Placer Dome drops JV plan with Iriana Resources

Canadian mineral explorer Iriana Resources Corporation said on Tuesday that Westkal Resources Pte Ltd, a wholly owned subsidiary of mining giant Placer Dome had decided not to proceed with joint venture agreement to explore the former?s contract of work in Idenburg, in Papua province.

?Westkal made decided to drop joint venture agreement after conducting due diligence on the property,? said Iriana in a statement.

Iriana said the exploration work carried out in late 2001 and early 2002 on the Idenburg Bermol prospect recognized the potential tonnage of 4.5 million tonnes with grades averaging 7.0 gram per ton gold on surface.

Iriana and Westkal signed options agreement with Westkal on Idenburg and Senggeh properties, both are located in Papua in November 2001 which gave the the latter exclusive rights to continue to conduct due diligence, including fieldwork and to decide before January 31, 2002, whether to proceed with futher exploration and ultimately, development of either or both of those properties through joint ventures (alex)