Colony Sells Blue Moon Property to Westmin.VANCOUVER, British Columbia--(BUSINESS WIRE)--May 16, 1996--COLONY PACIFIC (TSE See Tokyo Stock Exchange. TSE 1. See Tokyo Stock Exchange (TSE). 2. See Toronto Stock Exchange (TSE). : CYX) Colony Pacific Explorations Ltd. (CYX-TSE) has agreed to sell the Blue Moon property to Westmin Resources Limited (WMI-TSE:VSE See DOS/VSE. VSE - Virtual Storage Extended ) for Cdn.$1,000,000 plus a 10 percent Net Profits Interest. The transaction is subject to any regulatory approvals which may be required. The sale of the Blue Moon property will enable Colony to focus on its Indonesian exploration and development venture with Inco, announced earlier this week. This new initiative will see Colony acquire an option to earn a 100 percent interest in the Kareng and Gedang properties by funding the first US$12 million of exploration and development over a four year period. After Colony After Colony is the collective name for works related to the Mobile Suit Gundam Wing anime series, which first aired in 1995. The name comes from the name of the calendar used within the fictional universe, with After Colony 001 (AC 001) corresponding to the construction exercises its option, Inco will have the right to re-acquire a 60 percent interest in the properties by funding the next US$30 million on exploration and development work. The Kareng and Gedang properties, located in the southern portion on the island of Sumatra in Indonesia, cover approximately 3,000 square kilometres and 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 in Indonesia 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). CONTACT: Colony Pacific Explorations Ltd. Pierre Lebel, 604/689-5797 604/687-4030 (Fax) or Colony Pacific Explorations Ltd. Charlene Parisotto, 604/689-5797 604/687-4030 (Fax) |
|
||||||||||||||
Printer friendly
Cite/link
Email
Feedback
Reader Opinion