Inmet and Teck,main partners of Adrian in Petaquilla project are
postponning for the time being the development of the deposit,putting
in question the economical value of the site due to the fall in price
of copper;more details on this subject in the Financial Post Dec/18/96
ANCOUVER, Dec. 13, 1996 - Adrian Resources Ltd. (``Adrian'') reports that it has completed its review of a feasibility
study prepared by Teck Corporation on Adrian's Petaquilla Property. Adrian's advisors, Fluor Daniel Wright Ltd., Bunting
Warburg Inc. and Yorkton Securities Inc., also reviewed the study.
Pursuant to the arrangements under which Teck could earn an interest in the Petaquilla Property, Teck was obliged first to
deliver a final feasibility study by November 29, 1996 and then make a production commitment by February 29, 1997. After
the thorough review by Adrian and its advisors, it is apparent that the study is incomplete and not in compliance with existing
arrangements. As a consequence, Teck has not fulfilled the first requirement to acquire one half of Adrian's interest in the
Petaquilla Property.
Adrian remains fully committed to the development of the Petaquilla Property, the centerpiece of the world class Petaquilla
Mineral district. Fluor Daniel Wright Ltd. is in the process of detailing a programme of additional exploration and development
work on the Petaquilla Property to complete the feasibility work begun by Teck. Adrian will consult with Inmet Mining
Corporation, its partner in Petaquilla, regarding the advancement of the project.
Adrian is pleased to report that ``Ley Petaquilla,'' the contract law governing development of the Petaquilla Property, has been
approved by the Panamanian Cabinet and Controller General and has been submitted to the Panamanian Senate for legislative
approval. Adrian is grateful for the continued support of its development of Petaquilla by the Government of Panama.
On behalf of the Board of Directors of
ADRIAN RESOURCES LTD.
"Chet Idziszek" |
