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Gold/Mining/Energy : Madison Enterprise, MNP/VSE
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To: chevalier who wrote (22)5/17/1997 1:36:00 AM
From: Norm. Forster   of 285
 
To Ari Sussman, nchan et al.
I gather from your posts Ari, that you have at least some practical knowledge of geology. Unfortunately for me I have none. I have shares in the companies involved in the Mount Kare prospect and I have been reading Silicon Investor posts with more than passing interest.
I provide you with information from Australian newspaper releases as attributed to G Stanley Shaw, chairman of Carpenter Pacific which has a 16 2/3% interest in the project. I have confirmed most of this with an analytical geologist working with Madison. I know that some of the information is at variance with posts on this forum.
1) There are two drilling rigs operating and there was only one up until recently, this will not change in the short term.
2) Results from a further 10 to 12 holes will be available in late May early June.
3) An Aeromagnetic survey 3 weeks ago shows a new sizable anomaly uphill from the present drill site. The new anomaly is not on the current Madison Infomine site maps. The new anomaly may be the source of the alluvial gold.
4) Madison has spent $4 million (Aust) of the $10 million required to gain a 65% interest.
5) I have no idea whether the $6million left is sufficient to gain some idea of the size of the find.
6) Assuming a significant source is proved:-
i) The main positive for the site is the proximity of Progera and the fact that Placer Dome has paid $100 US/oz. in groung resource for the 25% owned by Highlands Gold recently.
ii) The negatives are various:
a) PNG landowners have 10% free carry but the PNG Mining Act (1992) states 'The state has the right to acquire up to a 30% interest in a project at a price pro rata to the accumulated exploration and pre-development costs prior to the commencement of mining. Thereafter they have to share costs based on equity in the project.
So I guess they can take another 20% but the pundits at the site:
hotcopper.com.au say that this won't happen. There are also guestimates of resource size given by Bob Jones and the Moderator at this site and I would be interested in your comments.
b) I note the comments at the site:
orb.vianet.on.ca which are anti Vancouver listed companies in general and Madison specifically.
c) In the light of Bre-X I suspect Madison will have to prove up a significant resource before the price takes off.

I hope the above information is helpful. I look forward to your comments.
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