Coleville Resources Ltd. Discontinues Discussions with JV Partners.CALGARY, ALBERTA--(BUSINESS WIRE)--June 26, 1997-- Coleville Resources (Alberta Stock Exchange Alberta Stock Exchange See Canadian Venture Exchange (CDNX). :CLL CLL abbr. chronic lymphocytic leukemia CLL, n.pr See leukemia, chronic lymphocytic. CLL 1. Chronic lymphocytic leukemia 2. Cholesterol-lowering lipid .) Coleville Resources Ltd. ("CLL") announced today that it has been advised by its joint venture ("JV") partners in the Ojalali gold and silver prospect located in Sumatra, Indonesia that it is in default of certain payments relating to relating to relate prep → concernant relating to relate prep → bezüglich +gen, mit Bezug auf +acc the JV Agreement. CLL has discontinued dis·con·tin·ue v. dis·con·tin·ued, dis·con·tin·u·ing, dis·con·tin·ues v.tr. 1. To stop doing or providing (something); end or abandon: discussions with its JV partners as a result of the content of a press release dated June 18, 1997 issued by Antares Mining and Exploration Corporation ("ANZ ANZ Australia and New Zealand ANZ Australia and New Zealand Banking Group Limited ANZ Air New Zealand (NZ national airline) "). In this press release, ANZ reported that it had filed a Contract of Work ("C.O.W.") application with the Indonesian Ministry of Mines on June 10, 1997 regarding its 45 percent stake in the property. The press releases further indicated that the third JV partner, P.T. Kurnia Dwipa Kencana ("Kencana"), how holds CLL's interest. The release went on to state that ANZ held a call option to acquire, and that Kencana held a put option to sell, such interest. CLL's discussions with ANZ regarding these matters commenced during the week of June 16, 1997 and were discontinued by CLL only yesterday, June 25, 1997, without reaching a satisfactory agreement. CLL is of the opinion that it is not in breach of any monetary or other material obligations relating to the JV Agreement, that it has fully performed such obligations, that it continues to hold its 45 percent interest in the Ojalali prospect and that neither ANZ nor Kencana is entitled to acquire or dispose of CLL's interest. CLL is currently assessing its legal rights and remedies and expects to issue a further press release within the next ten days. Approved on behalf of the Board of Directors by: "Signed" W.A. Peter Perry Peter Perry (November 14 1792 – August 24 1851) was a businessman and political figure in Upper Canada. He was born in Ernestown, Ontario (now Bath) in 1792. His father was a United Empire Loyalist from Vermont who had served with the Queen's Rangers and Edward , 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. and director NEITHER THE ALBERTA STOCK EXCHANGE NOR ANY OTHER REGULATORY BODY HAS APPROVED OR DISAPPROVED OF THE CONTENTS OF THIS PRESS RELEASE. CONTACT: Silicon Capital Corp. Gerry Belanger, 403/205-3660 stockmkt@cadvision.com |
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