( BW)(NP-ENERGY)(NPEC) Indonesian project moves ahead
Business Editors
VANCOUVER--(BUSINESS WIRE)--March 3, 1997--NP Energy Corporation
is pleased to report work progress on the Company's joint venture
property in East Kalimantan, Indonesia. NP Energy Corporation holds
a 20% interest in 12,020 hectares in the volcanic arc area between
the two producing gold mines of Kelian and Mount Muro. Joint venture
partners today approved the exploration package as recommended by P.
T. Bhimaka Handal, geological consulting firm based in Jakarta.
Work is to include detailed mapping, field work by four geologists
and sampling of up to 500 locations. This work is designed to
augment the testing of the seven structural zones as reported May 27,
1996.
On May 27, 1996 the Company announced the start of a $500,000.00
work program designed to test the property for mineral occurrences by
using geological, geochemical and geophysical sampling, testing and
mapping. Initial determinations are that seven structures have been
identified for further sampling along with 3 main drainage systems.
The company has received a highly favorable report from P. T.
Simapertamas' chief geologist.. Recent reports from the Property
indicate that several intrusive dike systems have been located,
mapped and sampled. These systems are known to be related to gold
occurrences in this area. |
