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Gold/Mining/Energy : Borneo Gold (VSE:BNO)

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To: DanL. who wrote (195)	9/30/1997 1:35:00 PM
From: pjd22	of 233

Hi Dan, Latest Press release Contracts of work recommended for approval Borneo Gold Corporation BNO Shares issued 28,600,000 Sep 29 close $2.13 Tue 30 Sept 97 News Release Mr Francis Manns reports The legislative council of Indonesia has recommended that three of the company's 7th generation contract of work applications, which have been agreed to in principle by the Indonesian government, be approved for signing by the president of Indonesia. Once the 7th generation CoWs have received final presidential approval, which the company presently expects to be in the late fall, the company will incorporate three Indonesian subsidiaries which will then each enter into a final signed 7th generation CoW with the government of Indonesia. The company will have a 90% interest in each of these subsidiaries. The three CoW applications recommended for approval cover the company's Bunut area in West Kalimantan, Tanah Laut Timur area in South Kalimantan and the North Rumah area in Central Kalimantan. The company has withdrawn its 7th Generation Kahayan CoW application as work programs conducted in the Kahayan area under a temporary exploration permit indicated the area does not appear to be prospective for mineral deposits and did not merit further exploration work. The company prefers to focus its exploration spending on its other projects which have indicated encouraging exploration potential. The company will also be aggressively evaluating new gold exploration projects in Indonesia which are presently coming available from companies withdrawing from their Indonesian programs. In addition to the above 7th Generation CoW applications, Borneo Gold has a 90% interest in a signed 6th Generation Tanah Laut CoW area in South Kalimantan. (c) Copyright 1997 Canjex Publishing Ltd. canada-stockwatch.com

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