Pacific Wildcat Resources tries to quit N. Sulawesi gold project.

Canadian junior mineral explorer Pacific Wildcat Resources Corp. is trying to quit its gold project in North Sulawesi, Indonesia. The company said in Friday that it had been in talks with several parties potentially interested in either farming-in on or acquiring the company's position in the property.

The company said during October-December quarter it had relinquished 25 percent of the contract of work area to keep the property in good standing.

Political and economic turmoil in Indonesia, heightened by the September terrorist attacks in the United States, as well as a lack of investor interest in funding gold exploration, continue to hamper management's efforts to re-activate or deal off Sulut, said the company in a statement.

The North Sulawesi gold property is located adjacent to the town of Kotabunan on the northeastern tip of the island of Sulawesi.

In January 1996 the Pacific Wildcat entered into a shareholders agreement with PT Bima Duta Samudra and PT Triavora Manca Teknik and, under the terms of the agreement, the three parties joint-ventured the North Sulawesi property with PT Aneka Tambang. Subsequently and as operator of the joint venture, Pacific Wildcat funded and directed infill drilling on two prospects, Doup and Bentang, to confirm a 1.2 million ounces resource as well as an extensive regional reconnaissance program. (alex)