Ontex Resources (ONT Alberta) Message Board

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Gold/Mining/Energy : Ontex Resources (ONT Alberta)

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To: Gemini who wrote (330)	6/30/1999 9:16:00 PM
From: mark warburton	Read Replies (2) of 519

Gemini, Just came back from the annual special meeting and can add a little more too the implications from the drilling. First off the meeting was very well attended. Last years meeting was at least doubled in attendance with far more investors in attendance. Great too see. Everyone seemed fairly up to date on the Ontex workings in Beardmore. Meeting was called to order and all resolutions were read and passed. A short question and answer ws followed by a presentation on the financial statements from Tony Lopez and then again a further question and answer period took place. As for the results with the current release. The Cherbourg hit of 45 feet is a very good result. It shows that the Cherbourg vein is widening at depth. A major point that George Chilean pointed out with the Cherbourg vein related to comments that the Placer Dome geologist Morganti made. At present the Cherbourg veins are 500 feet off the contact fault but sloping towards it. In his opinion he felt that the veins would intersect with the contact and at this point you would really like what you see. This drilling extended the known deposit deeper and much closer to the contact area. He added a comment that 2-3 drill holes should be added to this target in very short order. To continue testing the veins and try to locate where it touched the contact. The Brookbank hits are not of tremendous proportions but they stay on the same course where we continue to define the reource as larger and larger. The one Brookbank hole was strategically drilled to intersect the fault and also if it was a hit to include other holes of .13 ounces per ton that were to far from the existing ore body. The numbers came in and although they were not super spectacular they allowed further blocks to be filled in to the resource category. No new resource calculations were presented. Drilling is continuing in the first phase to Brookbank East and then over to foxear. Based on those holes they will map out stage 2 drilling. All in all they are looking for the highest priority targets as they go. Should they hit a monster hole they are prepared to grid drill that section real quick. With the results today Cherbourg desrves a further look and that super hole may be right where the Placer geologist says it should be! With the recent price slide Robin Goad took the majority of the flack. Different issues were raised regarding Robins time divisions running 2 companies and whether that poses conflicts of interest. Robin answered all with professionalism and stated at this time he feels that he can mange both jobs professionally and without conflicting interests. He pointed out that Ontex and Fortune runs separate offices in most respects and that should the job becoming too much in the future he would address it at that time and take the proper measures to rectify it. All in all the meeting went quite well. The legal counsel answered the US listing question with a no comment and advised the same when pressured on the Senior Canadian exchange listing. Got to hate lawyers EH! Some pretty major players at the meeting so I suspect we should see the price firm up here. Does anybody out there, know who is selling at DS. Outside of their selling the stock will be back at a buck in a day. Talk to you soon Mark

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