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Gold/Mining/Energy : Indochina Goldfields ltd
ING 24.92-2.2%Oct 31 3:59 PM EST
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To: Damon Pham who wrote (24)8/9/1997 8:32:00 PM
From: Damon Pham   of 109
 
08/08 Indochina Gold - Myanmar -2: Sanctions Won't Hurt Project

VANCOUVER (Dow Jones)--Indochina Goldfields Ltd. (T.ING) said it's committed to supporting its copper mining project in Myanmar.
In a news release, the company said the project won't be "materially
affected by new, selective economic sanctions that the Canadian government has imposed on Myanmar."
The company said the Canadian measures announced Thursday are directed against imports and exports between Canada and Myanmar, which was formerly known as Burma. But it said the Canadian measures don't impose official restraints on capital that is invested in Myanmar to help with the development of the country's economy.
Indochina said the Canadian government isn't suggesting that Canadian businesses " voluntarily" terminate existing agreements covering current investments in Myanmar.
Before it committed itself to investments in Myanmar in 1996, the company said its representatives met with Canadian government officials who never advised the company against investing in Myanmar.
The company said that, over the past four years, it has spent more than $60 million in Myanmar to acquire mineral rights, conduct exploration and begin development of the Monywa copper project, in north-central Myanmar.
Indochina is a mining company.
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