Shareholders of Goldstake Explorations (TSE) will meet on March 14 to approve share issues to finance the acquisition of three properties in Indonesia.
Goldstake has already announced the acquisition of property in southwestern Java (T.N.M., Jan. 8/96) and has agreed to acquire two more in northeastern Kalimantan. It has also been notified that the Indonesian government has awarded it a contract of work covering 2,785 sq. km in East Kalimantan, 40 km southeast of the Bre-X Minerals (ASE) property at Busang. The company will have to provide a refundable guarantee of just over US$1.5 million, a sum it expects will be roughly equivalent to its first year’s expenditure on the project.
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