International Canalaska (V.ICA) Message Board

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Gold/Mining/Energy : International Canalaska (V.ICA)

ICA 0.567

0.0%

Jul 11 5:00 PM EST

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To: Rocky Portolesi who wrote (622)	10/17/1997 10:25:00 AM
From: Robert Douglas Hickey	of 891

Indonesia Update We had a joint venture partner funding Indonesian exploration, but when the Bre-X thing happened, they suddenly had no money for the projects. That hard fact, combined with the Indonesian government's declaration earlier this year that it was reserving the right to claw back a substantial interest in any mining projects (thereby rending the Canadian explorers uncertain of how much of an interest they could expect to retain) led to our Indonesian projects assuming a back burner position in the portfolio. The aforementioned JV partner has now signed off on the projects, and we have been approached by other parties interested in our results to date, so a new deal may be in the offing. Our own strategy has been to use someone else's money; we always like to do this, but even more so in this situation. To date we have spent $0.00 ICA money on Indonesia, have obtained some promising early results, and continue to hold the properties. Robert Douglas Hickey ICA Director

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