URGENT NEWS - Canadian Firm Reaches

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Canadian Firm Reaches New Mining Contract with Myanmar

            Xinhua
            23-JUN-98

            YANGON (June 24) XINHUA - The
            Canadian firm Ivanhoe Myanmar Holding
            Ltd. has reached one more contract with
            the Myanmar mining authorities to explore
            mineral deposits in the Southeast Asian
            country. 

            Exploration of gold and copper deposits
            will be undertaken under the third joint
            venture contract signed here Tuesday
            between the company and the Geological
            Survey and Mineral Exploration
            Department of the Myanmar Ministry of
            Mines, the official New Light of Myanmar
            newspaper reported Wednesday. 

            The exploration activities will be carried
            out in the Myesaytaung area in Bago
            division's Letpadan township, the report
            said. 

            The Ivanhoe company had earlier signed
            two joint venture contracts with Myanmar.
            One joint venture produces 25,000 tons of
            copper annually from the mineral deposits
            at the Kyesin and Sabei hills in Mongywa
            and Salingyi townships beginning this
            year, and the other extracts mineral
            deposits at the Letpadaung hill in the
            northern part of the country, where more
            than 400 million tons of deposits have
            been detected. 

            Other Canadian companies involved in
            mineral exploitation in Myanmar include
            the First Dynasty, Panorama and Palmer
            Resources. 

            Altogether a dozen foreign companies
            including those from Australia, Japan,
            Malaysia, Singapore, Thailand and the
            United States have been participating in
            mineral extraction in Myanmar, with
            Canadian companies specializing in
            copper mining. 

            According to official statistics, foreign
            investments in Myanmar's mining sector
            exceeded 498 million U.S. dollars in 42
            related projects at the end of February this
            year. 

            The latest statistics also show that the
            output value of Myanmar's mining sector
            rose 1.5 percent in the 1997-98 fiscal year
            ending March compared with the previous
            year. Production of copper totaled 509,172
            tons in 1997-98. 

            Exports of mineral and non-metallic
            products, mainly copper, tin concentrates
            and gems, amounted to 43 million dollars
            in fiscal 1996-97.