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: Alan Vennix who wrote (4862)	12/16/1999 8:05:00 PM
From: Karl Zetmeir	Read Replies (4) of 5143

Not much of a jinx here! AZ-MG-NATURAL-RESOURCES)(MGAU) MG Natural Resources Reports Refinery Results PHOENIX, Dec 16, 1999 (BUSINESS WIRE) -- Test Results Announced MG Natural Resources Corp.(MG) (OTC BB: MGAU), announced that earlier this week, it received a response from prior analytical tests conducted by a major foreign refiner of gold and platinum group metals. These are the results from this refiners' analysis of the MG Stage IV material that was processed by the company and submitted to the refiner in July 1999: Silver: 1,463 troy ounces per ton of Stage IV concentrate Gold: 55 troy ounces per ton of Stage IV concentrate Since Stage IV material is concentrated 33.6 to 1 from the head (mined) ore, calculating back to the unprocessed ore as it comes from the ground, this equates to the following: Silver: 43.5 troy ounces per head ore ton Gold: 1.6 troy ounces per head ore ton The refiner detected trace amounts of platinum and palladium in the sample. The refiner has asked MG for information regarding the quantities of Stage IV material that MG can provide. The refiner has invited the company to negotiate terms under which the refiner would purchase the concentrate from MG. MG has made substantial improvements in concentrate processing since the Stage IV submission last July, including the conversion of the refractory platinum group metals into a detectable and extractable form. The company has initiated negotiations with this refiner and intends to offer the improved Stage IV precious metals concentrates as part of these discussions. Previous Results The company has previously sent samples of Stage II, (single-process) and Stage IV, (two-processes and concentrated) gold and platinum group metals from the first test run of the prototype production plant to four other refiners, (two U.S. and two foreign). The two domestic refiners have responded. The first domestic refiner found amounts of gold and platinum group metals ranging from a high of 4.5 troy ounces per ton gold to a low of 1.5 troy ounces per ton of platinum along with 730 troy ounces per ton of silver in a Stage IV concentrate sample. The results were well below assays of the same material that MG has received from other laboratories and well below the 5 percent minimum precious metals content this refiner requires to make an offer to purchase. A second domestic refiner could not detect precious metals in a single-process Stage II sample. The company is discontinuing submissions of Stage II material. The company is pleased with the progress it has made toward the commercial development of the MG gold and platinum group metals extraction processes. Much of the work that the company has done, must remain confidential to protect the MG intellectual property from other companies that are attempting to accomplish the same task with refractory ores. For this reason, the company has purposely not reported descriptions of the processes and instead has relied upon reporting analytic results received from outside laboratories. Finance The company is currently evaluating several offers from investors to purchase restricted stock in the Company for a private placement.

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