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Gold/Mining/Energy : ATLANTA GOLD CORP. (TSE:AAG)

TWG 3.940

+1.5%

Feb 10 3:59 PM EST

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To: Ronald P. Margraf Sr. who wrote (184)	1/24/1997 12:26:00 PM
From: burner	of 495

Spoke with Michelle @ IR yesterday. Most of what I heard we have heard before. There are 8 properties to be explored. Looks like the AGM will be combined with an EGM on March 25. Geologist back samples in lab- rock chip/stream sediment variety with results probablyin a week-10 days. I believe these were taken from the BERAU property (Hapsari Kutai) in East Kalimantan. There is or has been some work done in the Tanjung Sakti (Sumatra) as well. These are both "prioity one" targets according to information gleaned from the George Cross (sic) newsletter of which I have a fax copy. This was essentially an interview with Hermann Derbuch. The Sumatran (TANJUNG SAKTI) property which was acquired on Dec. 30 has had previous geological investigation done by a major mining company and is believed to be the strongest anomaly on S Sumatra/W Java gold belt. An outcrop sample assayed 52.0 gm/tonne. Drilling expected by April 1. BERAU: 4,00 hectares (Hapsari Kutai "Generals Property")- Geochemical sampling returned sediment samples in excess of 90 ppm gold. Previous outcrop samplings assayed 7.0 g/t gold, 0.8% copper 1% zinc. There are 3 "priority two" targets which will bel looked at further using radiometric,radarsat and airborne magnetic surveys The remaing properties are "priority three". Hermann noted company will ned funds to complete merger. PP funds are being organized. After completion of merger and next exploration results are anzlyzed a furter funding of 5-10 million is expected with senior funding in larger amounts expected toward end of 1997. The evaluation of the Idaho property remains at 1,085,900 oz gold and 2,516,000 silver. The gold is refractory and can be recovered form 94-96% using bio-oxidation process which has proven successful in other more severe climatic conditions. Quest International has spent 3.2 million so far and is comitted to spend a further 6.7 million by Nov. 30 1998 in order to earn a 51% interest in the property. Hermanns accomplishments include raising 20 million for Busang Gold exploration with Minorca and over 7 million for Carlin Gold trend Nevada. As COO with Eden Roc he managed to raise $17,625,000 plus over 5 million in equipment contracts toward increasing productioin at SOMIAF gold mine on the Ivory Coast. The article concludes with the statement that he has a wide range of industry associates and a number of them are interested in joining the team. I have heard he is very good friends with the Lim family in Indonesia who are probalbly the second wealthiest family there next to you- know -who. Also, the new company will not retain its VSE listing. (Yippee!) IMO this will make it a REAL company. Dan

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