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Gold/Mining/Energy : Millstream Mines (MLSM)
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To: Morag who wrote (205)9/1/1999 5:32:00 PM
From: Brumell  Read Replies (2) of 664
 
Notes and questions for Morag and Hugh.

Latest news I got was yesterday from Marty Martinello with MLSM in North Bay. He wouldn't give a drill date for resumption but indicated possibly next week. I said shortly after labor day but he refused to be pinned down. He did confirm drilling will be from the north to south. Their website indicates 2 holes drilled from that direction in the past: 97-08 and 08a (a wedge off 08) which had good results and 98-03 which did not. He says holes will be shallower than previously drilled from the south. As the dip of structure is to the north, I assume we'll also get a more true width of anything found (that's opinion). He also said they'll be drilling the outer anomalies. No reason was given for delays in drilling these other than HDG's primary focus was around the old mine area.

Also meant to post to Hugh re. tax shelter timing. I'd hoped for and thought a package might be possible by mid-October if they pulled the cork and got rolling. Marty says they'll be aiming possibly for mid-November but did not indicate any need for urgency. He says tax filers can file quarterly and the year-end aspect is not that important. Wondered if Hugh might have a comment about that. Also regarding financial matters, understand a second tranche is due MLSM in early Sept. from the HDG financing. Although he answered negative, wondered if that might have an impact on date of drilling resuming. Many points to ponder here, Morag.

Regards,

Bob
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