EXPLORATION 1998 – NEWS ROUNDUP — Pacific Amber gets Putussibau CoW

Among the Canadian juniors fortunate enough to have had contract-of-work (CoW) applications ratified by the Indonesian government last month was Pacific Amber Resources (PCR-V).

The Vancouver-based junior holds a 80% interest in the Putussibau CoW, with the state-owned mining company holding the remainder. Situated in West Kalimantan, the land package is reported to host 22 gold-mercury prospects.

“With secure title in place, the company is now in a position to facilitate negotiations for a joint-venture agreement with major companies, several of which have already examined the property and expressed serious interest in it,” says Hiro Ogata, president of Pacific Amber. The junior also is negotiating for a joint-venture partner at the Gunung Mas gold property in central Kalimantan, and is evaluating potential acquisitions in Mexico and North America.