INTN'L PLATINUM, DEGUSSA IN JOINT VENTURE TALKS
International Platinum Corp said it
signed a letter of intent to enter into further negotiations on
a joint venture exploration agreement with Degussa A.G., of
West Germany, regarding several North American platinum
properties.
    Conclusion of the agreement is subject to completion of
further detailed examination by Degussa, as well as board and
regulatory approvals.
    Under terms of the letter of intent, Degussa would
contribute substantially to a three year exploration budget of
4.5 mln dlrs in return for a 50 pct interest in the venture.
    Degussa's contribution to the exploration budget will be
based on it matching International Platinum's past exploration
and acquisition costs, estimated at about two mln dlrs, and
then contributing on a pro rata basis, International Platinum
said.
    Degussa's contribution would provide a major portion of
International Platinum's exploration budget, especially during
the first and second year of the proposed joint venture, the
company said.
 Reuter
