Iriana to enter RI mining

Iriana to enter RI mining

VANCOUVER (Dow Jones): Iriana Resources Corp. and
International Dunlap Minerals Corp. said they have reached an
agreement pursuant to which Iriana will make a cash/share
takeover offer for Dunlap.

As reported, the companies had entered into initial
discussions for the possible acquisition by Iriana of Dunlap's
Indonesia mineral property interests.

In a news release, Iriana and Dunlap said the transaction will
be made via a plan of arrangement. They said each company has
established a committee of independent directors to oversee the
transaction and to develop and negotiate the share-exchange
ratio.

The companies said the calculation of the value of the assets
of each company will be based on a valuation conducted by Watts,
Griffis & McQuat of Toronto. They said each independent committee
will commission a separate fairness opinion by individual
financial advisers, and will be advised by their own appointed
independent legal adviser.

The companies said further details of the transaction will be
released shortly.