Iriana's funds for RI

Iriana's funds for RI

TORONTO (Dow Jones): Iriana Resources Corp. said it has received a proposal from Mutiara Resources Corp., a company controlled by chairman Peit Yap, committing to spend a minimum of $500,000 over the next year on exploration within Iriana's Idenburg project in Indonesia.

In a press release, Iriana said the proposal also contains provisions for Mutiara to earn at least a 50 percent interest in the Idenburg project, in two stages, by spending a total of $3 million on exploration and by providing additional payments totalling $200,000.

Iriana said the offer has been accepted by its board, and is subject to completion of final agreement and shareholder approval. Shareholders will vote April 17, it noted. Iriana is a mineral exploration company.