Xenolix Technologies (XTCI) 'Ecstasy'(Formerly MGAU) Message Board

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Technology Stocks : Xenolix Technologies (XTCI) 'Ecstasy'(Formerly MGAU)

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To: Richard Mazzarella who wrote (4817)	11/12/1999 3:31:00 PM
From: Tim Hall	Read Replies (1) of 5143

Richard, From the last NR. <<<MG Quarries The board has reviewed the first full year of quarry operations. While the company has made significant inroads in the crushed marble market, evidence would suggest that a major expansion of the quarry will be necessary to gain additional market share. This type of expansion would divert capital from the main focus of the company, which is to develop an economically viable technology for precious metals extraction from refractory ore. The board has determined that continuing quarry operations at current production levels would serve to weaken the economic viability of MGNR. The board has accepted an offer from a private group to assume ownership and operation of the quarry immediately. Terms of the agreement call for the assumption, by the purchaser, of $1.2 million of MGNR debt associated with quarry operations.>>> The private group is led by guess who? Mike Amundson. So far, since the quarry started, they have paid the BLM royalties on 12,000 tons which they have shipped. Don't they have traditional gold at the marble quarry also? Tim

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