Indocan Resources Engages Geologists
February 13 2007 - 10:10AM
PR Newswire (US)
QUEENSLAND, Australia, Feb. 13 /PRNewswire-FirstCall/ -- Indocan
Resources Inc (OTC:IDCN) today announces it has entered into the
evaluation phase of two properties whereby Indocan will engage
professional geologists to evaluate the properties and prepare
appropriate reports. The properties are located in Australia and
Wyoming, and Indocan is looking to execute farm in Joint Ventures
in each instance. The arrangement would include all normal JV terms
and conditions, including processes for JV Committee, voting,
representation, accounting principles and other normal and standard
provisions. It is envisaged that an appropriate Memorandum of
Understanding (MOU) would precede formal agreements. That would
include preliminary program and budget details for the JV. It is
envisaged that a sum in the order of $10 million (USD) would be
required in the first earning period of the JV. An initial period
of one month is envisaged to reach an agreement or otherwise.
Either party may terminate the negotiations at any time. Each party
will, unless otherwise agreed, bear their own costs. Negotiations
are intended to take place mainly in Queensland. The Wyoming
properties involve the exploration and development of hydrocarbons
while the Australian properties involve exploitation of uranium.
More information is available at http://www.indocan.com/ We seek
"Safe Harbor" Company Info: +1-604-929-7224 Jeffrey R Bruhjell,
president DATASOURCE: Indocan Resources Inc CONTACT: Jeffrey R
Bruhjell, president of Indocan Resources Inc, +1-604-929-7224 Web
site: http://www.indocan.com/
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