Diadem Receives Confirmation of Two COWs on Belitung Island, Indonesia.TORONTO--(BUSINESS WIRE)--Oct. 15, 1996--DIADEM RESOURCES LTD LTD 1 Laron-type dwarfism 2 Leukotriene D 3 Long-term depression, see there 4. Long-term disability (ME: DIR.) Diadem diadem, in ancient times, the fillet of silk, wool, or linen tied about the head of a king, queen, or priest as a distinguishing mark. Later, it was a band of gold, which gave rise to the crown. In heraldry, the diadem is one of the arched bars that support the crown. Resources Ltd. (DIR.ME) is pleased to announce that the two applications for Contracts of Work ("COW") recently filed with the Indonesian Department of Mines for areas on Belitung Island have now been initialled by the participants. Representatives of the joint-venture partners, 60 percent Bresea Resources Ltd. (BSR BSR Business for Social Responsibility BSR Baltic Sea Region BSR British Society for Rheumatology BSR Bootstrap Router (networking) BSR Bonsoir (French) BSR Bottom-Simulating Reflector .ME); 30 percent Diadem; and 10 percent PT Gunung Ki-kara Mining ("GKM GKM Global Knowledge Management, Inc. "), and the Department of Mines met on October 9, 1996 and formally initialled the Tikus COW (57,850 hectares/143,000 acres) and the Lilangan COW (58,590 hectares/145,000 acres). This means all the parties have agreed to the terms of the COWs. The Indonesian policy of granting permission for foreign companies to explore and mine mineral deposits is called a Contract of Work, which is a binding agreement between the mining company and the Department of Mines. The next and final step requires the Indonesian Parliament and Foreign Investment Board to approve the COW and recommend to the President that the Minister of Mines and Energy formally signs the COW on behalf of the Government. After receipt of such, the President of Indonesia The President of the Republic of Indonesia (Presiden Republik Indonesia) is the Head of State as well as the Head of the Government of the Republic of Indonesia. The History of the Office signs a decree ratifying the COW and instructs the Minister accordingly. The initialling of COWs by the Mines Department is an important event as it confirms title to the property specifying the terms, namely completion of a general survey in one year, exploration in two years, feasibility study The analysis of a problem to determine if it can be solved effectively. The operational (will it work?), economical (costs and benefits) and technical (can it be built?) aspects are part of the study. Results of the study determine whether the solution should be implemented. in one year, plant construction in three years, and license to mine for a subsequent 30 years. Minimum work requirements are necessary and payment of rent and taxes are stipulated. A drilling program has already commenced on the Tikus COW to confirm a polymetallic deposit previously developed for tin and tungsten. Geological mapping and sampling of the known 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. will commence shortly on the Lilangan COW. A bond of US $100,000 has been posted for each COW. CONTACT: Diadem Resources Ltd. A.C.A. (Peter) Howe, 514/228-3401 Mike Bird, 62/21-252-1095 Fenton Scott, 416/512-9490 |
|
||||||||||||||
Printer friendly
Cite/link
Email
Feedback
Reader Opinion