Author: Torgomian Varazdat

Daily Star, Lebanon
June 12 2004
AUB to award honorary doctorates
4 men to receive doctor of human letters
By Daily Star Staff
BEIRUT: For only the second time since 1969, the American University
of Beirut will be awarding honorary doctorates in a special midday
ceremony in Assembly Hall on commencement day, June 26.
This year the university will award the degree of doctor of humane
letters to four outstanding individuals: mathematician Michael Atiyah,
Carnegie Corporation president Vartan Gregorian, ABC TV anchor Peter
Jennings and world-renowned cellist Yo-Yo Ma, an AUB statement said.
Michael Atiyah, whose father was Lebanese, has carved a name for
himself throughout the 20th and 21st centuries in the world of
mathematics.
He was referred to as one of the greatest living mathematicians. In
March of this year, Atiyah received, in collaboration with professor
Isadore Singer of MIT, the Abel Prize for mathematics, which is almost
the equivalent of the Nobel Prize for this field.
Their Atiyah-Singer index theorem, linking pure mathematics and
theoretical physics, has been described by the Norwegian Academy of
Science, as one of the great landmarks of 20th century mathematics.
Vartan Gregorian, born and raised until the age of 15 in Tabriz,
Iran, was then educated in Beirut at the Armenian College.
He then went on to Stanford University, where he received both his
Bachelors degree and doctorate in history.
He taught at San Francisco State College, University of California, Los
Angeles, the University of Texas and the University of Pennsylvania,
where he became the first dean of Arts and Science.
Peter Jennings, the popular and suave anchor of ABC Evening News
since 1983, established the first American television news bureau in
the Arab world in Beirut in 1972. He conveyed breaking news stories
throughout the Arab world and broadcasts in hotspots in Europe,
the Middle East and Asia.
Yo-Yo Ma, born of Chinese parents in Paris, was playing the cello
when he was four years old.
Moving to New York with his musician parents, he studied at the
Juilliard School and debuted at Carnegie Hall at the age of 9.

Foreigners show keen interest in serving in Russian army
Ekho Moskvy radio, Moscow
7 Jun 04
Presenter Foreign citizens are showing a very keen interest in serving
in the Russian army. This is borne out by the figures of the military
enlistment centres. Anastasiya (?Izyumskaya) has the details.
Correspondent In the northwest of the country alone, nearly 40
foreigners have expressed a desire to serve under contract in the
Russian armed forces. I would remind you that the possibility of doing
this arose in spring this year after the appropriate amendments had
been made to the law on military service.
The Leningrad Military District mobilization HQ told Interfax news
agency that it is mainly citizens of the former Soviet republics who
want to serve under contract. Among those who have applied there are
also members of the fair sex.
Actually, this interest in military service in Russia is quite easy
to explain: after three years of serving in our army, a foreigner,
if he is from one of the former Soviet republics, can obtain Russian
citizenship.
Presenter I would add that Russian legislation stipulates a three-month
probationary period for contract soldiers.
The Russian news agency Interfax-AVN web site (Moscow, in English
0810 gmt) quoted the acting chief of the Leningrad Military District
mobilization HQ, Col Viktor Martynov, as saying the highest number
of applications by foreign citizens was made in Leningrad and Pskov
Regions.
“The applicants are primarily Ukrainians and Belarusians, and there
are some people from Moldova and Armenia. They are going through
professional selection and medical examination at assembly points of
military commissioner’s offices,” Martynov said.

MILLENNIUM CHALLENGES ACCOUNT EXECUTIVE OFFICER ARRIVES IN ARMENIA
ArmenPress
May 31 2004
YEREVAN, MAY 31, ARMENPRESS: Armenian prime minister Andranik Margarian
received today, Paul Applegarth, a senior US official, who heads the
executive committee for supervising the Millennium Challenges Account
(MCA) program of $1 billion this year as part of a new U.S. policy
to help some countries in Africa, Asia, Latin America and the former
Soviet Union to continue their political and economic reforms. The
MCA was unveiled by President George W. Bush in 2002. Armenia is among
16 developing countries selected by the United States to benefit from
the program.
