Atapa, RI firm reach deal

Atapa, RI firm reach deal

TORONTO (Dow Jones): Atapa Minerals Ltd. said it has taken a C$12,472,188 mineral properties writedown in light of the depressed state of the mining industry and the current economic conditions in Indonesia.

In news release, Atapa said the writedown results in a net loss of C$12,660,045 in the fiscal year ended June 30, compared with a loss of C$865,668 a year earlier.

The company said the properties written down are in "good standing."

The company also said that it and International Antam Resources Ltd. have come to a new agreement concerning their dispute over the Cikotok and Cikidang joint venture of May 1997.

Atapa said that, under the agreement, it will relinquish any claim or interest in the 428-hectare Cikidang property.

The company said the amendment is subject to regulatory and board approval and completion of definitive documents by Nov. 30. Atapa has mineral prospects in Indonesia, Peru and Ontario.