Austindo Resources appoints new directors

Australian listed mining company Austindo Resources Corporation NL today announced resignation of Kingston Lee and Anna Cheng as directors and appointed Chris Melloy to the Board of Directors with immediate effect.

Melloy holds an Honours Degree in Mining Engineering from the University of Queensland. He joined Mount Isa Mines in 1977 and held a number of management positions in the planning and operating areas of M.I.M.'s Mining Division, culminating with responsibility for the Mount Isa copper mine. In 1982 he completed further studies at James Cook University, graduating with a Masters Degree in Engineering Science.

In 1987, Melloy joined J B Were & Son, with responsibility for research into the base metals sector and CRA. He gained his Graduate Diploma of Applied Finance and Investment in 1990. From 1992 Chris was consistently ranked first or second in base metals and CRA analysis in independent surveys of stockbroking analysts.

Melloy joined the Lion Selection Group in November 1997. Lion Selection Group Limited and its associates presently hold 15.6% of the issued capital of the Company following completion of the Company's recent Rights Issue.

Austindo resources also appointed Robert J. Barton as an Alternate Director for George Tahija.

Barton is a Senior Adviser to PT Austindo Nusantara Jaya of Indonesia which, through associated company's, holds 47.9% of the issued capital of the Company following completion of the Company's recent Rights Issue.

Barton has lived and worked in South East Asia since 1961. He retired as Chief Executive of the then Cold Storage Holdings group of companies in 1990. He has since undertaken a number of corporate assignments involving acquisitions, business re-organisation and business building in Australia, United Kingdom and Indonesia. He is a non-executive director of the Singapore listed financial services group, Vickers Ballas Holdings Limited.

Austindo Resources Corporation N.L (ARX) focused primary gold exploration in Indonesia. It was formed in 1983 and now has a strategic relationship with the Austindo Group of Indonesia, which also has responsibility for its management and is the largest single shareholder of ARX with a 42.47% interest.

ARX holds a 63% joint venture interest in the Cibaliung gold project; a high-grade epithermal gold vein system located 150 kilometres southwest of Jakarta in West Java, Indonesia. The Company also holds an 85% interest in PT. Eastara Melawi Mineral ("EMM"), a 4th generation Contract of Work in West Kalimantan where it has been exploring for primary gold at Saran. (alex)