Hi ricckk,
Update on recent press releases. Keep an eye on this one as it and others Indonesian exploration companies like BNO.V, ISX.V, SCP.V, PCR.V and SHF.V might get some play as I sense there is a shift to more promotion happening.
These companies have been waiting for the BRE-X fallout to diminish before releasing news and these companies are also waiting for 7th generation C.O.W.'s which should be announced in the not too distant future.
Peter
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Multiple carried interests in Indonesian gold properties to be acquired
Insular Explorations Ltd ISX
Shares issued 13,132,662 Aug 27 close $0.23
Tue 2 Sept 97 News Release
Mr Jamie MacIntosh reports
The company has signed an agreement to acquire a 95% interest in each of
four private Indonesian companies which hold the minority interests in up
to 34 Indonesian mineral exploration properties. This signals a new
direction for Insular which up to now has been exploring for gold in
Indonesia. Insular will become the Indonesian partner for all of these
properties, holding a 10% or 15% carried interest in each property.
The three sixth generation contracts of work (COW) and 27 applications for
seventh generation COWs are held by the PTCOs under the common leadership
of Mr Anwari Arnowo. Mr Arnowo, Insular's Indonesian partner on the two
applications for seventh generation COWs currently held by Insular, is a
prominent Indonesian businessman with extensive mining industry
involvement.
Among the key property interests in the portfolio are: a 10% interest in
Borneo Gold's Tanah Laut property (held by PT Aurum Tanah Laut), a 15%
interest in Scorpion Minerals' Sampanahan property (held by PT Scorpion
Sampanahan), and a 15% interest in South Pacific Resources' Masuparia
property (held by PT Pasifik Masao Mineral). Gold mineralization has been
identified on all three properties.
Insular will issue shares to acquire the 95% interests in the PTCOs. The
number of shares to be issued will be based on an independent valuation of
the property interests held by the PTCOs and the market price of Insular's
shares prior to this announcement.
The agreement is subject to: independent evaluations of all properties, and
VSE and shareholder approval.
(c) Copyright 1997 Canjex Publishing Ltd. canada-stockwatch.com |
