International Antam Resources closes major corporate restructuring

Thursday, January 1 2004 - 11:47 PM WIB

Canadian junior mining firm International Antam Resources Ltd. (IARL) announced on Wednesday that it had completed a major corporate restructuring with its majority shareholder, PT Aneka Tambang Tbk. ("Antam") whereby the company transferred all of its Indonesian mineral properties interests and other cash and liquid assets to Antam in exchange for Antam's surrender for cancellation of all 11,428,571 common shares of the Company held by Antam.

IARL has now approximately 2.5 million shares outstanding, cash of approximately C$1.0 million and no material liabilities.

The transaction was effected, in part, by the transfer to Antam of the IARL?s Indonesian subsidiary, PT Antam Resourcindo (PTAR) through which the company held its Indonesian mineral property interests.

In addition to the shares of PTAR, Antam received cash and other liquid assets, net of liabilities, of approximately $1.48 million. The $1.0 million of cash remaining in the company approximates the minority shareholder's 18.1% interest in the net asset value of the company as at September 30, 2003, as determined by the Company's independent financial valuator.

D. Aditya Sumanagara, K.A. Umar Tochfa and Tauan Sitorus resigned from the Board of Directors effective on the closing of the transaction and Graham C. Thody was subsequently appointed as a Director of the Company.

The Company has received shareholder approval to change the name of the Company to "Goldsource Mines Inc.". The name change will be implemented early in the new year and notification of a new trading symbol will be given as soon as it is assigned by the TSX Venture Exchange. (alex)

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