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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 (27757)	2/23/1998 10:31:00 PM
From: alan holman	Read Replies (1) \| Respond to of 28369

INDO METALS LTD. ANNOUNCES INDONESIAN GOVERNMENT SIGNS INDO METALS' 7TH GENERATION CONTRACT OF WORK VANCOUVER, Feb. 23 /CNW/ - INDO METALS LTD. Trading Symbol: IOM.V Indo Metals announces that on February 19th, the Indonesian government signed the 7th Generation Contract of Work (CoW) pertaining to the west Ambon and Haruku portion of its Maluku Joint Venture property. The lands included within the new CoW include 9,207 hectares on Haruku Island, and 34,550 hectares on west Ambon Island. Jim Clucas, President, said today: ''I am delighted that the government of Indonesia has signed into law this Contract of Work as it now enables us and our partners to proceed with an aggressive exploration program, including drilling. We are confident that drill-testing of the numerous silver-rich, polymetallic and porphyry style targets identified to date will bring additional positive results.'' The Maluku Joint Venture properties consist of over 100,000 hectares held in part by the signed 7th Generation CoW covering Haruku Island and west Ambon Island and in part by applications for 8th Generation CoWs covering Nusa Laut and Saparua Islands and portions of Ambon Island. The properties are held under an agreement with Ingold Holdings Indonesia Inc., a wholly owned subsidiary of Inco Limited (Inco) of Toronto, Canada. The agreement grants Indo Metals the right to earn a 49 percent interest in Inco's 85 percent interest in the Maluku properties. P.T. Aneka Tambang, a state-owned Indonesian mining company and minority owner in the Maluku properties, has a 15 percent interest in the Maluku Joint Venture. On Behalf of the Board of Directors James D. Clucas, President The Vancouver Stock Exchange has not reviewed and does not accept responsibility for the adequacy or accuracy of this news release.