Int’l Annax funds drilling at Dairi

Vancouver-based International Annax Ventures (IAX-V) has arranged a $500,000 brokered private placement with parent company Herald Resources of Australia for the purchase of up to 770,000 shares priced at 65 each.

Herald, which owns a 71% stake in Annax, intends to sell the shares through the Canadian Venture Exchange to purchasers introduced by Australian investment house William Noall; Herald will then apply the net proceeds of the sale to fund the private placement.

Annax will use the cash to fund ongoing diamond drilling at the Dairi zinc-lead project in North Sumatra, Indonesia. The project hosts an indicated resource of 7.5 million tonnes grading 16.7% zinc and 10.3% lead, plus 14 grams silver per tonne. An additional 2.5 million tonnes grading 11.3% zinc, 6.8% lead and 13 grams silver are categorized as inferred.

Situated 120 km south of the capital city of Medan, the Dairi project comprises a seventh-generation contract of work covering 220 sq. km and two Kuasa Pertambanggans (land permits) totalling 136 sq. km.

Annax holds an 80% interest in the project, with the remainder held by Indonesian government-owned Aneka Tambang.

The latter holds a one-time right to increase its position to 30% by paying 15% of all previous exploration costs. Herald is the operator.

The first hole of the 2001 program intercepted a 15.3-metre interval of massive sulphide mineralization at about 30 metres downdip of hole 43 on the southernmost limit of the Anjing Hitam zone. Hole 43 had cut 8.8 metres of 13.2% zinc and 7.7% lead. Assays are pending for hole 46.