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Attention Business Editors:
WEDA DAY MINERALS INC. ANNOUNCES PROGRESS REPORT ON
THE HALMAHERA LATERITIC DRILLING
A JOINT VENTURE BETWEEN WEDA BAY MINERALS INC. (90%)
AND P.T. ANEKA TAMBANG (10%)
VANCOUVER, Oct. 3 /CNW/ - Weda Bay Minerals Inc.
TRADING SYMBOL: ASE - ``WDA''
- The Government of Indonesia's Parliament has recommended the 7th
Generation Contracts of Work to the President for his approval. It is the
Corporation's expectation that the Contract will be signed by the end of 1997.
- It is anticipated that the joint venture agreement with P.T. Aneka
Tambang will be signed on the return of their senior management to Jakarta
from their worldwide presentations concerning their upcoming public share
offer.
- Resource drilling at Area 1, Uni-Uni Hill and Tarzan Hill is complete
and is now proceeding at Sake River and Jira River utilising four drill rigs.
- At the end of September, 73 of a planned 159 holes had been completed
at Sake River. Laterite thickness of around 10 metres in this area is proving
to be up to 3 metres thicker than other areas drilled.
- Initial assays received from the first thirteen reconnaissance holes
at Jira River East confirm the elevated cobalt levels of approximately 0.2%,
as previously reported.
- Assays on the initial grid drilling at Jira River should be available
by late October. The grid drilling at Jira River East will be completed by
the end of November and final results expected by early January, 1998.
- Inferred resources now total 25.2 million dry tonnes of 1.54% nickel
and 0.08% cobalt, an increase of 11.8 million tonnes since July 25. These
resources are calculated using a cut off grade of 1.0% nickel and a specific
gravity of 1.1.
------------------------------------------------------------------------
Prospect Dry Tonnes Ni% Co%
------------------------------------------------------------------------
Area 2 3,173,000 1.80 0.08
Uni-Uni Hill 5,068,000 1.58 0.08
Tarzan Hill West 7,517,000 1.45 0.08
Tarzan Hill East(x) 6,261,000 1.51 0.09
Sake River Main(xx) 2,853,000 1.50 0.06
Sake River South(xx) 373,000 1.63 0.05
------------------------------------------------------------------------
Total 25,245,000 1.54 0.08
------------------------------------------------------------------------
(x) Assays for an additional 15% of the area of Tarzan Hill are
pending
(xx) Drilling is in progress
- The overburden above the inferred resources in minimal and includes
2.4 million tonnes of 0.80% nickel and 0.17% cobalt.
- Drilling by the Corporation is still on line to define an inferred
resource in excess of 50 million tonnes by year end. This resource forms part
of a much larger potential within the Corporation's exploration holdings of
120,500 hectares.
By Order of the Board
WEDA BAY MINERALS INC.
---------------------------
LOUIS A. CLINTON, PRESIDENT
The Alberta Stock Exchange has neither approved nor disapproved the
information contained herein.
-30-
For further information: Louis A. Clinton (604) 687-6223 or 1-888-933-2646, Fax: (604)
687-8646
WEDA BAY MINERALS INC. has 8 releases in this database.
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