Private Placement
15th July 2004

Indusmin Energy Corporation announces a private placement of up to
4,000,000 units at a price of $0.30 per unit, subject to acceptance by
the TSX Venture Exchange, for total proceeds of $1,200,000. Each unit
will consist of one common share and one non-transferable share purchase
warrant entitling the holder to purchase one additional common share for
a period of two years at a price of $0.30 per share if exercised in the
first year and $0.40 per share if exercised in the second year.

The proceeds of the private placement will be used for development on
the Company’s oil and gas properties in Armenia and the Ukraine and for
general working capital.

For further information please contact:

Carlos Munoz , President & CEO, [email protected]
INDUSMIN ENERGY CORP.
Tel. No.: (604) 960 9930
Fax No.: (604) 608 4733

Symbol: IDMNF ( U.S. )
Symbol: IDM ( Can. )
Symbol: Wkn: 469065( Berlin )

PRESS RELEASE
Catholicosate of Cilicia
Communication and Information Department
Tel: (04) 410001, 410003
Fax: (04) 419724
E- mail: [email protected]
Web:

PO Box 70 317
Antelias-Lebanon

Armenian version:

“ARCHBISHOP SCOTT SERVED THE ECUMENICAL MOVEMENT WITH A CLEAR VISION OF THE
UNITY OF THE CHURCH”

Said His Holiness Aram I

Antelias, Lebanon – Archbishop Edward Ted Scott, the 10th primate of the
Anglican Church of Canada and former Moderator of WCC Executive and Central
Committees, died Monday afternoon in a car accident near Parry Sound, Ont.,
north of Toronto. He was 85. On this occasion His Holiness Aram I sent the
following condolences to the Most Rev. Archbishop Andrew S. Hutchison, the
Primate of the Anglican Church.-

His Grace
Most Rev. Archbishop Andrew S. Hutchison
80 Hayden Street
Toronto, ONM4Y 3G2
Canada.

Your Grace ,

I just learned, with deep sorrow, the passing away of Archbishop Ted Scott.
Indeed, he was a gifted minister and a strong church-leader. He served his
church with firm commitment and profound love. Archbishop Scott also served
the ecumenical movement in general and the World Council of Churches in
particular with a clear vision of the unity of the church. As Moderator of
the Central Committee of the WCC from 1975 to 1983, through his reports and
reflections, Archbishop Scott emphasized the centrality of the local church
and the critical importance of the pastoral di – mension in our ecumenical
engagement. The ecumenical movement owes a great deal to the ecumenical
contribution of Archbishop Scott.

May God accept his soul in His eternal kingdom.

Prayerfully

ARAM I
CATHOLICOS OF CILICIA
&
MODERATOR OF THE WCC

****************

The Armenian Catholicosate of Cilicia is one of the two Catholicosates of
the Armenian Orthodox Church. For detailed information about the Ecumenical
activities of the Cilician Catholicosate, you may refer to the web page of
the Catholicosate, The Cilician Catholicosate, the
administrative center of the church is located in Antelias, Lebanon.

ARMENIA 82-TH ACCORDING TO INDEX OF LIVING STANDARDS

16.07.2004 13:42

/PanARMENIAN.Net/ Norway, Sweden and Australia are considered the most
prosperous states out of 177 countries included in the so-called Human
Development Index annually issued by the UN. The Index is determined
according to the income per head, quality of education and medical
care and lifetime. Armenia is the 82-th in this list. Other republics
of the former USSR occupy the following positions: Russia – 57-th,
Ukraine – 70-th, Azerbaijan – 91-th, Georgia – 97-th. The report
prepared by the UN Development Program is compiled due to the data of
2002.

OSCE Minsk Group meets with Azeri foreign minister

16.07.2004 12:04:00 GMT

Baku. (Interfax-Azerbaijan) – The co-chairman of the OSCE Minsk Group
for settling the Nagorno-Karabakh conflict met with Azerbaijani
Foreign Minister Elmar Mammedyarov in Baku on Friday.

“We held excellent negotiations with the Azerbaijani foreign
minister,” French Minsk Group co-chairman Henry Jacolen told Interfax
following the meeting.

Jacolen and the other co-chairmen, Yury Merzlyakov of Russia and
Stephen Mann of the U.S., arrived in Baku to offer new proposals on
settling the Nagorno-Karabakh problem to the Azerbaijani
leadership. The international mediators had earlier visited Armenia
and Nagorno-Karabakh for the same purpose.

Merzlyakov earlier told the press: “There are new ideas, but we have
to negotiate with the Azerbaijani leadership first.” Commenting on
proposals that Nagorno-Karabakh’s representatives be involved in the
talks, he said this issue is up to the negotiating parties to
decide. “In my view, all parties should take part in the
negotiations,” he said.

