At Busang North Chuck Forrest, Vice President, Corporate Development of Indomin Resources Ltd. announces officials at the Indonesian Mines Department informed Indomin management in Jakarta that President Suharto has approved the Company's four Sixth Generation Contracts of Work (CoW). Arrangements for the official ceremony marking this approval are to be announced this Wednesday. Mr Kenneth McKechnie, Chairman and CEO of Indomin welcomed the announcement, saying that it justifies Indomin's long held confidence in the CoW system. "Throughout the Bre-X saga we have maintained our position that the integrity of the CoW system has not been in question and that the Government of Indonesia would honour its commitments to those companies with initialled contracts. It has just been a question of time and patience. It is our view that the Indonesian Mines Department was faced with a very difficult situation not of its own making and that given the complexity of the issues involved it is not surprising that it has taken some time for them to be resolved. It is important to remember that the Bre-X question was the first significant problem for the Government arising from a CoW in the thirty year history of foreign investment in the Indonesian mining industry. Indomin has been scrupulous in abiding by the terms of the SIPP (preliminary prospecting permit) which was granted over our Busang North CoW pending signature. We have used the delay in signature of the CoW to refine existing drilling targets and to develop new ones. With our contracts signed, we will now go ahead with drilling at Busang North," said Mr McKechnie. TEL: (416) 955-9535 Chuck Forrest, Vice President Corporate Development ______________________________________ (c) Corporate Dissemination Services Inc. All rights reserved. Tel:(604) 689-1101 Fax:(604) 689-1106 RapidFAX (tm) - To get the NEWS as it happens, call (604) 689-3041. This release processed by Canstock at 11:19:40 Pacific Time \|Front Page\| \|Portfolio\| \|Charts\| \|Quotes\| \|News\| \|Market Review\| \|Do

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