Iriana property optioned in Indonesia
Monday, November 6 2000 - 04:00 AM WIB
Iriana Resources Corporation announces the signing of an Option Agreement with PT Koba Tin, on Iriana''s Wae Dara (2733 ha) and Nggorang (3893 ha) base and precious metals properties, situated on Flores Island, east of Jakarta, Indonesia.
PT Koba Tin, a tin mining company with operations wholly within Indonesia, has paid Iriana US$25,000 as its initial option payment. The Agreement calls for a total of US$700,000 in option and cash payments over its three (3) year period for Koba tin to earn a 92.5% interest in the two properties.
These two properties, about 15 kilometers apart, hold good indications for Kuroko-type volcanic, base metal mineralization as reported in Iriana''s Fact Sheet of July 7, 2000. PT Koba Tin has commenced an exploration program on the properties.
Iriana Resources Corporation is a TSE listed mineral exploration and development company with significant exploration interests in Indonesia. TEL: 204-487-4684, Douglas Fogwill (*)