11/8/99 - New Indonesian Structure, Political and Economic Climate in Indonesi
CONSOLIDATED SILVER TUSK MINES LTD ("CKS-V") - New Indonesian
Structure, Political and Economic Climate in Indonesia
The Board of Directors of Consolidated Silver Tusk Mines, Ltd. (CKS) is pleased to announce the following changes that have taken place, and that will continue to have a
positive effect on the Company's mining operations and activities in Indonesia.
New Indonesian Structure
During the first week of November, CKS management re-visited Indonesia and successfully negotiated and executed new
Agreements with the mineral rights owners of the property, PT Karya Bukit Utama (KBU), and the new CKS associate in
Indonesia PT Gading Emas Minerindo (GEM).
CKS has replaced its former Indonesian associate, PT Metro Astatama, with GEM under the new Mineral Operations
Agreement. Robert Needham and William Van der Merwe who were instrumental in the negotiations which resulted in this
Agreement, have ensured a much needed, streamlined control over the mining operations and activities of CKS, through GEM
in Indonesia, as well as most importantly, reducing the outstanding property payments by almost 40% from an original USD$
4,900,000.00 to USD$ 3,000,000.00, effective immediately, which has resulted in a savings of USD$ 1,900,000.00.
This new corporate and contractual structure that CKS management has put into place, will afford shareholders the beet
possible legally sound and controlled position available under current Indonesian law, for the immediate future.
These savings referenced above form part of CKS management's corporate plan to re-structure and eliminate unnecessary and
undesirable overheads. This, together with the appointment of acceptable mine management on site will ensure that the
Company will achieve its goal of entering into production at the mine site prior to year-end.
Political and Economic Climate in Indonesia
Despite the unrest of late in Indonesia, these activities were isolated incidents which had no effect whatsoever on CKS
operations and activities.
The political and economic environment in Indonesia received a positive boost during the month of November, with the
appointment of a new President, Vice-President and cabinet. A positive mood and spirit of cooperation is apparent in
Indonesia, and this will undoubtedly have a pro-active effect on CKS business interests in Indonesia. A full overview on this
subject titled "CIBDO News" can be accessed through the Company's website at www.silvertusk.com.
The Board would like to take this opportunity to thank its loyal shareholders for their continued support. TEL: (561) 883-5728
Mr. William Van der Merwe, Vice President
Finance & Administration TEL: (604) 602-1088
Vancouver Office
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