Only two former Soviet republics, Armenia and neighboring Georgia,
were picked by the board administering the MCA. The other chosen states
are Benin, Cape Verde, Ghana, Lesotho, Madagascar, Mali, Mozambique,
Senegal, Mongolia, Sri Lanka, Vanuatu, Bolivia, Honduras and Nicaragua.
Applegarth will also mee with President Kocharian, government
officials, and with representatives of other sectors of Armenian
society, including the media, NGOs, and the business sector. Their
visit has a two-fold purpose: to acquaint themselves with the current
situation in Armenia, and to inform the various sectors in Armenia
about the Millennium Challenge Account (MCA). Paul Applegarth, MCC CEO,
says that although the government of an MCC-eligible country will
eventually be responsible for submitting a project proposal for an
MCA compact to the MCC, the proposal will also be evaluated for its
“inclusiveness,” among other criteria. “Inclusiveness” in this case
means that the proposal is the result of wide discussions among the
sectors of society, leading to consensus on the top priorities for
promoting development in a country.
According to some reports, the Armenian government will request $40
million for the current U.S. fiscal year which ends on September 30,
to spend the money on improving education standards, healthcare and
water supplies.

Russia’s Aeroflot holding talks on buying up Georgian Airlines
RIA news agency
28 May 04
Tbilisi, 28 May: Aeroflot is holding talks on buying the Georgian
Airlines company, director-general of the Russian company Valeriy
Okulov has said. He is attending a Russian-Georgian business conference
in Tbilisi.
“The talks will take more than a week,” Okulov said. He refused to
disclose any other details of the deal.
RIA-Novosti has learnt from a member of the Russian delegation that
there is talk about purchasing 100 per cent of shares in the Georgian
company. The source said that Aeroflot had already initialled an
agreement with Georgian Airlines on acquiring the company. “The deal
is worth several million dollars,” the source said.
The source also said that talks had began at the business conference
between the Volga car manufacturer and the Georgian leadership and
the Tbilisi aircraft factory [as received] on setting up the assembly
of Niva cars in Tbilisi.
He said that talks had also started on the construction of a railway
branch from Georgia to Armenia, which will be financed by Russian,
Armenian and Georgian businessmen.

VTB intending to acquire a majority stake in one of Georgian bank majors.
Analytical Information Agency, Russia
May 28 2004
Vneshtorgbank (or VTB) is intending to acquire a majority stake in one
of Georgian bank majors. VTB said the principal agreement on the issue
has been announced over the formal meeting of Georgian’s President
Mikhail Saakashvili with the delegation of Russian manufacturers
headed by the RF Economic Development Minister German Gref.
As informed earlier, VTB completed the deal in March to get 70%
stake in Armsberbank, second largest bank of Armenia.

PRESS RELEASE
Eastern Prelacy of the Armenian Apostolic Church of America
138 East 39th Street
New York, NY 10016
Tel: 212-689-7810
Fax: 212-689-7168
e-mail: [email protected]
Website:
Contact: Iris Papazian
CROSSROADS E-NEWSLETTER: May 27, 2004
NATIONAL REPRESENTATIVE ASSEMBLY CONCLUDES IN
PHILADELPHIA WITH BANQUET; AWARDS PRESENTED
The National Representative Assembly concluded last Friday evening with
a banquet in Plymouth Meeting, Pennsylvania. The host parish was St. Gregory
the Illuminator Church of Philadelphia.
During the banquet, presentations were made to a number of local
parishioners in recognition of their many years of service to the church.
The Prelacy honored three individuals: Mrs. Alice Sachaklian was named the
Person of the Year; Aram Hamparian was presented with the Spirit of Armenia
award; and K. Yervant Terzian was bestowed with the Prince of Cilicia
insignia, the highest honor given by the Catholicate of Cilicia. The local
parishioners who were honored with certificates of merit included: Philip D.