Nagorno-Karabakh is an Azerbaijani province populated mostly by ethnic
Armenians. Baku lost control of Nagorno-Karabakh and seven other
districts adjacent to it after a bloody conflict with Armenia in the
1990s.

The UN Security Council has issued a number of resolutions condemning
the occupation of Azerbaijani territory and demanded that Armenian
units be pulled out of the territory. The OSCE Minsk Group, which is
composed of representatives from the U.S., Russia, and France, is
mediating to help resolve the conflict.

‘So-Called Armenian Genocide Recognition not an EU Condition’

Zaman
07.16.2004 Friday

Armenians living in France are trying to bring Turkey’s refusal to
recognize the so-called Armenian genocide to the agenda by taking
advantage of Turkish Prime Minister Recep Tayyip Erdogan’s visit to
Paris next week.

A government official from the French Foreign Ministry told Zaman on
Thursday that Turkey would not be forced to recognize the so-called
Armenian genocide as a condition for membership to the European Union
(EU). The official said that Turkey, just like the other countries,
would have to fulfill the Copenhagen Criteria. Recognition of the
so-called Armenian genocide is not one of the Copenhagen Criteria.

During a press conference a journalist asked French Foreign Ministry
Deputy Spokesman Cecile Pozzo de Borgo, “Although recognition of the
[so-called] Armenian genocide is not among the Copenhagen Criteria,
some political party leaders in France want this to be set as a
condition for Turkey’s membership to the EU. What is the attitude of
France about this issue?”

Borgo declined to answer, saying that she could not comment on
internal politics.

Francois Hollande, Secretary General of the main opposition French
Socialist Party, explained in a joint-memo he prepared with the
Armenian Dashnak Party prior to the European Parliamentary elections
that Ankara should recognize the so-called Armenian genocide if it
wants to join the EU.

On the other side, French President Jacques Chirac had pointed out in
April that recognition of the so-called Armenian genocide was an issue
between Turkey and Armenia. He had said, “I see that there are
important developments on the subject. I appreciate these
developments; however, in bilateral plans, the judgment of the entire
future cannot be made only through history.”

Armenians Increase Efforts to Enact Denial Law

French Armenians are engaging in intense lobbying in support of a bill
prepared by Public Union Party (UMP) deputy Philippe Pemezec and
Socialist Party deputy Didier Migaud. The bill aims to punish those
who deny the so-called Armenian genocide.

Prepared by Migaud and called “The Punishment of Armenian Genocide
Discussions”, the bill regards the so-called Armenian genocide as a
crime against humanity and seeks to punish the people and institutions
that claim Armenians were not exposed to genocide in 1915. By making
this law pass from the French Parliament, the Armenians aim to enforce
the Armenian genocide law that theFrench Parliament adopted on January
18, 2001, but which did not impose any sanctions.

To protest Erdogan’s three-day visit that will start on Monday, the
Armenian Foundations are preparing demonstrations in Paris and
Marseille.

Erdogan is expected to meet with Francois Hollande and Alain Juppé,
the leader of UMP, which is against Turkey’s EU membership. Economy
Minister Nicolas Sarkozy, who is one of the candidates for Alain
Juppé’s position, is alsoknown to be against Turkey’s membership.

07.16.2004
Ali Ihsan Aydin
Paris

Byron festival finale

Hucknall Today
16 July 2004

HAILED as a symbol of faith and hope, an Armenian stone cross has been
put up on an outside wall of Hucknall Parish Church tower.

The cross, known as a khachkar, was dedicated on Sunday as a climax to
the seventh International Byron Festival.

It marks a friendship agreement between Hucknall’s Holgate
Comprehensive School and the Lord Byron School in Armenia.

The ceremony ensured that the ten-day festiival finished on a high
note after a series of disappointments.

No fewer than six of the 33 scheduled events proved non-starters for
various reasons.

Co-organiser Maureen Crisp said it was a big setback that those
festival mainstays, actor Ian Frost and playwright Bill Studdiford,
could not take part this year because Bill suffered a freak accident.

“But the second weekend of the festival, which involved Armenian
visitors, was an important feature and I am pleased that it went
extremely well,” said Maureen.

The khachkar was formerly in the quadrangle at Holgate School but was
broken into two by vandals.

The ceremony was in memory of former Hucknall rector Canon Fred Green,
who wanted the act of damage to be seen as a strengthening of faith.

Special guests at the service included the Armenian Ambassador to
Britain, Dr Vahe Gabrielian, and the High Sheriff of Nottinghamshire,
Henry Machin.

The khachkar was given to Holgate as a symbol of gratitude for the
support Britain gave to Armenia after a devastating earthquake in
1988, particularly the building of the Lord Byron School in Gumryi.

It was vandalised four years ago – possibly by football hooligans who
might have mistaken Armenia for Albania at the time of the Euro 2000
tournament.

