Canadian junior eyeing Indonesian gold, oil and gas prospects

Vancover-based junior explorer Can-Asia Minerals, Inc. announced on Thursday it is now completing lengthy negotiations to acquire a controlling interest in a gold resource property in West Java.

The company said it expected to sign a definitive agreement on the acquisition prior to November 30, 2006.

Reports on previous exploration provided by the current property owner, which is a private Indonesian corporation, estimates there is a gold resource of 630,000 ounces in the property. It also recommends an additional exploration program.

Negotiations are also in progress concerning the potential acquisition of an interest in an oil and gas prospect in Indonesia, said the company.

The project owners have provided data indicating the existence of oil in place in excess of 20 million barrels, and gas in place in excess of 500 million cubic feet. The company has yet to complete its negotiations and/or its independent due diligence on the project, it said.(alex)