Erin to resume Yugoslavian operations
Erin Ventures Inc
EV
Shares issued 21,611,450
2000-10-13 close $0.29
Monday Oct 16 2000
News Release
Mr. Blake Fallis reports
The corporation intends to resume operations on its Piskanja
Borate property, located in Yugoslavia, as soon as it is
feasible to do so. This is in light of the fact that sanctions
imposed against the Republic of Yugoslavia by the
government of Canada have been lifted.
The corporation has recently received correspondence from
its Yugoslavian joint venture partner, Elektroprevreda Serbia
(EPS), expressing its desire for the prefeasibility drilling on the
Piskanja property to restart as soon as it is feasible to do so.
Erin and EPS operate jointly via Ras Borati, a Yugoslavian
exploration company co-founded by Erin and EPS. The Ras
Borati joint venture agreement allows for an automatic
contract extension in the event that certain conditions arise,
outside the control of Ras Borati, which hamper the progress
of the work program. In light of the recent wars and economic
sanctions in Yugoslavia which impeded operations, Erin and
EPS have agreed to such an extension to the joint venture
agreement. The operations of the joint company Ras Borati
can continue as soon as all requisite updated documentation
is filed, and permits are renewed with the proper Yugoslavian
authorities. Further development on this property does
depend upon Erin securing additional financing or arranging
for other parties to participate in and/or finance such
development. There is no assurance that that such
arrangements can be secured, however, Erin is working
diligently on obtaining such financing.
Recent site inspections of the Piskanja Borate property, by
representatives of Erin Ventures, have confirmed that the
boron property itself, along with the corporation's drilling
equipment and administrative, technical and on-site storage
facilities remain secure, intact and in working order. The
surrounding local infrastructure required for continuation of
the planned exploration program is also intact and functioning,
which should allow for a relatively problem-free restart to the
prefeasibility drilling. |
