News Release: Int'l Antam receives Cibitung/Cikoneng results

Indonesia's Aneka Tambang's subsidiary which is listed in Canadian Stock Exchange International Antam Resources has received the assay results for drill holes AC-016 through AC-022 on the Cibaliung gold project from its joint venture partner, Austindo Resources Corporation N.L. The results from the previous 15 holes were announced in prior press releases.

The Cibaliung gold project is a high-grade epithermal gold vein system located 150 kilometers southwest of Jakarta in West Java, Indonesia. Previous expenditures totalling $2.8-million (U.S.) identified two high-grade mineralized zones in an extensive epithermal system. The property is currently joint ventured with Austindo Resources Corporation N.L, which has sole-financed additional exploration expenditures totalling at least $1.425-million (U.S.). As reported in Stockwatch Jan. 9, 2001, the company elected not to provide its pro rata share of the $2.25-million (U.S.) expenditures budgeted for 2001 and will accept dilution of its current 37-per-cent interest.

If Austindo fully finances the planned program for 2001, the company's interest in the Cibaliung project will be diluted from 37 per cent to approximately 24 per cent.

Cibitung Shoot

Drilling of the Cibitung Shoot continues to extend the mineralization at depth. Four holes (AC-016 to AC-019) were drilled during the fourth quarter for a total of 1,384 metres. Assay values from high-grade zones intersected are shown in table 1. Average grades have been calculated using a three-gram-per-tonne Au cutoff with no top-cut applied to the raw assay data. Hole AC-018 intersected significant mineralization 330 metres below surface. Hole AC-017 did not intersect the projected shoot position as it was stopped short of the target due to drilling difficulties. However, hole AC-019 did intersect the mineralized vein 60 metres above thetarget position for AC-017 indicating that the shoot is still open at this depth and supporting the need for a redrill of hole AC-017 in due course.

TABLE 1

RESULTS FOR THE CIBITUNG SHOOT

Hole Core

ID From To Length Au Ag Recovery

(m) (m) (m) (g/t) (g/t)

AC-016 339.95 341.20 1.25 9.33 57 100.0

AC-017 Abandoned prior to target depth

AC-018 325.90 333.80 7.90 7.63 105 99.2

AC-018 343.50 344.25 0.75 6.60 209 100.0

AC-019 230.20 236.45 6.25 6.94 46 87.36

Cikoneng Shoot

Drilling recommenced on the Cikoneng Shoot during the fourth quarter with three holes being completed (AC-020 to AC-022) for a total of975.20 metres. Assay values from the high-grade zones intersected are shown in table 2.

Hole AC-020 intersected the down-dip extension of the vein, 130metres below CDDH-006 or 330 metres below surface. It intersected ahigh-grade zone comprising well-developed clay-rich breccias indicating that the mineralizing system was active at this depth. Further drilling is now warranted to test for extensions at depth.

Hole AC-021 was designed to redrill an early drill hole (CDDH-003) as poor recovery in the previous hole was considered unreliable and could not be used in resource calculations. Hole AC-022 was planned to intersect the vein below AC-004 at 240 metres below surface. Preliminary assay results indicate only minor mineralization.

TABLE 2

RESULTS FOR THE CIBITUNG SHOOT

Hole Core

ID From To Length Au Ag Recovery

(m) (m) (m) (g/t) (g/t)

AC-020 292.40 293.40 1.00 3.28 144 100.0

AC-020 310.95 311.85 0.90 3.86 37 100.0

AC-020 332.90 336.80 3.90 21.52 201 100.0

AC-021 155.65 162.85 7.20 5.64 49 98.55

AC-021 215.60 219.45 3.85 3.48 27 99.48

AC-022 291.79 293.05 1.26 3.83 - N/A

Other prospect drilling

Scout hole AC-023 was completed on the Melinjo target for a total of 200.40 metres. It was sited to intersect the vein 60 metres below CDDH-047 or 100 metres below surface. Two narrow veins were encountered. Assay results are still awaited. A program of exploration has now commenced on the Bangkondol prospect, approximately four kilometres east of Cibitung/Cikoneng vein system. Mapping has highlighted the presence of a diatreme breccia approximately one kilometre in diameter.

Drilling is continuing using two rigs to extend the know mineralization of the Cibitung/Cikoneng zones and to test adjacent potential ore-bearing structures. (*)