Pilibosian, Martin Shelengian, Ralph Jehanian, Albert Soltanian, Jack
Papazian, Asdghig Kazanjian, Jeanette Nazarian and the St. Gregory Church
Choir. The Prelacy’s Youth Awards were given to: Garen Nigon, Paul
Sookiasian, Ani Jilozian, Peter Yeremian, Katrina Selverian, and Niki
Arakelian, Jr.
Archbishop Oshagan expressed his profound thanks to all of the delegates
and especially to the Philadelphia community for the warm hospitality they
provided.
RAFFLE WINNERS
The annual raffle drawing of the Prelacy took place at the conclusion of
the banquet. The winners were: First prize, Nerme & Albert Sarkessian,
Melrose Park, PA; Second prize, Zaven Sarkissian, Toronto; Third prize,
Amalia Deravedisian, Springfield, PA; Fourth Prize, Bedros Givelekian,
Flushing, NY; Fifth prize, Dr. V. Khachadurian, Franklin Square, NY.
Congratulations to the winners; and thanks to all the purchasers. The
raffle is a major source of funding for many of the educational programs
instituted by the Prelacy. In that respect we are all winners.
CALLING ALL PARISHES: ENCOURAGE YOUNG
PARISHIONERS TO ATTEND DATEV SUMMER PROGRAM
Parishes should encourage their junior and senior high school age
parishioners to make plans to attend the St. Gregory of Datev Summer
Institute. The annual program takes place at the St. Mary of Providence
Center in Elverson, Pennsylvania, June 27 to July 4, 2004. For registration
and information visit the Prelacy website at
or contact Archdeacon Shant Kazanjian,
212-689-7810.
CRITICAL ISSUES OF LIFE AND FAITH ARE FOCUS
OF SEMINAR FOR ADULTS
Interest is mounting for the adult seminar that is planned for June
25-27, 2004, at St. Mary of Providence Center in Elverson, Pennsylvania. The
three-day seminar will focus on critical issues of life and faith with an
Armenian Orthodox perspective.
On Saturday, June 26, Professor Vigen Guroian will be the main speaiker.
Professor Guroian is professor of theology and ethics at Loyola College,
Baltimore, Maryland.
The program will include Bible studies, panel discussions, small group
discussions and worship services. Some of the issues discussed include:
Marriage, Reproductive technologies, abortion, suicide, and cremation.
Participation fee is only $90 per person, which includes lodging and
meals.
Visit the Prelacy web site for more information,
or contact Archdeacon Shant Kazanjian, 212-689-7810.
ST. SARKIS CHURCH, DOUGLASTON, HOPES TO
ACQUIRE ADJACENT PROPERTY
St. Sarkis Church, Douglaston, New York, has embarked on a campaign to
purchase an adjacent piece of property that belongs to the city of New York.
St. Sarkis has the first option to acquire the land, which would fulfill
a long-time goal of the parish. Last Sunday, May 23, the parish sponsored a
“Land and Vision” gala fund-raising banquet under the auspices of His
Eminence Archbishop Oshagan Choloyan. State Senator Frank Padavan was
honored for his assistance during the past two years concerning this piece
of land.
The tentative plans include new construction for a day care center that
would serve both the Armenian community and the surrounding community.
PRELATE WILL VISIT SYRACUSE COMMUNITY
Archbishop Oshagan will visit the St. John the Baptist Church community
in Syracuse, New York, this Sunday, where he will officiate at Morning
Services and Requiem Services for the founders and other departed members of
the community. A banquet will follow the services at which time several
members of the community will be honored including: Vartkas Minasian, Zephyr
Minasian, Harry B. Telian, Nevart Apikian, Arpina Mesrobian and Anoush
Minasian Santangelo.
Accompanying the Prelate will be Archdeacon Shant Kazanjian, Noubar
Megerian, Executive Council member and Karen Jehanian, former member of the
Executive Council.
