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Gold/Mining/Energy : International Panorama -- Ignore unavailable to you. Want to Upgrade?

To: Bart Hoenes who wrote (210)	4/28/1998 2:34:00 PM
From: ROY SENDELE	Read Replies (1) \| Respond to of 264

International Panorama Resource Corp. Noranda, Phelps Dodge, Panorama in Congo venture By STEPHEN COPLAN NEW YORK - International Panorama Resource Corp., a Vancouver-based miner with interests in the Democratic Republic of Congo, said it has signed on Noranda Inc. and Phelps Dodge Exploration Corp. to investigate and possibly acquire a mining concession in the copper belt near Lubumbashi. Both Noranda and Phelps Dodge, as part of the Kafue consortium, recently pulled out of talks with the Zambian government to buy the Nkana/Nchanga copper mine complex. The companies have signed a letter agreement, Panorama said in a news release, to investigate the viability of the eight Sodimico concession blocks up for international tender in the southeast of the DRC, on the Zambian border, close to the Mufulira smelter and refinery. For Noranda and Phelps Dodge, the move could signal the beginning of a foothold in the rich copper and cobalt region that an interest in Zambia Consolidated Copper Mines Ltd.'s privatized operations would have given them. For Panorama, the arrangement would give the mining company the major partners it has been seeking. "The details of the deal itself are not very significant, but it indicates to the Congolese government that we have some clout, and major North American producers are willing to enter the country, " a spokesman for Panorama said, adding that that Panorama is involved in other projects in the DRC. The companies have started initial investigations of the 36,000-square-kilometer concession area, Panorama said in a release. If an exploration contract is signed, "the parties will enter into a formal agreement for the further exploration and potential development of such concessions." Panorama will have a 5-percent net profit interest and a 10-percent working interest in any joint venture formed if a contract is awarded. Ore grades are not yet available, the Panorama spokesman said, calling the area "virgin territory." Last year, Panorama said it was involved in advanced negotiations with a major mining company to develop its Kakanda copper and cobalt project, but none has been announced. Earlier this year, Panorama downsized its operating plan and plant capacity to produce 1,000 metric tons of cobalt and 9,500 metric tons of copper annually, from 3,500 metric tons. c 1998 Chilton Media Inc. All rights reserved.