EXPLORATION 1997 — Coleville raises funds for Ojalali

Alberta-listed Coleville Resources (CLL-A) plans to raise $2 million in a private placement to finance exploration and development of its Indonesian properties.

The financing comes less than two months after the formation of the Ojalali joint venture with Antares Mining & Exploration (ANZ-T). That company will receive a 45% interest in Coleville’s KP Eksplorasi claims on Ojalali, on the island of Sumatra.

Antares must spend at least US$500,000 on exploration of the joint venture within six months of completing its due diligence.

Antares also has a 50% interest in the Lady Lina gold property in Zimbabwe, as well as a gold recovery project in South Africa.