SUNDAY IS PENTECOST
This Sunday, May 30, is Pentecost (Hogegaloust). Pentecost, which is
fifty days after Easter, commemorates the descent of the Holy Ghost on the
disciples.
The New Testament describes the descent of the Holy Ghost on the
disciples:
And when the day of Pentecost was fully come, they were all with one
accord in one place. And suddenly there came a sound from heaven as of a
rushing mighty wind, and it filled the house, where they were sitting. And
there appeared unto them cloven tongues like as of fire, and it sat upon
each of them. And they were all filled with the Holy Ghost and began to
speak with other tongues. (Acts 2:1-3).
The Apostles were ordinary people of Galilee, who did not possess the
ability to transmit the Truth of the Word to the many different people with
different backgrounds, culture, and languages. Christ advised His disciples
not to start their teaching immediately after the Ascension, but rather to
wait for the Descent of the Holy Spirit so that they would be empowered with
the ability to convey the new faith to all.
And behold, I send you the promise of my Father upon you, but stay in the
city, until you are clothed with power from on high. (Luke 24:49)
MONDAY IS MEMORIAL DAY
This Monday, May 31, is Memorial Day. Originally called Decoration Day,
it is a day of remembrance for those who have died in our nation’s service.
Memorial Day was officially proclaimed on May 5, 1868 by General John Logan,
national commander of the Grand Army of the Republic. It was first observed
on May 30, 1868, when flowers were placed on the graves of Union and
Confederate soldiers at Arlington National Cemetery. The first state to
officially recognize the holiday was New York in 1873. By 1890 it was
recognized by all of the northern states. The South did not officially
accept the date until after World War I when the holiday changed from
honoring just those who died in the Civil War to honoring Americans who died
fighting in any war. It is now celebrated in almost every State on the last
Monday in May.
Unfortunately, most of us have forgotten the true meaning and traditions
of Memorial Day and it has become the symbolic start of summer, the barbecue
season, and of course, sales in shopping malls. To help remind Americans of
the true meaning of Memorial Day, the National Moment of Remembrance
resolution was passed in December 2000 which asks that at 3 pm local time
all Americans observe in their own way a moment of silence.
WE END WITH ONE OF THE MOST BEAUTIFUL AND
POETIC STATEMENTS IN AMERICAN LITERATURE:
THE GETTYSBURG ADDRESS BY PRESIDENT ABRAHAM LINCOLN
Four score and seven years ago our fathers brought forth on this
continent, a new nation, conceived in liberty, and dedicated to the
proposition that all men are created equal.
Now we are engaged in a great civil war, testing whether that nation or
any nation so conceived and so dedicated, can long endure. We are met on a
great battlefield of that war. We have come to dedicate a portion of that
field, as a final resting place for those who here gave their lives that
that nation might live. It is altogether fitting and proper that we should
do this.
But, in a larger sense, we cannot dedicate-we cannot consecrate-we
cannot hollow-this ground. The brave men, living and dead, who struggled
here, have consecrated it, far above our poor power to add or detract. The
world will little note, nor long remember what we say here, but it can never
forget what they did here. It is for us the living, rather, to be dedicated
here to the unfinished work which they who fought here have thus far so
nobly advanced. It is rather for us to be here dedicated to the great task
remaining before us-that from these honored dead we take increased devotion
to that cause for which they gave the last full measure of devotion-that we
here highly resolve that these dead shall not have died in vain-that this
nation, under God, shall have a new birth of freedom-and that government of
the people, by the people, for the people, shall not perish from the earth.
Visit our website at

Armenia sees no need for EU mediation in Karabakh settlement
Interfax
May 27 2004
Yerevan. (Interfax) – Armenia does not think it is necessary for
the European Union to act as mediator in the settlement of the
Nagorno-Karabakh conflict, Armenian Foreign Minister Vardan Oskanian
told reporters on Wednesday.
He said talks on Nagorno-Karabakh are being held in the framework of
the OSCE Minsk group which fully suits the Armenian side.
“The European Union has always promoted the efforts of the Minsk
Group and I hope it will continue to do so. But there is currently
no need to involve the EU in the negotiations as a mediator,” he said.
