Indomin Resources Limited - letter to shareholders.JAKARTA, INDONESIA--(BUSINESS WIRE)--March 31, 1997--Indomin Resources Limited (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. .) Dear Shareholder: Given the chaotic market uncertainty created by the latest negative report from Bre-X Minerals' Busang gold project in Kalimantan, the management of Indomin Resources Limited considers it appropriate to report to shareholders on the status of your company's exploration activities in Indonesia. Indomin is a diversified Indonesian explorer, with significant interests in advanced stage exploration for gem diamonds, a large, potentially long-life, heavy mineral beach sand (titanium and zirconium zirconium (zərkō`nēəm), metallic chemical element; symbol Zr; at. no. 40; at. wt. 91.22; m.p. about 1,852°C;; b.p. 4,377°C;; sp. gr. 6.5 at 20°C;; valence +2, +3, or +4. minerals) project, as well as a highly prospective gold exploration portfolio based on carefully selected geological targets in structural settings known to host multi-million ounce gold deposits such as Rio Tinto Rio Tinto may refer to:
The Southeast Kalimantan diamond fields are emerging as having potential to host large, long life alluvial diamond deposits. Indomin's diamond projects in South Kalimantan South Kalimantan (Indonesian: Kalimantan Selatan often abbreviated to Kalsel) is a province of Indonesia. It is one of four Indonesian provinces in Kalimantan - the Indonesian part of the island of Borneo. The provincial capital is Banjarmasin. are at an advanced stage with bulk testing programs underway in both the onshore Martapura project (Indomin 60 percent) and the shallow offshore Sunda Shelf Geologically, the Sunda Shelf is an extension of the continental shelf of Southeast Asia, covered during interglacials by the South China Sea, which isolates as islands Borneo, Sumatra Java and smaller islands. project (Indomin 21 percent financed to production and Trans Hex hex, witchcraft or one who works it. The word is of German origin, and beliefs connected with it spread from Europe to the United States, especially to the Pennsylvania Dutch country. International 30 percent and operator). Adjoining the Martapura project, Ashton Mining of Australia has commissioned the construction of a dredge for diamond production from their Cempaka-Danau Seran diamond project. The bulk testing programs underway at Indomin's Martapura project will determine the grade of diamondiferous gravels already outlined. If an economic grade is defined the project will then move to a feasibility study "A Feasibility Study" is an episode of the original The Outer Limits television show. It first aired on 13 April, 1964, during the first season. It was remade in 1997 as part of the revived The Outer Limits series with a minor title change. for diamond mining which, if positive, would make the project a potential company maker. Indomin personnel are experienced in diamond exploration and evaluation. The company senior vice president Mr. Lee Spencer Lee Spencer ( born Lee Alan Spencer-Todd in Emsworth Hampshire in 1963.) is an English electronic musician, music theorist and record producer. As a solo artist, he is probably best known as the creator of Cavewaves a collection of ambient new age albums. was the discovery geologist on the Cempaka - Danau Seran project now being developed by Ashton and has nine years of exploration experience in this diamond province. Mr. Charles Watson There are multiple people named Charles Watson:
or ore dressing Mechanical treatment of crude ores to separate the valuable minerals. Mineral processing was at first applied only to ores of precious metals but later came to be used to recover other metals and nonmetallic minerals. laboratory which Mr. Watson established is regularly subjected to independent technical audits. Further, independent audits of exploration methods and calculations of volumes of diamond bearing alluvial gravel have already been undertaken by the Australian based consulting firm Noun 1. consulting firm - a firm of experts providing professional advice to an organization for a fee consulting company business firm, firm, house - the members of a business organization that owns or operates one or more establishments; "he worked for a PT Snowden Indoasia and MPH Consulting of Toronto. The very real potential of these projects was further validated in 1995 by the decision of Trans Hex International, a division of Trans Hex Group, the largest alluvial diamond miners in South Africa South Africa, Afrikaans Suid-Afrika, officially Republic of South Africa, republic (2005 est. pop. 44,344,000), 471,442 sq mi (1,221,037 sq km), S Africa. , to spend $US 5 million on bulk testing, completion of 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. and provide 100 percent of capital to earn a 30 percent interest in the offshore Sunda Shelf project. Indomin's Kumamba heavy mineral beach sand project on Irian Jaya (Indomin 60 percent) has a potential resource of several hundred million tonnes of beach sands grading 5-7 percent heavy minerals, including titanium minerals (rutile rutile, mineral, one of three forms of titanium dioxide (TiO2; see titanium). It occurs in crystals, often in twins or rosettes, and is typically brownish red, although there are black varieties. ) and zircon zircon Silicate mineral, zirconium silicate, ZrSiO4, the principal source of zirconium. Zircon is widespread as an accessory mineral in acid igneous rocks; it also occurs in metamorphic rocks and, fairly often, in detrital deposits. potentially capable of supporting a long life, mineral sands mining operation. The minerals are contained in free-flowing beach sands and can be recovered by gravity methods. The project is located on the doorstep of the fast growing markets for these products in Asia. In addition to these two projects which provide fundamental shareholder value, Indomin has assembled a portfolio of gold exploration areas in highly prospective structural settings. Indomin's management