Another COW in Indonesia.
Iriana Resources - Contracts of Work Signed April 28th - Jakarta
Business Wire - April 29, 1997 15:29
FINANCIAL IRIANA-RESOURCES IR NEW-YORK MINING METALS V%BW P%BW
Iriana Resources Corporation ("Iriana") and its joint venture partners Barrick Gold Corporation ("Barrick"), Cyprus Amax Indonesia Corp. ("Cyprus"), and Battle
Mountain Gold Company ("Battle Mountain"), collectively (the "Corporations"), are pleased to announce that five 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 COWs have been signed by
Indonesian joint venture companies ("PMA Companies"), incorporated by the Corporations and relate to the following prospective areas: The Iriana COW (which
consists of the Cendrawana, Koada, Seiwa and Wapoga Blocks) covers a total of approximately 1,610,890 hectares in northern Irian Jaya. Iriana holds a 15
percent carried interest (through to completion of a bankable feasibility study) in the PMA Company that has entered into the Iriana COW, (the "Iriana PMA
Company"), with the option to acquire an additional 10 percent interest. A privately owned Indonesian company, holds a 5 percent carried interest (through to
completion of a bankable feasibility study) in the Iriana PMA Company and the remaining interest is held by a subsidiary of Battle Mountain; The Idenburg COW
covers approximately 932,731 hectares in central eastern Irian Jaya. Iriana holds a 10 percent carried interest (through to first production, repayable only with
respect to construction costs) in the PMA Company that has entered into the Idenburg COW (the "Idenburg PMA Company"), with the option to acquire an
additional 15 percent in the Idenburg PMA Company. A privately owned Indonesian company holds a 5 percent carried interest (through to production) in the
Idenburg PMA Company and the remaining interest is held by a subsidiary of Barrick; The Van Daalen COW covers approximately 533,000 hectares in north
central Irian Jaya. Iriana holds a 10 percent carried interest (through to first production, repayable only with respect to construction costs) in the PMA Company
that has entered into the Van Daalen COW (the "Van Daalen PMA Company"), with the option to acquire an additional 15 percent interest in the Van Daalen PMA
Company. A privately owned Indonesian company holds a 5 percent carried interest (through to production) in the Van Daalen PMA Company and the remaining
interest is held by a subsidiary of Barrick; The Ransiki COW covers approximately 955,500 hectares in northwestern Irian Jaya. Iriana holds a 10 percent carried
interest (through to first production, repayable only with respect to construction costs) in the PMA Company that has entered into the Ransiki COW (the "Ransiki
PMA Company"), with the option to acquire an additional 15 percent interest in the Ransiki PMA Company. A privately owned Indonesian company holds a 5
percent carried interest (through to production) in the Ransiki PMA Company and the remaining interest is held by a subsidiary of Barrick; and The Bonggo
Senggeh COW covers approximately 1,418,000 hectares in the northeastern coast of Irian Jaya. This COW is divided into two blocks, the Bonggo Senggeh West
block and the Senggeh East block. Iriana holds a 10 percent interest in Bonggo Senggeh West block (through to completion of a bankable feasibility study) and an
option to acquire a further 15 percent interest in the Bonggo Senggeh West block. A privately owned Indonesian company holds a 5 percent carried interest
(through to completion of a bankable feasibility study) in the Bonggo Senggeh West block and the remaining interest is held by Cyprus. Iriana holds a 12.5 percent
carried interest in the Senggeh East block (through to completion of a bankable feasibility study), with the option to acquire up to an additional 15 percent and a
further 18.5 percent coupled with expenditures of US $1.85 million on the Senggeh East block. A privately owned Indonesian company holds a 5 percent carried
interest (through to production) in the Senggeh East block and the remaining interest is held be held by Cyprus. Iriana looks forward to working with its highly
regarded and reputable joint venture partners on the aggressive expeditious advancement of these mineral exploration properties located in Irian Jaya, Indonesia.
On behalf of the Board,
Peter J. Guest, D. Eng. President, Chief Executive Officer and director
This news release has been prepared by management of Iriana who takes full responsibility for its contents. The Toronto Stock Exchange and the Vancouver Stock
Exchange have not reviewed and do not accept responsibility for the adequacy or accuracy of the contents of this news release.
CONTACT: Iriana Resources Corporation
Rose Moon, 604/608-1633
24 hour recorded
shareholder update, 604/608-1633 ext. 240
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