Herald to control 80 percent of N. Sumatra zinc-lead project

Monday, July 8 2002 - 02:53 AM WIB

Australian miner Herald Resources Limited said on Mondaythe plan to acquire 100 percent its 72 percent Canadian subsidiary International Annax Resources had been approved by both companies? shareholders.

Under the agreement, Herald will acquire all of the outstanding shares of Annax not already owned by Herald, in consideration for issuing 1 Herald share for each Annax share

Herald said subject to final regulatory approval, Herald would have 80 percent direct ownership in Annax major asset, the Dairi zinc-lead project in North Sumatra.

Annax owns 80 percent stakes in PT Dairi Prima Mineral, the North Sumatra zinc-lead project operator. The remaining 20 percent shares in PT Dairi Prima Mineral is owned by state mining firm PT Aneka Tambang Tbk.

Meanwhile, Herald said the Dairi project is being put on prefeasibility study footing immediately. The bulk oof the study will be based on the Ajing Hitam massive sulphide deposits where current resources are 10 million tons @ 15.3%Zn, 9.4%Pb, 14g/t Ag.

Herald also said the new drilling program was commenced on Dairi project on July 6, 2002 with two emerging prospects as target, namely Pondok Gambir and Lae Jehe Deeps. (alex)

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