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 on the island of West Java.

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

The current property owner, a private Indonesian corporation, has provided a recent report detailing previous exploration work on the property which estimates a resource of 630,000 ounces of gold, and which 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)