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Gold/Mining/Energy : Montello Resources

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To: Wayne J. who wrote (2601)	10/15/1998 7:56:00 PM
From: Famularo	of 4256

Fagan says kimberlite will grab market attention Montello Resources Ltd MEO Shares issued 37,716,158 Oct 14 close $0.43 Wed 14 Oct 98 In the News Also Redwood Resources Inc (RDW) Brian Fagan, writing in the Oct. 2 edition of the Fagan Report, says Montello Resources has what appears to be a large kimberlite pipe on its Legend property, and that this may lead to a big boost for Alberta diamond stocks. Mr. Fagan says once the company confirms that the intersected rock is indeed the host material of diamonds, the Alberta diamond play "will again attract the attention of stock speculators." The letter writer adds that confirmation should come before Oct. 11. The 20-property Legend property is northeast of Ashton Mining's discovery pipes at Buffalo Head; Kennecott can earn a 60 per cent interest by spending $30-million in exploration. Mr. Fagan notes the first three targets are Phoenix, Pegasus, and Roc, each of which have potential tonnages of 50- to 100-million tonnes to 300 metres. The first hole of the program appeared to have hit kimberlite at a depth of 103 metres which continued to 230 metres. The core will be tested for diamond indicator minerals and then micro-macro diamonds.

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