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

To: robnhood who wrote (27738)	2/17/1998 11:32:00 PM
From: alan holman	Read Replies (1) \| Respond to of 28369

Iriana announcement/appointments Reuters Story - February 17, 1998 13:44 %&64 %GDM %CA %RESF IR.TO V%REUTER P%RTR (Full text of press release from Canadian Corporate News) FEBRUARY 17, 1998 Iriana Resources Company Restructuring VANCOUVER, BRITISH COLUMBIA--Mr. Piet Yap, the chairman of the Board of Directors of IRIANA RESOURCES CORPORATION ("Iriana"), is pleased to announce the appointment of Mr. Patrick C. MacCulloch and Mr. John P. Steele to the Board of Directors effective February 9, 1998. These appointments will enhance the Board's technical capability in mineral exploration and its profile with the financial community. Appointment of New Board Members: Patrick MacCulloch's career in the mining industry has spanned forty-five years. His team at Selco Mining, where he served as President and C.E.O., discovered and commissioned five mines. After these successes he became a Director and a Senior Vice President of BP Canada in charge of their Canadian mining operations. Since his retirement in 1988, he has assumed a number of directorships with senior Canadian companies and has chaired a number of directorships with senior Canadian companies and has chaired the Canadian government's Radioactive Waste Disposal Siting Task Force. He has served the mining community in capacities such as a member of the Federal Mines Minister's Advisory Council, a director of the Mining Association of Canada and as the founding Chairman of the Mining Industry Council of Canada. He will provide the Board with specific expertise in corporate governance and the sourcing and evaluation of mineral prospects and joint ventures. John Steele, a geophysicist, has conducted mineral exploration for thirty-one years. This activity has led him to work in over seventy countries. He has worked for Geoterrex, Scintrex and Aerodat, all geophysical contractors, attaining survey management positions with all three. This survey experience was applied in a Staff Geophysicist position with Chevron Minerals and a research position with Aquitaine Company of Canada. Fourteen years ago he moved to Asia to work for Thailand's Department of Mineral Resources. He has retained his interest in that region by operating an exploration management company in Thailand, acting as Manager of Southeast Asia for Yorkton Securities and serving as a Board member of a number of companies with projects in Asia. He is a director of the Prospectors and Developers Association of Canada and acts as co-chairman of their annual convention. He will bring expertise in equity financing, project definition and exploration management to Iriana's Board. Related Events: Mr. Piet Yap, Iriana's Chairman, regretfully has accepted Dr. Peter Guest's resignation from the positions of Director, President and C.E.O. with Iriana effective March 31, 1998. Dr. Guest has guided Iriana from its reorganization in 1996 through to its present position where it has the 6th Generation Cendrawana COW containing gold and copper prospects and the "Siduarsi nickel" prospect, a nickel cobalt laterite resource. The Cendrawana COW is in joint venture with Freeport McMoRan Copper & Gold Inc. ("FCX") under a Letter of Intent announced December 19, 1997 and subject to execution of a Definitive Restructuring Agreement. This joint venture is complimented by Iriana's 95 percent interest in the recently approved and soon to be signed 7th Generation "Sentani" COW containing a nickel cobalt laterite resource. Iriana also holds extensive lands in 6th Generation COW's which are under evaluation for hard rock gold and copper deposits. The Board of Directors is grateful for the contributions of Dr. Guest and wish him success in new ventures he is departing to pursue. Mr. John Elder of Fraser & Beatty, who is based in Toronto, assumed the role of Corporate Secretary on February 9, 1998. Asian Tiger Resources Inc. ("Asian Tiger") of Toronto, which is owned by John Steele has been retained by Iriana to guide its Investor Relations activities. Asian Tiger will work to build investor confidence in the company by managing the company's news and press releases, prepare and present corporate promotional material, organize broker and investor presentations and attend industry trade shows under the guidance of Iriana's C.E.O. Asian Tiger will be paid the sum of $5,000 per month for a commitment of 1/4 of John Steele's time, $500 per day for additional time of Mr. Steele and all out of pocket expenses on a cost plus 25 percent basis. Asian Tiger's term of engagement is for a period of two years and its fees will be paid by Iriana on a monthly basis from its general funds. Iriana is both a TSE and a VSE listed mineral exploration company with extensive exploration permits in Irian Jaya, Indonesia. Iriana is actively exploring for copper-gold porphyry, epithermal gold and laterite nickel projects, several of which are being conducted in joint ventures with Cyprus Amax Indonesia. On behalf of the Board Piet Yap, Chairman This news release has been prepared by management of Iriana who takes full responsibility for its contents. The Toronto Stock Exchange and the Vancouver Stock Exchange have nor reviewed and do not accept any responsibility for the adequacy or accuracy of the contents of this news release. FOR FURTHER INFORMATION PLEASE CONTACT: Iriana Resources Corporation Peter J. Guest (604) 608-1633 (604) 608-1633 extension 240 - 24 hour recorded shareholders update available