Oskanian also denied reports of new proposals on Karabakh from
Minsk group co-chairmen. “New ideas should not be confused with new
proposals,” he said.

PRESS RELEASE
FOR IMMEDIATE RELEASE
Contact: Michael Goldfarb
212-514-8040 x12
FORMER SOVIET COUNTRIES LAGGING BEHIND IN DEMOCRACY
New Freedom House Study Reveals Growing Democracy Gap in Europe
Russia Displays Further Setbacks
NEW YORK, May 24, 2004 – Europe is facing a widening and worrisome democracy
gap, according to a major new report released by Freedom House today.
The study, Nations in Transit 2004, shows that the enlargement of the
European Union on May 1 formalized a new divide between the stable,
democratic nations of Central Europe and the Baltics and the weaker
post-Communist states that continue to lag behind in key areas of democratic
development.
The study is available online at:
Country-by-country summaries are available at:
ummary2004.pdf
“The findings of this year’s Nations in Transit study make clear that much
remains to be done to extend the benefits of liberal democracy and free
markets to the majority of post-Communist countries in Europe and Eurasia,”
said Freedom House Executive Director Jennifer Windsor
“Western leaders must renew efforts to support political and economic reform
in the post-Communist countries. At the same time, they must press
slow-to-reform governments harder for tangible improvements in securing
basic rights, promoting free and independent media, supporting the rule of
law, and introducing effective and transparent governance,” she said.
The study also showed worrisome setbacks in Russia, which continues to
backslide in key areas of democratic practice. According to Nations in
Transit 2004, President Putin’s policies “have sought to centralize power,
leaving little room for a vibrant civil society, independent media, or
political opposition… While Russia has emphasized the importance it places
on maintaining strong ties to the West, it is headed in an increasingly
authoritarian direction.”
In Nations in Transit 2004, the eight new EU members from Central and
Eastern Europe held their position as the highest ranking countries in the
study, showing the strongest overall performance in the six key areas of
democratization tracked: electoral process; civil society; independent
media; governance; corruption; and constitutional, legislative, and judicial
framework.
Freedom House found that the non-Baltic post-Soviet states have regressed
over the life of the study. Russia has registered the most significant
decline in scores since last year, with Azerbaijan, Moldova, and Ukraine
also showing significant downturns. Continued poor performance was
documented throughout the Central Asian countries, which include some key
U.S. allies. “While there were some bright spots in the past year-especially
in Georgia-the longer-term outlook for democracy in the non-Baltic former
Soviet states remains bleak,” said Nations in Transit editor Amanda
Schnetzer.
Nations in Transit covers two countries, Armenia and Georgia, that have been
selected for enhanced U.S. foreign assistance as part of the Millennium
Challenge Account (MCA), for which over $1 billion in foreign aid funding
under the program has been allocated. Their selection was based on a number
of criteria set out by the Bush Administration, including commitments by
those nations’ governments to “ruling justly.” Nations in Transit 2004
suggests some cause for concern regarding Armenia’s democratic trajectory,
particularly in the areas of free and fair elections, independent media, and
human rights. Georgia’s performance since the “Rose revolution” of last
November suggests more promise in this regard.
NATIONS IN TRANSIT 2004: THE RATINGS
The Nations in Transit survey, produced annually, provides comprehensive
analysis of transitions in 27 post-Communist countries (plus Kosovo) by
tracking progress and setbacks in electoral processes; civil society;
independent media; governance; corruption; and constitutional, legislative
and judicial frameworks. It also provides a unique set of comparative
ratings based on a scale of 1 to 7, with 1 representing the highest level of
democratic development, and 7 the lowest. The 2004 study covers the period
January 1 through December 31, 2003
The eight countries joining the European Union on May 1 remained the
highest-ranking countries in the study. The majority of ratings improvements
documented in Nations in Transit 2004 were confined to countries in the
Balkans. (Serbia, Montenegro, and Kosovo were rated separately this year for
the first time and are not included in the ratings summaries. However,
historical ratings for Yugoslavia are included in the appendix). The
majority of setbacks in ratings were experienced in the non-Baltic countries
of the former Soviet Union.
