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Colony Pacific Explorations Update on Indonesia Joint Venture.

VANCOUVER, British Columbia--(BUSINESS WIRE)--Nov. 22, 1996-- COLONY PACIFIC EXPLORATIONS (TSE CYX. ) The Colony Pacific Explorations Ltd.(CYX-TSE)/Inco Limited (N-TSE,NYSE) Strategic Alliance is negotiating the acquisition of additional properties on the island of Sumatra. No agreements have been concluded at this time.

The Strategic Alliance has so far acquired three properties on the island of Sumatra: the Karang, Gedang and Ranau properties which cover 5,000 square kilometres. Field crews have initiated work on the Karang property, following up on surface geochemical anomalies. Assay results of this work are not yet available.

Colony has an option to acquire a 100 percent interest in the Karang, Gedang and Ranau properties by funding the first US$12 million of exploration and development over a four year period. After Colony 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 area of interest for the Joint Venture covers the entire island of Sumatra. Any new properties on Sumatra acquired by Inco or Colony must be offered to the other party under the terms of the Strategic Alliance. Pierre Lebel, President

CONTACT: Colony Pacific Explorations Ltd.

Pierre Lebel, 604/689-5797

604/687-4030 (FAX)


Colony Pacific Explorations Ltd.

Charlene Parisotto, 604/689-5797

604/687-4030 (FAX)
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Publication:Business Wire
Date:Nov 22, 1996
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