Canarc Acquires Major Land Holding in Kalimantan, Indonesia.VANCOUVER, BRITISH COLUMBIA--(BUSINESS WIRE)--Feb. 27, 1996--Canarc Resource Corp. (CCM-TSE) announces that it has acquired one of the largest mineral land holdings on the island of Kalimantan, Indonesia. Fifteen separate Contract of Work applications totalling 2.2 million hectares (see table below) have been receipted by the Indonesian government for Canarc, an area comparable in size to the State of Massachusetts. All fifteen C.O.W. applications lie within the Central Kalimantan Central Kalimantan (Indonesian: Kalimantan Tengah often abbreviated to Kalteng) is a province of Indonesia, one of four in Kalimantan - the Indonesian part of the island of Borneo. Its provincial capital is Palangkaraya. The province has a population of 1. Gold Belt (see map attached) that encompasses the 30 million+ oz. Busang discovery of Bre-X, the 5 million+ oz. Kelian mine of CRA See Community Reinvestment Act. , the 2 million oz. Mt. Muro mine of Aurora Aurora, cities, United States Aurora (ərôr`ə, ô–). 1 City (1990 pop. 222,103), Adams and Arapahoe counties, N central Colo., a growing suburb on the east side of Denver; inc. 1903. , and several other active gold projects. Canarc has formed 50/50 joint ventures on ten C.O.W.'s with five mineral exploration companies to date who have advanced U.S.$8.3 million to the Indonesian government in order to meet the "Seriousness Bond" requirement of U.S.$5.00 per hectare hectare (hĕk`târ, –tär), abbr. ha, unit of area in the metric system, equal to 10,000 sq m, or about 2.47 acres. . An additional U.S.$3.0 million is due within 5 business days on the other five C.O.W.'s. Canarc continues to seek joint venture partners on the remaining five Contracts. Once the C.O.W.'s are formally approved and signed within the next six months, the joint venture companies will receive full refunds on their bond funds. The companies have also agreed to pay a portion of Canarac's costs. Canarac will be the initial Operator of the joint ventures. A finder's fee Finder's fee A fee a person or company charges for service as an intermediary in a transaction. finder's fee The charge levied by a person or firm for putting together a deal. is payable by Canarc on a portion of these transactions. Canarc and its joint venture partners anticipate receiving the Director General of Mines' preliminary "approval in principle" on the twelve C.O.W.'s within the next two weeks. Each of the Contract areas was chosen for its regional geologic 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. similarities to other gold deposits in the belt, and the proximity of gold workings in alluvial deposits alluvial deposit Material deposited by rivers. It consists of silt, sand, clay, and gravel, as well as much organic matter. Alluvial deposits are usually most extensive in the lower part of a river's course, forming floodplains and deltas, but they may form at any point . Further information regarding the geologic potential and proposed work programs on these properties will be released once 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. reports have been completed. "Canarc's fifteen Contracts of Work in Kalimantan give the Company excellent potential for new gold discoveries through one of the largest land positions straddling strad·dle v. strad·dled, strad·dling, strad·dles v.tr. 1. a. To stand or sit with a leg on each side of; bestride: straddle a horse. b. the Central Kalimantan Gold Belt. Given the recent world-class gold discovery by Bre-X at Busang, we plan an aggressive exploration program in 1996 with our joint venture partners to search for other large gold deposits within the belt", stated Bradford Cooke, President of Canarc. Canarc Resource Corp. is a growth-oriented international gold exploration and mining company with active projects in North, Central and South America South America, fourth largest continent (1991 est. pop. 299,150,000), c.6,880,000 sq mi (17,819,000 sq km), the southern of the two continents of the Western Hemisphere. . Major shareholders include Barrick Gold Barrick Gold Corporation TSX: ABX NYSE: ABX is the largest pure gold mining company in the world, with its headquarters in Toronto, Ontario, Canada; and four regional business units (RBU's) located in Australia, Africa, North America and South America. Corp. (4 percent) and Echo Bay Mines Ltd. (10 percent). -0- CANARC'S CONTRACT AREAS AND BOND REQUIREMENTS Kalimantan Gold Belt, Indonesia
AREA BOND AMOUNT
COMPANY NAME C.O.W. NAME (Hectares) (U.S.$)
Atec "A" 82,810 $ 414,050
Batec "B" 98,160 490,800
Kafus Capital Corp. Catec "C" 25,940 129,700
Greystar Resources Ltd. Datec "D" 39,800 199,000
NCC Mining Corp. Eatec "E" 24,090 120,450
Fatec "F" 37,070 185,350
Mount Wright Iron
Mines Company Ltd. Gatec "G" 213,200 1,066,000
Hatec "H" 229,300 1,146,500
Mount Wright Iron
Mines Company Ltd. Jatec "J" 165,200 826,000
Katec "K" 159,400 797,000
Greystar Resources Ltd. Matec "M" 285,800 1,608,000
Greystar Resources Ltd. Natec "N" 225,000 1,125,000
Reclamation Management
Ltd. Oatec "O" 206,400 1,032,000
Greystar Resources Ltd. Patec "P" 252,600 1,276,000
Reclamation Management
Ltd. Qatec "Q" 189,200 946,000
Total 2,233,970 $11,361,850 NOTE: Location map available from the Company at the phone number listed above. CONTACT: Canarc Resource Corp. Robert Carriere, 604/685-9700 |
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