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Gold/Mining/Energy : Kazakhstan minerals KMC.U -TSE

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To: virginijus poshkus who wrote (108)	12/5/1999 8:21:00 AM
From: Michel Landry	Read Replies (1) of 112

KazMinCo acquires exploration property in Hungary Kazakhstan Minerals Corp KMC.U Shares issued 29,546,156 Nov 30 close $0.21 Wed 1 Dec 99 News Release Mr. Tony Williams reports KazMinCo has agreed to acquire 100-per-cent ownership of the Telkibanya project in northeast Hungary. The Telkibanya project is located 260 kilometres northeast of Budapest and consists on four contiguous licences covering 62 square kilometres, which are considered to have potential for economic precious metal mineralization. KazMinCo has acquired an extensive geological and historic mining database on the property which confirms the existence of numerous precious metal vein systems. KazMinCo geologists interpret Telkibanya as a classic low-sulphidation epithermal system with many similarities to the major epithermal districts of South America. KazMinCo is currently evaluating the existing data in preparation to commence a first-stage exploration program in spring 2000. The project is well served by infrastructure with easy access which will allow year-round operations. Acquisition terms To acquire the Telkibanya project, KazMinCo has agreed to pay $16,000 (U.S.) to refinance the Hungarian owners the cost of the geological database and has agreed to issue to the owners 200,000 common shares in KazMinCo. An additional $100,000 (U.S.) (subject to adjustment depending on the gold price) will be payable on completion of a positive feasibility study. KazMinCo has also agreed to incur minimum exploration expenditures of $250,000 (U.S.) before November, 2002. The acquisition is subject to regulatory approval and confirmation of KazMinCo's title to the licences. The Telkibanya project is KazMinCo's first exploration venture outside Kazakhstan. KazMinCo remains committed to developing its natural resource business in Kazakhstan where the two-million-gold-equivalent-ounce Varvarinskoye property is the most advanced project. KazMinCo also maintains its interest in several sizeable copper-gold exploration properties in Kazakhstan. The recent improvement in the gold price and the possibility that there could be further upswing in the market gives encouragement for a Varvarinskoye project financing next year

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