Int'l Antam Resources net loss down in Jan-Sept quarter

Canadian venture Exchange listed gold miner International Antam Resources Ltd (IAL) announced that it had managed to cut its nine-month loss for January-September 2001 to C$332,409 from $559,033 in the same period of last year .

The company said during the period, the revenue was $2,952,344, generated from the sale of 6,527 ounces of gold and 38,870 ounces of silver from the Company's operations at Cikidang in Western part of Java, as compared to revenue of $1,520,241 for the nine month period ended September 30, 2000.

The Company's cash cost of production for the period was US $205 per ounce of gold equivalent produced. Amortization of property acquisition and development costs amounted to US $55 per ounce of gold equivalent for a total production cost of US $260 per ounce of gold equivalent produced. The average sales price received was US $274 per ounce of gold and US $4.39 per ounce of silver.

Meanwhile, IAL said that Austindo Resources Corporation NL, its joint venture partner on the Cibaliung gold project which is also located in West Java reported that the operating budget has been revised downward for the year 2001 from US $1,353,088 to US $1,027,485. The new

Under the terms of the agreement the IAL had the option to elect to participate in the revised budget if it wished to maintain its current interest. However, IAL had notified Austindo of its intent not to participate in the amended budget and would accept the resultant dilution of the Company's interest in the project.

As per September 30, 2001 the Company's interest in the project was 29.27 percent, while Austindo holds the balance.

IAL, which is a gold and silver producer carrying on mining and mineral exploration in Indonesia, is a subsidiary of state miner PT Aneka Tambang Tbk. (alex).