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Gold/Mining/Energy : Scorpion Minerals-SCP-T
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To: ricckk who wrote (139)9/11/1997 11:15:00 AM
From: pjd22   of 235
 
Hey ricckk,

Here's some more indo activity. It's nice to see some interest from a larger player for a change. It appears that there is some credibility returning to this area. Let's hope more of ths kind of news starts coming out.

Peter

US$10m Indonesia JV

Indomin Resources Ltd IRL
Shares issued 25,293,366 Sep 10 close $0.87
Thu 11 Sept 97 News Release
Mr Ken McKechnie reports
Subject to any necessary Indonesian regulatory approvals and a 60-day due
diligence period, the company has formed a joint venture with Normandy
Anglo Asian Pte Ltd to finance up to US$10 million in gold exploration in
Indonesia.
Highlights:
Up to US$10 million to be spent by Normandy Anglo Asian Pte Ltd to earn a
51% interest in Indomin's Indonesian gold projects;
Indomin will be operator of the joint venture for the first three years or
until NAAL has earned its 51% interest;
NAAL is jointly owned by Australia's largest gold producer Normandy Mining
Ltd and Minorco, an affiliate of the world's largest gold producer, Anglo
American Corp; and
The Indomin-NAAL joint venture helps re-establish Indonesia as a credible
gold exploration province.
NAAL has agreed to spend up to US$10 million to earn a 51% interest in
Indomin Gold Exploration Ltd, the company's wholly owned subsidiary which
holds all Indomin's Indonesian gold exploration projects in Kalimantan,
Sulawesi and Java.
Indomin will be operator for three years or until NAAL has earned its 51%
interest. When a feasibility is declared, NAAL shall have the right to
acquire up to 70% of that project by paying Indomin a cash sum equal to 10%
of the gold price for NAAL's additional share of the ounces identified as
measured and indicated in an independent feasibility study.
Note: The company relies on litigation protection for "forward-looking"
statements.
(c) Copyright 1997 Canjex Publishing Ltd. canada-stockwatch.com
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