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Gold/Mining/Energy : Goldnev Resources (V.GNZ)

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To: Peter K. who wrote ()	10/9/1996 7:50:00 PM
From: P Rochet	of 47

See Latest News COW initialed, Kalimantan, Borneo Goldnev Resources Inc GNZ Shares issued 13,155,114 Oct 8 close $0.34 Wed 9 Oct 96 News Release Mr Michael Pezim reports The company has received notification from Canarc Resource that the Director General of Mines for Indonesia has initialed a seventh generation contract of work applied for by Canarc covering 229,300 hectares in Kalimantan on the island of Borneo. Goldnev and Canarc are 50/50 joint venture partners in the property. Canarc has now secured title to the mineral rights covering the property. The contract of work will now be forwarded for signing by the Indonesian parliament as a matter of due course. Canarc has also applied and received receipts for SIPP's (work permit) on the property. The Director General of Mines indicated that SIPP approvals and the release of the seriousness bond funds of US$1,146,500 will be forwarded to Goldnev over the next few weeks. The property is within the Kalimantan Gold belt and lies 50km northwest of the Mt Muro gold mine and 125km west of the Kelian gold mine. Exploration planning and budgeting are being and a phase I exploration program is anticipated. (c) Copyright 1996 Canjex Publishing Ltd. canada-stockwatch.com

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