Largest Declines in Russia
Russia experienced ratings declines in the greatest number of categories (5
out of 6), followed by Azerbaijan, Moldova, and Ukraine (4 out of 6 each).
The overall backward movement exhibited among the non-Baltic former Soviet
states in key areas of democratic reform suggests a growing resistance or
unwillingness of government leaders to push forward with positive changes.
Russia, in particular, has failed to lead by example in the region, where
its influence remains pervasive.
Electoral process.
(+) Three countries experienced ratings improvements for electoral process:
Bosnia, Bulgaria, and Estonia.
(-) Six countries experienced declines in electoral process: Armenia,
Azerbaijan, Moldova, Russia, Tajikistan, and Ukraine.
Civil society.
(+) Seven countries showed gains for civil society: Albania, Bosnia,
Bulgaria, Georgia, Macedonia, Romania, and Slovakia.
(-) Five countries experienced setbacks for civil society: Azerbaijan,
Belarus, Moldova, Russia, and Ukraine.
Independent media.
(+) Three countries experienced improvements for independent media: Albania,
Estonia, and Latvia.
(-) Seven countries showed declines in independent media: Armenia,
Azerbaijan, Kazakhstan, Macedonia, Moldova, Russia, and Slovakia.
Governance.
(+) Four countries showed progress in their ratings for governance: Bosnia,
Macedonia, Slovenia, and Tajikistan.
(-) Five countries showed regression in their ratings for governance:
Georgia, Moldova, Russia, Ukraine, and Turkmenistan.
Constitutional, legislative, and judicial framework.
(+) Four countries had ratings improvements in this category: Bosnia,
Bulgaria, Latvia, and Macedonia.
(-) Four countries experienced setbacks in their ratings for this category:
Azerbaijan, Croatia, Russia, and Ukraine.
Corruption.
(+) Only two countries showed improvements in their ratings for corruption:
Bosnia and Macedonia.
(-) Five countries showed regression in their ratings for corruption:
Albania, Belarus, Georgia, Kazakhstan, and Tajikistan.
The full Nations in Transit report is available online at:

Indusmin Acquires Exploration Rights to Block 1 and 2 In Armenia
Business Wire
May 25, 2004
VANCOUVER, British Colombia–(BUSINESS WIRE)–May 25, 2004–Indusmin
Energy Corp. (TSX VENTURE:IDM) (Berlin Wkn:469065) is pleased to
announce that the company has acquired exclusive exploratory rights
on the Blocks 1 and 2 in the Republic of Armenia from the Armenian
American Exploration Inc. (‘AAEC’), of Solana Beach, California, for
a non disclosed override over twenty years term on any oil or gas
discovery made. Indusmin recently applied to the Armenian Ministry
of Energy for a five year extension to the license.
AAEC, a private company, was solely owned by Allen Paulson from
California, now deceased (July 2000); it is now owned by his son,
Michael Paulson. AAEC originally commenced operations in the spring
of 1997, acquiring 200 kilometres of seismic data during 1997-8 and
drilling one well, Azat-1, to 3,524 meters by July 1998. Oil traces
were encountered at about 3,212-5 meters. Allen Paulson was previously
Chairman Emeritus of Gulfstream Aerospace, a successful business man
in California and owner of world famous horse “CIGAR” .
Block 2, which covers the south western part of Armenia, including most
of the Armavir, Aragatsotn, Ararat and Kotaik regions, as well as the
capital city of Yerevan, contains the most prospective areas for both
oil and gas in the country. To the south west of the city of Armavir,
thirty kilometres due west of Yerevan, is an area where a number of
gas prospects occur. Two wells, Oktemberyan-13E and Oktemberyan-7P,
drilled in the 1960’s, tested gas at rates of 19,000 m3/day and
900m3/day respectively; many other boreholes have gas and oil shows.
