ATLANTA GOLD CORPORATION/ VOISEY BAY RESOURCES INC. - INDONESIAN OPERATIONS.VANCOUVER, British Columbia--(BUSINESS WIRE)--Feb. 7, 1997-- MONTHLY PROGRESS REPORT, DECEMBER 1996/JANUARY 1997 1. COMPANY RESTRUCTURING restructuring - The transformation from one representation form to another at the same relative abstraction level, while preserving the subject system's external behaviour (functionality and semantics). TO ENHANCE SHAREHOLDER VALUE Mr. Hermann Derbuch, Chairman, President and CEO (1) (Chief Executive Officer) The highest individual in command of an organization. Typically the president of the company, the CEO reports to the Chairman of the Board. of Atlanta Gold Corporation and Voisey Bay Resources Inc. visited Jakarta in December 1996. Introductions were made to the companies' partners and courtesy calls were also made to Government officials, dignitaries and competitor companies in Indonesia. The strategy of the companies in Indonesia was firmly established and the prioritization of work programs and individual projects was carried out. Atlanta Gold and Voisey Bay Resources have also formed strategic alliances with our key partners in Indonesia and we believe we have achieved a "first" by having one of the partners invest into the companies via a private placement. 2. PROJECT ACTIVITIES Berau Project, (KP Joint venture) Field activities commenced on December 11, 1996 when Exploration Manager Stephen Walters, accompanied by four geologists A geologist is a contributor to the science of geology. Geologists are also known as earth scientists or geoscientists. The following is a list of famous or notable geologists. departed Jakarta for Tanjong Redeb in Berau Province, East Kalimantan East Kalimantan (Indonesian: Kalimantan Timur abbrv. Kaltim) is Indonesian province on the east of Borneo island. The resource-rich province has two major cities, Samarinda (the capital and a center for timber product) and Balikpapan (a petroleum center with oil . Access to the project area is by a combination of river and land transport with a journey time of up to two days depending on river conditions. The main objective of the program was to undertake detailed drainage drainage, in agriculture drainage, in agriculture, the removal of excess water from the soil, either by a system of surface ditches, or by underground conduits if required by soil conditions and land contour. sampling, outcrop geochemical sampling and comprehensive geological ge·ol·o·gy n. pl. ge·ol·o·gies 1. The scientific study of the origin, history, and structure of the earth. 2. The structure of a specific region of the earth's crust. 3. A book on geology. mapping within the 4,016 Ha. concession and to locate the source of anomalous a·nom·a·lous adj. 1. Deviating from the normal or common order, form, or rule. 2. Equivocal, as in classification or nature. gold identified from previous surveys. A total of 43 stream sediments, 43 panned concentrates and 20 rock samples were collected and dispatched Dispatched was a Swedish melodic death metal band formed in 1992 by Daniel Lundberg. Their sound is very similar to the older Gothenburg style of early In Flames. Biography Dispatched was formed just before New Year's Eve of 1991 by Daniel Lundberg and Krister Andersson. for analysis. Results are expected in approximately three weeks time. Exploration continued throughout the month of January 1997. There will be a short break in early February due to Ramadan, an important Muslim holiday in Indonesia. Tanjong Satki (KP - Option) Following meetings with the KP owner an "Option Agreement" was signed between Atlanta Gold Corporation and PT Kresna Tambang Sawah, allowing Atlanta the exclusive right to undertake due diligence Research; analysis; your homework. This term has caught on in all industries, because it sounds so "wired." Who would want to do analysis or research when they can do due diligence. See wired. field work for the period up to February 6th, 1997. This Agreement replaces the Joint Venture Agreement between Atlanta Gold Corporation, Indotan and PT. Peripumata announced in the press release dated November 29, 1996. A crew of time Indonesian geologists departed for this area on December 28, 1996. Exploration concentrated on locating a source of the anomalous gold previously identified by Newmont Mining Newmont Mining Corporation NYSE: NEM, based in Denver, Colorado, USA, is one of the world's largest producers of gold, with active mines in, Nevada, Indonesia, Australia/New Zealand, Ghana, and Peru. Some smaller operations include Bolivia, Mexico, and Canada. Corporation and to characterize the area for potential deposit types. Exploration carried on throughout the month of January, and will continue until the 6th of February. 3. PRIORITIZATION OF COMPANIES PROJECTS Currently established priorities of the companies' work programs on the eight Indonesian properties are as follows: Priority 1 Assessing best potential for early success and development of drill targets based on known gold bearing formations, gold in outcrop and previous mining activity. Exploration is in progress. Berau - KP Joint Venture Tanjung Satki - KP (Option for potential JV) Priority 2 Projects where previous surveys have established gold bearing formations on the property with gold in outcrop and past mining activity closeby. Exploration could commence by 2nd quarter 1997. Upper Mahakam Project - CoW Application Saran Project - CoW Application Priority 3 "Grass roots grass roots pl.n. (used with a sing. or pl. verb) 1. People or society at a local level rather than at the center of major political activity. Often used with the. 2. The groundwork or source of something. " projects on favorable fa·vor·a·ble adj. 1. Advantageous; helpful: favorable winds. 2. Encouraging; propitious: a favorable diagnosis. 3. gold bearing geological formations. Commencing by 3rd or 4th quarter 1997. Upper Barito Project - CoW Application NW Kelian Project - CoW Application Melak Project - CoW Application Bayat Project - CoW Application 4. PROPERTY SUBMITTALS - NEW PROJECTS To date twelve new exploration projects from four different sources have been received. Some of these projects have substantial exploration data, while others are more "grass roots". A desk top evaluation of these projects will be undertaken and those with potential and in line with the companies current objectives will be reviewed further. CONTACT: Atlanta Gold Corp. 604/669-0016 or www.atlanta-gold.com or Voisey Bay Resources Inc. 604/689-4766 or 800/579-2266 or www.voiseybay.com |
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