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Gold/Mining/Energy : BRE-X, Indonesia, Ashanti Goldfields, Strong Companies.
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To: Gene Poule who wrote (25641)6/20/1997 12:06:00 PM
From: alan holman   of 28369
 
MINORCO ENTERS EXPLORATION AGREEMENT WITH TVI PACIFIC IN THE PHILIPPINES

LONDON, U.K., June 20 /CNW/ - Minorco is pleased to announce its wholly
owned subsidiary, Minorco Exploration (Philippines) Inc., has signed a letter
of intent with TVI Pacific Inc (`TVI') regarding TVI's interest in the North
Sierra Madre and South Sierra Madre Financial or Technical Assistance
Agreement (`FTAA') application areas in Luzon, northern Philippines.
The letter of intent entitles Minorco to earn a 51 per cent equity
increase in each of the FTAA application areas upon the initial expenditure of
US dollars 2.5 million in North Sierra Madre.
During the term of the agreement Minorco will be the operator of the
project and design and conduct an exploration program for these areas which
are believed to be prospective for copper and gold.
Upon Minorco earning a 51 per cent interest in any FTAA, TVI has the
right to elect to contribute to further evaluation/pre-feasibility
expenditures pro rata (49 per cent.)
Should TVI not elect to contribute, Minorco may elect to continue
continue expenditure up to an additional dollars 3 million on either area and
thereby earn an 80 per cent equity interest in the relevant FTAA.
The agreement with TVI is subject to a right of first refusal in favour
of Echo Bay Mines Limited (`Echo Bay') and to concluding definitive
documentation.
TVI has notified Echo Bay of this agreement and Echo Bay has 30 days in
which to match the terms of Minorco's offer.

-30-

For further information: Nick Von Schirnding, Investor Relations Manager, Minorco UK tel: 0171 404 2060

This press release concerns more than one organization.
To view releases from one of these organizations, please select from below.
TVI PACIFIC INC.
MINORCO EXPLORATION INC.
MINORCO
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