“The agreement originally signed between AAEC and the Armenian
Ministry of Energy is a Production Sharing Agreement with advantageous
terms. Because of AAEC’s high start up costs, much of which are
eligible for cost recovery, Indusmin will be entitled to 80-85% of the
output of any initial discovery, dependent upon reserve size. Several
prospects with reserve sizes ranging between 15 and 40 bcf, supported
by both seismic and surface geochemical data, have already been
identified in the Armavir area, west of Yerevan. To the east, two oil
prospects — Shorakhpur and Nubarashen — have recoverable reserves
of about twenty million barrels each,” Tim Papworth, advisor to AAEC,
previously General Manager.
Further to the news releases of January 13 and 20, 2004, the Company
announces that it has closed its private placement of 1,183,463
units at a price of $0.19 per unit. Each unit consists of one common
share and one non-transferable share purchase warrant, each warrant
entitling the holder to purchase an additional common share for a
period of two years at a price of $0.25 per share.
The Company paid finders’ fees to David McNamara of 37,500 common
shares and Peter Sugden of 6,250 common shares, at a deemed price of
$0.19 per share in accordance with the policies of the TSX Venture
Exchange.
The shares, shares issued on the exercise of any warrants and shares
issued to the finders are subject to hold periods that will expire
on August 3, 2004.
Further to the news release of February 29, 2004, the Company announces
that it has closed a private placement of 1,719,000 units at $0.30 per
unit. Each unit consists of one common share and one non-transferable
share purchase warrant entitling the holder thereof to purchase an
additional common share of the Company at a price of $0.30 per share
in the first year of the term of the warrant and at a price of $0.40
per share in the second year of the term of the warrant.
Union Securities Ltd. acted as agent on a portion of the placement
and received $20,160 as broker fee, $5,000 and 10,000 common shares of
the Company at a deemed price of $0.30 per share as a processing fee
and a share purchase warrant entitling it to purchase up to 100,800
common shares of the Company at a price of $0.30 per share in the
first year and $0.40 per share in the second year.
–30–MRO/se* CONTACT: Indusmin Energy Corp. Carlos Munoz, 604-960
9930 Fax: 604-608-4733 or
The Company also issued 38,500 common shares to Canaccord Capital
Corporation, 16,000 common shares to Derek Ivany and 33,000 common
shares to David McNamara, all at a deemed price of $0.30 per share,
in payment of finders’ fees.
All securities issued under this placement are subject to hold periods
expiring on August 28, 2004.
The Company has also closed its shares for debt transaction announced
on January 13, 2004. A total of 1,094,735 common shares of the Company
were issued to creditors, at a deemed price of $0.19 per share,
for settlement of $208,000 in debt. The share issued under the debt
settlement are subject to hold periods expiring on August 6, 2004.

Azer Tag, Azerbaijan State Info Agency
May 26 2004
INVESTING BY US COMPANIES IN NAGORNY KARABAKH CONTRADICTS LAWS OF
AZERBAIJAN
[May 26, 2004, 12:11:45]
As correspondent of AzerTAj informs, at session of Milli Majlis on 25
May, the deputies have protested against investing by some companies
of the United States in various spheres on the occupied territories
of Azerbaijan, in particular, in Nagorny Karabakh. In their opinion,
establishment by some companies of the United States, being the
co-chairman of the OSCE Minsk Group, cooperation with separatist
forces in Nagorny Karabakh, an uncontrollable zone, contradicts the
interests of Azerbaijan.
The deputies have suggested bringing the question for discussion in
Milli Majlis, making in this occasion warning to the US ambassador in
our country.
Chairman of Milli Majlis Murtuz Alaskarov has told, that similar
actions of the American companies do not express position of the
state of US. However, despite of it, it is necessary to consider the
said question seriously.
The head of parliament has stated that would address the Ministry of
Foreign Affairs with the request to clear the given question and to
inform the ambassador of the United States in our country, that
similar actions contradict the laws of Azerbaijan.