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Gold/Mining/Energy : CAV - Cypango
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To: Mustafa Nazarali who wrote (3)7/25/1996 6:13:00 PM
From: Ross Mickey   of 15
 
Spoke with Jason at Investor Relations (I know--we must be wary!!) He told me that the results from 711 kg of kimberlite from holes DA1, 2, and 3 are done and a news release should be out by early next week. He said maybe on Friday but since they hadn't run it by the President yet I would doubt it. He reminded me that the company is only 6 months old and the early runup to $3 plus was just the excitment around the company ie had to retreat until they got some results. The private placement of 1 million shares is a done deal except for some final paperwork. He said the same people have been the investors from the first announcement of the placement at $2.04, then $1.56 and finally at $1.20. Jason works for Hemispere Corp. who is handling the promotion. He and his collegues have options at $1.85 and he has bought at $3.20 and is still very high on the company (I know he's from IR). I asked about the rumors of inside trading and he said he would like to see the reports. He looked into the President and found he sold but bought it all back plus some.

They have $1 million in the bank and will get another $1.2 million from the private placement. They are looking at 14 high priority drill sites which they will pick 4 for immediate drilling. The results should be back by Fall.

I asked about promotion of the stock. They will be working the internet hard as well as the usual calls to brokers etc.

Jason definatly did his job of making me feel better about holding on to this stock. Lets hope that the market recovers soon and this one will be a winner.

Best of luck.

Ross
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