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Gold/Mining/Energy : Macdonald Mines

MMP 69.00

0.0%

Sep 25 5:00 PM EST

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To: John Barendrecht who wrote (43)	2/11/1997 1:56:00 PM
From: David Graham	of 135

I think the market really wants to know what is going on with the Golden Hill transaction. This merger has been dragging on for three months now and we're still waiting for regulatory approval. The market (even that small part of it that follows MMP) doesn't like delays. IMO opinion that's what is holding back the stock. To compound matters there is no hard data in this release - as everyone has remarked. Even the zones in question are the least interesting parts of the property. The 50% increase in the oxide zone on Big Golden Hill doesn't excite me because the previously reported grades on BGH are marginably economic. The only reason they will be mined at current gold prices( or even 380/oz) is that Little Golden Hill will support the mine development. Once the infrastructure is mostly paid for by LGH the lower grades zones can be mined efficiently. David

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