But it has now been replaced at Holgate by another khachkar made by
the same stonemason in Armenia.

Holgate deputy head teacher Tina Brace said Armenia had a tragic past
and, in the last two decades, it had been ravaged by the earthquake,
war and economic collapse.

“But these setbacks have not crushed the spirit of the people, who
remain determined to overcome their difficulties,” she added.

Lillit Hovsepian, who was formerly a schoolteacher in Gumryi and now
lives in Moscow, also spoke at the service.

Tears filled her eyes as she recalled the death and devastation
wrought by the earthquake.

Before the Lord Byron School was built, pupils were having to be
taught in a tent with just a stove to keep them warm in freezing
winter weather.

The new school is so popular that, although it was built to cater for
400 pupils, it is teaching 1,400 children in three shifts from 8.30 am
to 6.30 pm from Mondays to Saturdays.

it was a “wonderful occasion” when Margaret Thatcher visited Armenia
to open the new school, said Lillit. She added: “The link with Holgate
has made us realise we are not alone in the world.”

During the service, which was conducted by rector the Rev Linda
Church, Shakeh Avanessian danced a Gumryi prayer and Haikuhy
Harutyunyan, of the Lord Byron School, sang the Lord’s Prayer in
Armenian.

The Holgate wind ensemble also took part and there were readings from
Newstead Abbey Byron Society chairman Ken Purslow and society member
PamelaLewis.

Wreaths were laid at Byron’s tomb by the Armenian Ambassador, the High
Sheriff, Shakeh, Haikuhy, Notts County Council chairman Coun Nellie
Smedley(Lab), Ashfield District Council chairman Coun May Barsby
(Lab),representatives of Holgate and Lord Byron schools, and Maureen
Crisp on behalf of the International Byron Society. There was also a
candle-lighting ceremony.

New name for community centre

HUCKNALL Community Centre – described as “the heartbeat of the town”
for nearly a century – has been given a new name.

A ceremony to rename the Ogle Street building as the Lovelace Centre
was the final event of the 2004 International Byron Festival.

The new name commemorates Byron’s daughter, Ada Lovelace, who was a
gifted mathematician and is regarded as ‘the mother of computers’.

The ceremony was to have been performed by former Labour leader and
ardent Byronist Michael Foot.

He could not be present because of an eye infection but sent his best
wishes for the continued success of the centre.

Deputising for him at the ceremony, Newstead Abbey Byron Society
chairman Ken Purslow paid a tribute to the foresight and courage of
those who had built the Godber Memorial Hall, as the centre was
originally known.

The hall was constructed by Thomas Fish and Son, of Nottingham, and
opened on November 16 1907 by the Duke and Duchess of Portland.

It was the brainchild of Canon John Hankin Godber, who sadly died
without seeing his dream realised.

Among rules drawn up by the management committee of the time were that
there should be no gambling, foul language, drunkenness, shouting or
noise of any kind on the staircases. The name of any offender was to
be fixed to a noticeboard.

A youth who threw stones at the front of the hall during the building
work received “the punishment he deserved” from his father.

Mr Purslow said the Byron Festival was a fine example of the key role
which the centre played in the life of Hucknall.

He went on: :”Byron and Ada are both powerful marketing names in their
own right. Hucknall is their spiritual home and it is right that we
should record and acknowledge their achievements.

“Every child, adolescent and adult is aware that we live in an age of
high tech and computers.

“The name of Ada is synonymous with these and the centre’s new name
has been chosen to reflect the times.”

Iran-Armenia gas supplies through pipe may increase

16.07.2004 12:02:00 GMT

Moscow. (Interfax) – The amount of gas being supplied to Armenia under
a bilateral agreement to build a pipeline between the two countries
may be increased by over 30% from 36 billion cubic meters to 47 bcm
during the 20-year contract term, Armenian Energy Minister Armen
Movsisian told journalists.

He said that initially the Iran-Armenia gas pipeline would pump 1.1
billion cubic meters of gas per year, which will increase to 2.3 bcm
at the end of the contract.

He also said that the contract might be extended by five years – from
20 to 25 years.

Iranian Ambassador to Armenia Mohammad Farhad Koleini was quoted as
saying earlier that trade between Iran and Armenia arising from the
agreement to build and operate the pipeline will amount to $10 billion
over the next 20-25 years.

Armenia and Iran signed an agreement on May 13 for the construction of
a pipeline between the two countries. The pipeline is 141 km long,
inducing 41 km in Armenia and 100 km in Iran. The total cost of the
project is estimated at $210-$220 million.

Gas should start to arrive in Armenia from January 2007 and will be
used at Armenian thermal power plants to produce electricity for
export to Iran.

