Colony Reports Third Quarter Results for the Nine Months Ended July 31, 1996.VANCOUVER, British Columbia--(BUSINESS WIRE)--Sept. 27, 1996-- COLONY PACIFIC EXPLOR.(TSE See Tokyo Stock Exchange. TSE 1. See Tokyo Stock Exchange (TSE). 2. See Toronto Stock Exchange (TSE). : CYX) FINANCIAL RESULTS Revenues for the third quarter were $157,000 compared to 1995 third quarter revenues of $45,000. Included in the current quarter's revenue is a gain of $101,000 realized on the sale of the working interest in the Blue Moon Property to Westmin Resources Limited. Improved oil prices on slightly lower production volumes resulted in an 11 percent increase in oil and natural gas revenues. Interest income increased in the third quarter due to higher cash balances during the quarter. Increased production costs and general and administration costs were partially offset by foreign exchange and other gains. The higher general and administration costs are the result of refocusing Noun 1. refocusing - focusing again focalisation, focalization, focusing - the act of bringing into focus the Company on its Indonesian Joint Venture with Inco. Net income for the third quarter was $57,000 versus $20,000 in the prior year's quarter. The year to date net income is $1,000 (0.0 per share) versus a loss of $59,000 (0.4 per share) in the 1995 period. During the quarter Colony sold its 100 percent working interest in the Blue Moon Property and purchased a 10 percent Net Profits Interest in Blue Moon, repaid the debentures owed to Westmin Resources Limited and completed a private placement with Inco Limited. At July 31, 1996 Colony was debt free and held $1,229,000 in cash and cash equivalents. COLONY-INCO INDONESIAN JOINT VENTURE Compilation of existing data on the Karang, Gedang and Ranau properties was completed during the quarter. Exploration work consisting of airborne geophysical surveys Geophysical survey refers to the systematic collection of geophysical data for spatial studies. Geophysical surveys may use a great variety of sensing instruments, and data may be collected from above or below the Earth's surface or from aerial or marine platforms. , stream sediment sampling, reconnaissance geological mapping and prospecting will begin upon receipt of the required approvals from the Government of Indonesia. In August, an independent engineering group completed an on site review of the Joint Venture properties at Colony's request. This review further confirms the significant geological potential of the Joint Venture properties which cover approximately 5,000 square kilometres Square kilometre (U.S. spelling: square kilometer), symbol km², is a decimal multiple of the SI unit of surface area, the square metre, one of the SI derived units. 1 km² is equal to:
n. A usually arc-shaped chain of volcanoes located on the margin of the overriding plate at a convergent plate boundary. volcanic arc of the Indonesian archipelago Archipelago (ärkĭpĕl`əgō) [Ital., from Gr.=chief sea], ancient name of the Aegean Sea, later applied to the numerous islands it contains. The word now designates any cluster of islands. . The properties contain several areas with porphyry Porphyry, Greek scholar Porphyry (pôr`fĭrē), c.232–c.304, Greek scholar and Neoplatonic philosopher. He studied rhetoric under Cassius Longinus and philosophy under Plotinus. copper-gold and gold mineralization Mineralization The process by which the body uses minerals to build bone structure. Mentioned in: Rickets mineralization, n the bioprecipitation of an inorganic substance. and alteration together with strong untested stream sediment geochemical anomalies. The properties are underlain un·der·lain v. Past participle of underlie. by intrusives similar to those associated with major porphyry deposits such as the Grasberg deposit (2 billion tonnes grading 1.2 percent copper and 1.2 g/t gold) and the Batu Hijau deposit (800 million tonnes grading 0.57 percent copper and 0.48 g/t gold). Colony's participation in this major new exploration effort represents an extraordinary growth opportunity for its shareholders. Working with Inco, one of the most experienced explorers and mine operators in Indonesia, gives Colony a considerable advantage. The Joint Venture has an area of mutual interest over the entire island of Sumatra and Colony and Inco continue to evaluate additional properties for acquisition in one of the world's premier geological environments. CONTACT: Colony Pacific Explorations Ltd. Pierre Lebel, 604/689-5797 604/687-4030 (Fax) |
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