This e-mail was from Orly on 1/7/99.
Among everybody, we are the most frustrated about not getting the test results from Ashton. As you knoow, we have been asking them for these a long time. Out of the samples we sent, so far we have only received results from Kassama Hole No. 1 and Cirque drill hole. We still have to receive those from Kassama Holes 2 and 3, and the five new pipes. Obviously, our JV with Ashton is getting to be too sour to bear and I am trying to do something about it so that we can progress at Kenieba.
I am currently negotiating with three different parties for the funds needed to bring our Niaouleni gold project into production. Depending on what we finally arrive at, as well as the amount, the investor can recover his investment either through (1) getting a percentage of the gold metal produced; (2) receiving a percentage of the proceeds from the sale of the gold; (3) getting shares of the company at $0.15/share - the lowest allowable by the VSE -- or any combination of the foregoing. Rest assured we will make the best deal we can for the project, our Company and shareholders.
We are not active in the field for now. Our various equipment are intact in our two camps -- thanks to our crew, who stored them in a very professional manner. We have standing offers from service companies (a drilling outfit and some geophysical consultants) to lease our equipment. Frankly, I prefer that Mink uses the equipment for its own purposes rather than for others. However, now that we are in a survival mode, we will not close any doors that would allow us to generate funds.
There are some 18,125,000 shares outstanding. The Company owes me close to $300,000 in cash and none of this amount has been converted into shares.
Only heaven knows what the future holds for Mink in 1999. We are helping heaven as much as we can, though, with the hope that our Company's future can be brighter for its shareholders.
Best regards
Orly |
