Indomin Resources Limited - Pulau Maya Gold Exploration commences.TORONTO--(BUSINESS WIRE)--April 14, 1997--Indomin Resources Li (VSE See DOS/VSE. VSE - Virtual Storage Extended :IRL 1. (jargon, chat) IRL - In real life. Generally synonymous with f2f. 2. (language, robotics) IRL - Industrial Robot Language. .) The directors of Indomin Resources Limited (IRL.V) and Jonpol Explorations Limited (JON.T) are pleased to announce that Stage 1 exploration will commence at the end of April on the Pulau Maya gold exploration project in West Kalimantan West Kalimantan (Indonesian: Kalimantan Barat often abbreviated to Kalbar) is a province of Indonesia. It is one of four Indonesian provinces in Kalimantan, the Indonesian part of the island of Borneo. Its capital city Pontianak is located right on the Equator line. , Indonesia. The proposed 1997 exploration program comprises two stages aimed at identifying gold mineralisation associated with domes of the Sukadarna Granite intruding calcareous calcareous /cal·car·e·ous/ (kal-kar´e-us) pertaining to or containing lime; chalky. cal·car·e·ous adj. sedimentary rocks (Geol.) See See also: Sedimentary within a granted 15,810ha KP (Mining Licence) on the island of Pulau Maya. An airborne magnetic survey flown last year by Indomin identified a large ring-shaped magnetic anomaly Magnetic Anomaly may refer to:
adj. 1. also met·a·mor·phous Of, relating to, or characterized by metamorphosis. 2. Geology Changed in structure or composition as a result of metamorphism. Used of rock. effects where the granite intrudes the calcareous sedimentary rocks and that the source of the gold may be skarn skarn In geology, a metamorphic zone developed in the contact area around igneous rock intrusions when carbonate sedimentary rocks are invaded by and replaced with chemical elements that originate from the igneous rock mass nearby. mineralisation associated with these effects. The potential skarn gold targets are close to the alluvial gold occurrences under shallow swamp and alluvial cover in the north-eastern part of the island. Stage 1 of the program comprises: A review of previously flown aeromagnetic data to better differentiate parts of the anomaly associated with potential skarn mineralisation. 1,400 metres of six-inch Bangka drilling (140 holes) through superficial cover to basement to determine the extent and possible source of the alluvial gold occurrences. Stage 1 is budgeted to cost $US302,929 and will take from April to October to complete. If successful, a Stage 2 exploration program would be undertaken during November and December of 1997, comprising 10,000 metres of rotary air blast drilling of targets identified by coincident maximum detrital de·tri·tus n. pl. detritus 1. Loose fragments or grains that have been worn away from rock. 2. a. Disintegrated or eroded matter: the detritus of past civilizations. gold concentration associated with calcareous basement and the aeromagnetic anomaly. Under the terms of the Pulau Maya joint venture, Jonpol is earning a 45 percent interest in the project by spending $Can1 million on exploration over two years. Indomin received 500,000 common shares in Jonpol when the joint venture was signed in October 1996. When Jonpol earns its interest, the equity in the project will be Indomin 45 percent, Jonpol 45 percent, PT Arafura Dinamika Mining (PTADM) 10 percent. PTADM, a company associated with Indomin affiliate PT Indo Mineratama, is the registered holder of the Pulau Maya KP. -0- CAUTIONARY STATEMENT This News Release includes certain "forward looking statements" within the meaning of Section 21E of the United States Securities Exchange Act of 1934, as amended. All statements, other than statements of historical fact, included in this release, including, without limitation, statements regarding potential 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 reserves, exploration results, and future plans and objectives of Indomin Resources Limited, are forward-looking statements that involve various risks and uncertainties. There can be no assurance that such statements will prove to be accurate, and actual results and future results and future events could differ materially from those anticipated in such statements. Important factors that could cause actual results to differ materially from Indomin Resources Limited's expectations are disclosed under the heading "Risk Factors" and elsewhere in documents filed from time to time with 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). , the United States Securities and Exchange Commission and other regulatory authorities. All subsequent written and oral forward-looking statements attributable to Indomin Resources Limited or persons acting on its behalf are expressly qualified in their entirety by this notice. -0- NOTE TO EDITORS: No stock exchange has approved or disapproved the information contained herein. CONTACT: Indomin Resources Ltd., Toronto Chuck Forrest, 416/955-9535 |
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