U.S. diplomat meets with Georgian government

Messenger,com.ge
Friday, July 16, 2004, #132 (0656)

Ambassador Steven Mann, the U.S. State Department’s Special Negotiator
for Eurasian Conflicts, met with senior Georgian officials on Thursday
to discuss ways to reduce the tensions in the conflict region of South
Ossetia.

Ambassador Mann is also the Senior Advisor on Caspian Basin Energy
Diplomacy. According to a press release from the U.S. Embassy,
Ambassador Mann serves as a catalyst between governments, industry and
in some cases NGOs, to achieve specific milestones to forward the goal
of creating an East-West energy corridor from the Caspian to the
Mediterranean.

While in Tbilisi, the embassy states, Ambassador Mann may also have
meetings regarding the BTC pipeline.

Ambassador Mann arrived in Tbilisi from Armenia and will be traveling
to Azerbaijan to continue discussions on the Nagorno-Karabakh
conflict. He is the U.S. Co-Chair of the OSCE’s Minsk Group dedicated
to resolving that conflict.

Paris Club to decide Georgia debts

By M. Alkhazashvili

messenger.com.ge
Friday, July 16, 2004, #132 (0656)

The Ministry of Finance is trying hard to reschedule Georgia’s
external debts. Minister Zurab Noghaideli is in Paris where the issue
of restructuring Georgian debts is to be decided Thursday. The Paris
Club agreed to reexamine the issue after the IMF renewed its programs
with Georgia in early June.

Considering that on January 30, 2004 Georgia’s external debt was USD
1.851 billion, the structure of repaying these debts is a major issue
for the new government.

Servicing this debts is a huge burden for the Georgia’s economy. This
year GEL 189 million have been allocated for debt repayments. From
this amount GEL 88.3 million is for covering interests whereas GEL 101
million goes to pay off the principle as well.

The government hopes that the Paris Club will be positive and give the
Georgian budget serious relief. Georgia has 15 creditor countries and
Georgia owes to them USD 751 million. The remaining debt goes to
international financial organizations and most of them are long term
credits whose restructuring is not yet on the agenda.

In Paris, Noghaidelli will try to persuade the governments of
Azerbaijan, Armenia, China, Iran, Kazakhstan, Austria, Russia, Turkey,
United States and Netherlands to restructure Georgia’s debts. The
restructuring concerns the amounts to be paid over 2003-2004 and
equals more than USD 196 million.

Georgia approached Paris Club first in 1999. It was decided then that
a restructuring would be allowed for debts taken before November 1999;
this included debts to CIS countries, Austria, Turkey, Iran, China,
Netherlands and United States. During the two years of the
consolidation period 2001-2003 Georgia was in fact free from
payment. The amount accumulated during the consolidation period is
payable from 2005.

Out of debts to individual governments, Georgia’s biggest creditor is
Turkmenistan. These debts were accumulated mainly in 1993-1994 for
consumed natural gas. According to the 1996 agreement, the debt was
fixed at USD 393.5 million. Turkmenistan has not agree to restructure
the debts but on the other hand it agrees to receive payment in
kind. Several Georgian enterprises are supplying Turkmenistan with
their products or services. Until today, these enterprises have
already covered USD 151.9 million in principle and USD 28.9 million in
penalties. For these activities, the enterprises covering Georgia’s
debts are paid back by the Georgian budget through the special
schedule.

In terms of Georgia’s international standing, the positive judgment of
the Paris Club will do a great deal to alleviate the country’s debt
burden. Meeting under the auspices of the World Bank and the European
Commission in June, international donors from 31 countries and 12
organizations, noted that “solid progress is expected to be made in
the July Paris Club meeting.” Without further restructuring of
Georgia’s external debt through the Paris Club, the donors stated,
“viability in public finances would not be possible.”

KARABAGH CEC TO USE MOBILE VOTING FACILITY

STEPANAKERT, JULY 16, ARMENPRESS: Ahead of August 8 elections to
local self-government bodies of Nagorno Karabagh local authorities
have taken a decision to use a mobile voting facility for physically
disabled and those who cannot come to the polling station for other
valid reasons. Under the decision at least two members of the polling
station commission and one observer should administer mobile voting
jointly within the geographical territory covered by a polling
station.

The decision to use mobile voting facility was announced July 15 by
Sergey Davtian, the chairman of Karabagh Central Election Commission
(CEC), who warned the CEC members against campaigning in favor of a
candidate and expressed hope that the polls will be conducted in a
transparent atmosphere.

Armenpress correspondent in Nagorno Karabagh also reported, citinga
report by local prosecutors that the number of crimes decreased by 54
in the first six months of the year making 281 against 335 of last
year’s same time span. But according to the report, concurrently the
number of grave crimes rose. The prosecutors also succeeded in
bringing to the net some 100 people engaged in business and collected
2.5 million drams in penalties.