Iriana Resources: Indonesian Contract of Work Signed
Business Wire - February 23, 1998 14:05
%IRIANA-RES. IR. %NEW-YORK %MINING %METALS V%BW P%BW
VANCOUVER, B. C.--(BUSINESS WIRE)--Feb. 23, 1998--IRIANA RES.(TSE:IR) (VSE:IR) Dr. Peter J. Guest reports:
IRIANA RESOURCES CORPORATION ("Iriana") is pleased to announce that a seventh generation Contract of Work
("COW") for the Sentani mineral property was signed on February 19, 1998 by the Indonesian Minister of Mines and Energy,
on behalf of the Government of Indonesia, and a Indonesian joint venture company incorporated by Iriana and its joint venture
partner.
The Sentani COW covers approximately 14,640 hectares in northern Irian Jaya. Iriana holds a 95 percent participating
interest in the Indonesian joint venture company that has entered into the Sentani COW and a privately owned Indonesian
company holds the remaining 5 percent interest. Previous programs conducted on the Sentani COW by U.S. Steel have
outlined a resource of 44.3 million tonnes of ore grading 1.3 percent nickel and 0.11 percent cobalt on this property.
The 30,222 hectare area Ziewa mineral property located in northern Irian Jaya which was previously reported on February
2, 1998 as being the subject of an approved seventh generation COW is, in fact, the subject of an eighth generation COW
Application. Iriana will hold a 95 percent participating interest in this property.
Iriana holds a substantial portfolio of interest in other mineral properties in the Province of Irian Jaya, including a 15 percent
interest in the Cendrawana COW (a sixth generation COW covering approximately 475,548 hectares in northern Irian Jaya),
a 10 percent interest in the Van Daalen COW (a sixth generation COW covering approximately 517,700 hectares in northern
Irian Jaya), a 10 percent interest in the Idenburg COW (a sixth generation COW covering approximately 1,445,000 hectares
in east central Irian Jaya) and a 10 percent interest in the Senggeh COW (a sixth generation COW covering approximately
1.43 million hectares in the north-eastern Irian Jaya). On behalf of the Board
Peter J. Guest, D.Eng., President, Chief Executive Officer and Director
This news release has been prepared by management of Iriana who takes full responsibility for its contents.
CONTACT: Iriana Resources Corporation
Peter J. Guest, 604/608-1633
604/608-6806 (FAX)
24 hour recorded shareholders update available
at 604/608-1633, extension 240 |
