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ENRON INTERNATIONAL ANNOUNCES INVESTMENT IN PANAMANIAN MINING OPERATION LINKED TO POWER GENERATION OPPORTUNITY
FOR IMMEDIATE RELEASE: Monday, December 8, 1997
HOUSTON - Enron International Inc. (EI), a subsidiary of Enron Corp., and Minamerica announced today that an affiliate of Enron International acquired 1,200,000 common shares of Adrian Resources Ltd. (Adrian) from certain principal shareholders of Minamerica Corporation in a market transaction on Monday, December 8, 1997. Enron International's affiliate has invested a total of $3.2 million for 2,519,800 or 8.5 percent of the common shares of Adrian.
Adrian's primary focus has been exploring and developing the Cerro Petaquilla concession (the Petaquilla Mine) and other mineral properties in the Republic of Panama. The Petaquilla Mine hosts one of the world's largest undeveloped copper/gold resources. Enron is currently in discussions with the Government of Panama and the Panamanian mining industry to provide gas-fired power to the region.
"This equity transaction complements Enron International's overall strategy to offer gas-fired power generation to the mining industry as well as price risk management and physical commodity trading services," said Rebecca P. Mark, chairman and chief executive officer of Enron International. "This project supports our commitment to provide a range of services to the metals and mining industry. We will offer our energy supply expertise along with our capital and trade skills to a sector that is not only capital and energy intensive, but also extremely sensitive to the volatility of energy prices."
Minamerica Corporation is a Panamanian public corporation, listed on the Panama Stock Exchange, with holdings in various Canadian mining companies. Adrian Resources Ltd. is a Vancouver based mineral exploration company whose shares are listed on the Toronto, Vancouver and Panama Stock Exchanges and on the Nasdaq SmallCap MarketSM in the United States.
Enron Corp., one of the world's largest integrated natural gas and electricity companies with approximately $23 billion in assets, operates one of the largest natural gas transmission systems in the world; is the largest marketer of natural gas and electricity in North America; is a leading participant in liberalized energy markets in the United Kingdom and the Nordic Countries; markets natural gas liquids worldwide; manages the largest portfolio of fixed-price natural gas risk management contracts in the world; is among the leading entities arranging new capital to the energy industry; owns a majority interest in Enron Oil & Gas Company, one of the largest independent (non-integrated) exploration and production companies in the United States; owns and manages operating power plants and natural gas pipelines around the world; is one of the largest independent developers and producers of electricity in the world; and is a major supplier of solar and wind energy worldwide. Enron's internet address is www.enron.com and its common stock is traded under the ticker symbol, "ENE."
For additional information please contact:
Kelly Kimberly
(713) 853-5377
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