Can-Asia Minerals Inc said it completing lengthy negotiations to acquire a controlling interest in a gold resource property in West Java.
The company said in a press release issued Thursday (26/10/06) that it expects to sign an agreement on the acquisition before November 30. The property, owned by a private Indonesian corporation, is estimated to hold 630,000 oz of gold.
Can-Asia further said that it is negotiating for an interest in an oil and gas prospect in Indonesia, which has oil reserves of 20 million barrels and gas reserves of 500 million cubic ft. The company has yet to complete its negotiations and its independent due diligence on the project.