Koba Tin withdraws from Flores base metal option
Thursday, February 22 2001 - 03:00 AM WIB
Canadian miner Iriana Resources Corporation announced Wednesday tin miner PT Koba Tin has withdrawn from the Wae Dara and Nggorang option in Flores Island, East Nusa Tenggara due to their corporate strategic considerations.
According to Iriana, the two properties, about 15 kilometers apart, hold good indications for Kuroko-type volcanic, base metal mineralization.
In November 2000 Koba Tin 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-year period for Koba tin to earn a 92.5% interest in the two properties.
The company said in a press release that it was currently engaged in discussions with other parties regarding these two base metals properties. Also, said the statement, Iriana was continuing to discuss and seek option and joint venture agreements on its other Indonesian properties located in Irian Jaya.
Iriana Resources Corporation is a Toronto Stock Exchange listed mineral exploration and development company with significant exploration interests in Indonesia and Canada.(alex)