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Waseco Resources is a Canadian junior mining company, previously referred to on the Diadem thread, as Diadem holds 41 % of Waseco shares. However, Waseco has a relatively smaller market cap, and is making significant advances in its Indonesia projects, particularly the Tewah. It is traded on the Canadian Dealing Network, under the symbol WSCO. Waseco trades for about C$1.10, and has 12.8 mill shares. Its projects are exclusively in Indonesia, unlike partner Diadem. I have copied the latest news release from the company, which appears well on its way to becoming a small to intermediate producer. NEWS RELEASE TRANSMITTED BY CANADIAN CORPORATE NEWS FOR: WASECO RESOURCES INC. CANADIAN DEALING NETWORK SYMBOL: WSCO MARCH 24, 1997 Waseco Reports on Tewah Progress SCARBOROUGH, ONTARIO-- WASECO RESOURCES INC. (WSCO.CDN) is pleased to report on the status of its Tewah Project in Central Kalimantan, Indonesia. The property is held under a fourth generation Contract of Work (CoW). Waseco has secured a 40 percent interest in the property and will earn, in total, a 60 percent interest in the property upon completion of the final positive mining feasibility study. To-date, over U.S. $4.6 million has been spent on exploration and engineering on the property. Production grade control and detailed dredge path delineation for the first two operational years has been completed and the requisite environmental impact study is underway. The Company has also completed its world-wide search for appropriate dredges and has identified at least two existing dredges that meet its specifications. Discussions to enter into a long-term leasing contract for a dredge are taking place. Gold production, initially at 30,000 ounces per year, at an operating cost of U.S.$123/oz Au, is scheduled to begin in the fall of 1997. In year two, production will be doubled by the addition of a second dredge, and in year three, production from the terrace resource will be initiated, bringing the total annual production to approximately 100,000 ounces of gold per year. Production will be sustainable at this level for in excess of 14 years. At the present time, the drill indicated river resource is approximately 1 million ounces and the drill indicated terrace resource is 2.4 million ounces. The full drill indicated resource calculation has yet to be completed, as the meanders and point bars along the 168 kilometre Kahayan River remain essentially untested. Follow-up work on recent gold discoveries (announced February 27th and March 5th/97) on the hard rock prospects on the Island of Java is presently in progress and further assay results from surface samples will be released later this week. Waseco is a Canadian exploration company which, in addition to the Tewah Project, holds five hard rock prospects, four of which are on the Island of Java and one on the Island of Kalimantan. Waseco is affiliated with Diadem Resources Ltd. (DIR-ME) which holds approximately 41 percent of the 12,821,614 common shares issued and outstanding and is the operator of the exploration program. BY ORDER OF THE BOARD A.C.A. HOWE, President -30- FOR FURTHER INFORMATION PLEASE CONTACT: Waseco Resources Inc. Richard Williams Secretary and Director (416) 364-3123 (416) 364-5400 (FAX) or Waseco Resources Inc. Mike Bird Vice-President - Asia 011-62-21-252-1093 or Blackwell Investor Relations (416) 869-0632 (416) 364-5400 (FAX) INDUSTRY: MNG SUBJECT: MEX -0- | ||||||||||||||
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