Skyline branches into Indonesia

The acquisition of shares in Mutiara Resources Group will give International Skyline Resources (TSE) an interest in over 13.2 million acres of land in Indonesia.

Skyline says the land package encompasses “a promising gold and copper exploration region” within Indonesia. A number of the properties have been optioned to major international mining companies. Drilling is expected to get under way on some of these projects in the next six to nine months.

International Skyline will acquire its interest in Mutiara through the issuance of treasury shares, following a reorganization. The reorganization involves creating a new company to hold Skyline’s existing assets, with current shareholders receiving one new share for each old share held.

Mutiara will then be issued treasury shares to bring its shareholding in the old Skyline up to 80%.

Completion of the deal is subject to a shareholder vote to be held in February of 1996.