believe that the twenty five year history of successful gold exploration and mine development in Indonesia will continue and more world class gold deposits will be discovered and brought into production. However, the unbelievable speed and size of reported reserve increases by Bre-X has made the market lose sight of this fact. Further, Indomin management contends that the best place to explore for these deposits is in the structural settings known to host previous such discoveries such as the Kelian and Mesel deposits. For this reason, areas in Kalimantan along the northeast rift zones that are cross cut by northwest faults and that have known gold in the system are excellent exploration targets for multi-million ounce deposits. This is the setting of Indomin's Busang North, Putussibau and West Kalimantan gold projects. Further, the company's large East Sulawesi project was selected for its potential to host Carlin car·line or car·lin n. Scots A woman, especially an old one. [Middle English kerling, from Old Norse, from karl, man.] style, carbonate replacement gold deposits like Mesel in the north arm of Sulawesi. Indomin management have more than 50 years collective experience in Indonesia. In addition to the personnel mentioned above, the company is greatly assisted by the experience of our Chairman and CEO (1) (Chief Executive Officer) The highest individual in command of an organization. Typically the president of the company, the CEO reports to the Chairman of the Board. Mr. Kenneth McKechnie who was President Director of Shell's mining operations in Indonesia and managed the exploration and development of the Wetar gold mine in eastern Indonesia. The President Director of our Indonesian affiliate company, PT Indo Mineratama Mr. Harry Suharsono, is a respected mining engineer and company manager who was responsible for mining operations for Koba Tin. Based on this collective experience, the company selected exploration project areas, personnel and exploration methods most suitable for identifying gold exploration targets. Our project areas are selected on the basis of specific at geological targets rather than being an indiscriminate land grab. While the company was initially attracted to the Busang North project area by the early results from Bre-X to the southwest, this property has emerged over the past year as a valid gold exploration area in its own right. Indomin has spent one year undertaking detailed structural interpretation, geophysics and stream geochemistry across the 127,644 hectare project area. This has resulted in the emergence of 19 gold anomalies which are being systematically followed up by soil sampling, mapping and trenching. The drilling targets which have been generated from this follow up work to date warrant drill testing. Senior management, plus our experienced chief geologist Mr. Colin Morrow and senior project geologist Mr. David Bennett both of whom have more than twenty years TWENTY YEARS. The lapse of twenty years raises a presumption of certain facts, and after such a time, the party against whom the presumption has been raised, will be required to prove a negative to establish his rights. 2. experience in the field in gold exploration, confirm that these targets continue to warrant drill testing irrespective of the outcome of investigations at the Bre-X property. Therefore, a diamond drilling program is expected to commence on targets at Busang North during May, 1997. The company is well funded with some $Can 17 million in treasury. This is sufficient to complete the current planned bulk testing at Martapura and undertake planned exploration programs at Busang North, East Sulawesi and Putussibau. Indomin has no funding commitments on the Sunda Shelf diamond project where the company's 21 percent interest is financed to production. Importantly, the company's diamond projects, Kumamba mineral sands project, Busang North and East Sulawesi gold projects are all 6th generation Contracts of Work, which have now received the approval of President Suharto. The balance of the company's gold projects are 7th generation Contracts of Work applications and granted KPs. The current negative sentiment towards Bre-X and Indonesia in the North American North American named after North America. North American blastomycosis see North American blastomycosis. North American cattle tick see boophilusannulatus. capital markets may create significant opportunities for those companies like Indomin which have a sound track record in Indonesia, experienced management and a commitment to finding economic ore deposits through sound geological understanding and systematic exploration using proven and internationally accepted methods. Many Canadian junior companies only drawn to Indonesia by the Bre-X story may indeed relinquish their current exploration application areas, thereby creating new ground opportunities for those companies committed to Indonesian exploration mining for the longer term. If the Bre-X project proves to be something less than has been reported, we should not lose sight of why the market so readily embraced the results - Indonesia has a history of large gold discoveries and a world beating gold discovery may be more possible in Indonesia than in many places in the world, while many more company maker deposits of the one to five million ounce range will almost certainly be found. For that reason Indomin is committed to Indonesian exploration for the longer term. We are systematically implementing a strategy to develop cash flow from our advanced diamond projects which if successful will not only build value for shareholders but fund gold exploration for elephant-size deposits in elephant country for a long time to come. Yours sincerely Indomin Resources Limited Paul Loudon, President No stock exchange has approved or disapproved the information contained herein CONTACT: Indomin Resources Limited Chuck Forrest, 416/955-9535 http://www.indomin.com (Internet) |
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