Ocean Resources NL

Bulk sample No.2 offshore in the north channel recovered two gem diamonds (0.20 ct and 0.18 ct) from 2,900 cubic metres of gravel, and the joint venture will not extend the dredge lease.

Ocean plans to raise $3.9 million through a one for two non-renounceable issue of 39.6 million contributing shares to fund Indonesian diamond exploration.

Ocean Resources and Trans Hex International are recovering a 5000 cubic metre bulk sample from the Sunda Shelf diamond project's North Channel, with completion now expected in early November.

The access channel to Ocean's second bulk sample location on the Sunda Shelf has been completed, with the Aokam Thai No. 3 dredge now digging a tailings pond.

The Aokarn Thai No. 3 dredge is digging a 1.2 km access channel toward the North Channel site to prepare for bulk sample No. 2, expected complete in late October 1997.

Trans Hex International received first bulk sample results from its Sunda Shelf diamond project in Indonesia and increased its project interest through a partner equity restructuring.

South Channel Line 2000 West bulk sample completion is delayed about 14 days after the pit was extended from 80 to 90 metres and high winds halted dredging.

The Sunda Shelf offshore diamond project joint venture in Southeast Kalimantan is completing bulk sample No. 1 and moving a dredge toward bulk sample No. 2.

Ocean Resources' Sunda Shelf bulk sample results are delayed to end-May, while its Indonesian COW gained presidential approval and 68 contracts are set for signing on April 28 1997.

President Suharto has approved the company's contract of work for its Indonesian joint venture, according to partner PT Indo Teras Intan.