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Gold/Mining/Energy : BRE-X, Indonesia, Ashanti Goldfields, Strong Companies. -- Ignore unavailable to you. Want to Upgrade?

To: alan holman who wrote (27706)	2/2/1998 10:33:00 PM
From: alan holman	Respond to of 28369

International Dunlap: Indonesian Contract of Work Business Wire - February 02, 1998 15:09 %INTERNATIONAL-DUNLAP IDZ. %NEW-YORK %MINING %METALS V%BW P%BW VANCOUVER, British Columbia--(BUSINESS WIRE)--Feb. 2, 1998-- International Dunlap (VSE:IDZ.) Dr. Peter J. Guest reports: International Dunlap Minerals Corporation ("Dunlap") is pleased to announce that it has been advised by the Indonesian Department of Mines and Energy that President Suharto has approved the signing of a seventh generation contract of Work ("COW") by an Indonesian foreign investment company ("PMA Company") currently being incorporated by Dunlap and its joint venture partner in respect of the Sikalangan mineral exploration properties in Indonesia. The Sikalangan COW will cover approximately 140,000 hectares in southwest Kalimantan, Indonesia. Dunlap will hold a 95 percent interest in the PMA Company that will enter into the Sikalangan COW and a privately owned Indonesian company, will hold a 5 percent interest in the PMA Company. Dunlap and its joint venture partner are currently making the required filings with the Indonesian Ministry of Justice and foreign investment authorities to incorporate the PMA Company and it is anticipated that the PMA Company will be incorporated and enter into the COWs within two weeks. Dr. Peter J. Guest, President and Chief Executive Officer of Dunlap, today said: "We are extremely pleased by the Indonesian government's announcement that the COW for the Sikalangan will be entered into soon. The signing of this COW will give Dunlap secure legal title over a highly prospective area. A COW is a legally binding agreement between a PMA Company and the government of Indonesia which appoints the PMA Company as the exclusive contractor to explore for minerals in the contract area, to develop and mine any mineral deposits found in the contract area, to process, refine, store and transport all minerals extracted from the contract area and to market and sell products extracted from the contract area both inside and outside of Indonesia. The COW system is designed to ensure that future government regulations do not change the legal rights and obligations (including taxation and royalty provisions) of a PMA company. Dunlap also holds interests in several other mineral properties in Indonesia, including a 95 percent interest in the highly prospective Aceh COW (a sixth generation COW covering approximately 144,884 hectares in northern Sumatra), and a 95 percent interest in the Flores COW (a sixth generation COW covering approximately 1.2 million hectares on Flores Island) and a 93 percent interest in the Wae Dara KP (a Kuasa Pertambangan a mining authorization covering approximately 2,733 hectares in north western Flores Island). On behalf of the Board Peter J. Guest, D. Eng. President, Chief Executive Officer and director The Vancouver Stock Exchange has not reviewed and does not accept any responsibility for the adequacy or accuracy of the contents of this news release. CONTACT: International Dunlap Minerals Corporation Peter J. Guest, 604/608-1633 24 hour recorded shareholder update, 604/608-1633 ext. 241