Heres Why..!
South Pacific Resources: Teck and MM Gold Proceed With Mirih
Joint Venture
Business Wire - December 19, 1997 18:54
%SOUTH-PACIFIC SHF. %NEW-YORK %MINING %METALS V%BW P%BW
VANCOUVER, B.C.--(BUSINESS WIRE)--Dec. 19, 1997--South Pacific Resources Corp. (Alberta
Stock Exchange:SHF.) announced that Teck Corporation on behalf of Teck Exploration Ltd. of
Canada and MM Gold Pty. Ltd. of Australia has confirmed its intention to proceed with a joint
venture over the Company's Mirih Project in Indonesia. Teck has today paid the Company
US$100,000 in accordance with the terms of a previously announced Agreement in Principle
concerning the Project.
Teck and MM Gold will be entitled to acquire a 51 percent interest in the Project upon the
expenditure of US$3,000,000 for exploration during the next three years of which US$500,000 is
to be spent in year one, US$1,000,000 in year two and US$1,500,000 by the end of year three.
They will be entitled to increase their interest to 60 percent by the expenditure of a further
US$1,500,000 in year four.
South Pacific currently holds a 90 percent interest in the Mirih 6th Generation Contract of Work
(the "Mirih Project") covering approximately 175,000 hectares in Kalimantan on the island of
Borneo. The area is prospective for the exploration of copper gold porphyry systems. Teck and
MM Gold will manage the Project during the earn-in stage.
The Alberta Stock Exchange has neither approved nor disapproved the information contained
herein.
CONTACT: South Pacific Resources Corp.
Robert Chase, 604/687-5305
604/687-5128 (FAX)
E-mail: spacific@axion.com
Web site: spacific.com |
