Dunlap Resources - progress report regarding major acquisition in Indonesia; Block-F approval of contract of work in Kalimantan and Teresa Copper project in Chile.VANCOUVER, British Columbia--(BUSINESS WIRE)--Oct. 18, 1996-- Dunlap Resources(VSE See DOS/VSE. VSE - Virtual Storage Extended DLR DLR Dollar(s) DLR Dealer DLR Deutsches Zentrum für Luft- und Raumfahrt (German Aerospace Center) DLR Docklands Light Railway (London, UK) DLR Dynamic Language Runtime .) Dr. Peter J. Guest reports: Indonesian Acquisition: Dunlap Resources Ltd. (the "Company"), announces that it is continuing with its efforts to close its Indonesian major property acquisition (the "Acquisition") previously announced on August 20, 1996. A definitive agreement in respect of the Acquisition was entered into effective as of September 25, 1996 and the Company is awaiting the completion of a regulatory review of the Acquisition. The proposed terms of the Acquisition remain as described in the Company's news release dated October 2, 1996. The Company will proceed to close the Acquisition promptly upon receiving regulatory approval for the Acquisition. Trading in the common shares in the Company was halted, at the Company's request, prior to the opening of trading on August 19, 1996. Trading will resume upon receipt of regulatory approval for the Acquisition. BLOCK "F" KALIMANTAN: On September 20th, 1996 the Vancouver Stock Exchange Vancouver Stock Exchange (VSE) A securities and options exchange in Vancouver, British Columbia, (Canada), specializing in venture capital companies. Vancouver Stock Exchange See Canadian Venture Exchange (CDNX). granted approval of the Company's acquisition from Canarc Resource Corp. of the remaining 50 percent interest (for a total 100 percent interest), in the Block Fatec ("Block F"), Contract of Work (C.O.W.) application. The Company is pleased to announce that on October 9th, 1996, representatives on behalf of the Company and the Director General of Mines for Indonesia initialed the Seventh Generation C.O.W., for Block F, located in Kalimantan. Dunlap has now secured its title to the mineral rights on this C.O.W. The C.O.W. will be forwarded for signing by the Indonesian Parliament as a matter of due course. Once the Seriousness Bond which was previously submitted with the application has been refunded, the Company will commence exploration of the Block F project. TERESA COPPER PROJECT - CHILE: The Company is pleased to announce that it has negotiated a modification to the Option Agreement dated May 17, 1996 entered into with Sociedad de Exploraciones Y Explotaciones Mineras Oregon Limitada ("Oregon Ltda.") by which the Company acquired an option to earn a 100 percent interest in the Teresa Project from Minera Compania Minera Santos Santos (sän`t  s), city (1996 pop. 412,288), São Paulo state, SE Brazil, on the island of São Vicente in the Atlantic just off the mainland. Bahamondes Latorre ("Bahamondes"). The modification provides for an extension until December 17, 1996 on the first option period. On October 17th, 1996, the Company formalized for·mal·ize tr.v. for·mal·ized, for·mal·iz·ing, for·mal·iz·es 1. To give a definite form or shape to. 2. a. To make formal. b. the transfer of the option rights with Bahamondes from Oregon Ltda. to the Company. The extension will provide the Company with the time required to complete magnetic and induced polarization Induced polarization (IP) is a geophysical imaging technique used to identify subsurface materials, such as ore. The method is similar to electrical resistivity tomography, in that an electric current is induced into the subsurface through two electrodes, and voltage is surveys necessary to further define and extend the drill targets. The first phase drilling which has been completed, consisted of 8 Rotary Rotary can refer to:
2. The act of congress of March 2, 1799, s. 64, 1 Story's L. U. S. 630, directs that to ascertain the tonnage of any ship or vessel, the surveyor, &c. of 6.41 million tonnes of pittable, leachable, material at a grade of 0.45 percent copper, (9.0 pounds/tonne) with an estimated total in-ground value of US$57.7 million for the deposit. The geophysical survey 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. will be used to support a proposed second phase detailed RPARC drilling program which in turn will provide a further description of the deposit and establish reliable engineering parameters to allow a pre-feasibility study to be completed. Dunlap Resources Ltd., is a Canadian based exploration company with projects in Indonesia, Chile and Canada (Labrador region). The company is currently investigating the acquisition of additional mineral properties of merit in 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. , Indonesia and Australia. On behalf of the Board, Peter J. Guest, D.Eng. -0- The Vancouver Stock Exchange has not reviewed and does not accept responsibility for the adequacy or accuracy of the contents of this news release. CONTACT: Barrington Communications Group Jill Brand, 604/682-1700 800/663-0321 (FAX) or Dunlap Resources Ltd. Rose E. Moon, 604/608-1633 |
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