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Gold/Mining/Energy : Millstream Mines (MLSM)
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To: hugh thorne who wrote (211)9/8/1999 3:18:00 PM
From: Morag  Read Replies (1) of 664
 
Given the deafening silence from MLSM and HDG I made another round of calls to both companies. Here is what I got:

1. Ernie Harris has been in Vancouver since yesterday with lawyers in tow to try and finalize next phase of drilling priorities and as near as I can tell dot the i's and cross the t's of who will determine what and perhaps finalize a contract. This was confirmed by both MLSM and HDG.

2. No contract has been signed to date - HDG's take is that there is an approved program in place,financing has been provided etc etc etc Not in anyones interest to turn back on this agreement.....

3. Both HDG and MLSM have confirmed again that there are conflicting priorities in terms of next steps - where to drill next and what the remainder of the relationship will be who is in the drivers seat - ergo the purpose of the meeting to iron out who determines where MLSM drills go next.

4. Drills are still on the property - $ still available to go forward.

5. Something will be forthcoming within the next 48 hours.

My opinion only - this power struggle between the two has spilled out to the point of immobilizing both parties and the project. Unless the two stubborn principals come to some kind of agreement the outlook for the MLSM share prices for the near term will be a drift sideways and down.

If they can do some horse trading on the priorities - good for us, better for us if the agreement is clearly understood and adhered to by each party.

If they can't - too bad for shareholders short term.

Still think it's a good play but the time frames would
get longer again if the agreement was folded up - although I was assured by HDG IR rep that that was really not an option for either partner.

Generally speaking, the climate is understandably not as up beat as previous discussions with both companies - they each appear to be experiencing some pressure based on what is at stake, the need to produce something, and additional pressure from disgruntled shareholders like me.

Sincerely hope that they will come to their senses on both sides. We should know by the end of the week which way the wind will blow.

Still hurting and holding.

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