Caledonia Mining (CAL T) Message Board

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Gold/Mining/Energy : Caledonia Mining (CAL T)

CAL 12.74

-5.8%

3:59 PM EST

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To: Bobby Yellin who wrote (27)	10/1/1997 9:46:00 PM
From: John Fairchild	of 58

Hi Bobby, could be POG or it could be the BHP JV. I've been meaning to make a call but to many companies to keep track of. Thursday May 15 1997 Mr R.J. Fiorini reports Caledonia has signed a letter agreement with BHP Minerals International Exploration on Caledonia's 100% owned Mulonga Plains property in western Zambia. The 39,610 square kilometre Mulonga Plains property is covered by an exclusive prospecting licence held by a wholly owned Zambian subsidiary of Caledonia and is adjacent to the diamond producing regions of Angola. BHP and Caledonia are undertaking a reconnaissance sampling program to determine the extent to which the Angolan craton underlies the property. The reconnaissance program will consist of regional scale stream and sediment sampling for diamonds and other indicator minerals and will be fully financed by BHP. Personnel at BHP have already mobilized and have joined the Calendonia team to carry out the reconnaissance program. Caledonia is sampling the area for gold and other minerals. Subsequent to completing the reconnaissance program, BHP must notify Caledonia by October 1 1997 if it wishes to form a joint venture agreement to earn between a 60% and an 80% interest in the Mulonga Plains property. It is contemplated that BHP will finance 100% of the project through to a feasibility study at which time BHP will be fully vested and may finance Caledonia's share of construction costs and project completion guarantees. This letter agreement is in addition to the existing joint venture agreement with BHP on the Dunvegan property in the Northwest Territories, just 30 kilometres from the BHP/Diamet property in Lac de Gras. John

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