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Gold/Mining/Energy : Madison Enterprise, MNP/VSE

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To: Mark K. who wrote (143)	1/4/1998 10:28:00 PM
From: Mark K.	of 285

vFrom The Australian:- Hi Madison followers- this compliments of Mr. Geof Boyd . Will this clarify things ? Just tyring to help out : Hi all, Well a mixed day today for CPC & RGR they started the morning strong with increasing nicely probably following an article in the Australian newspaper stating estimated reserves at Mt-Kare already at 5 million oz. In the afternoon i think we saw some quick profit taking due to the conformation Bre-x is a dud and the worlds biggest ever fraud scaring investors away! An ASX report from CPC was issued to clarify and confirm the facts on Mt-Kare and i also noticed it highlight that the geologists didn't take any chances when reporting the results. From the ASX:- The CPC ASX release is as follows. This is not a negative release!!!!CARPENTER PACIFIC RESOURCES NL 1997-05-05 HOMEX - Sydney +++++++++++++++++++++++++ MOUNT KARE DRILLING RESULTS The following details reported here are a clarification of information in the public domain relating la diamond drilling results from the Mount Kare project P.N.G., released to the ASX on April 18,1997. * Canadian stock broker analysis have examined the previous and current drilling data from Mount Kare, and have interred that there is 5 million ounces of gold at Mount Kare. * There is as yet, insufficient drilling data at Mount Kare to undertake a calculation of inferred Resource in accordance with the JORC Code. For this reason, no calculation and no announcement of an Inferred Resource has been made. * Drill hole MK97-05 was prematurely terminated at 58.8m due to difficult drilling conditions. There is no drilling data below this point. * A wedged, 16.3 metre re-drill from 44.5 metres in the original hole to a depth of 60.8 metres was also lost due to difficult drilling conditions, which included the collapsing of the original hole, resulting in the washing out and contamination of the wedged hole and a high core loss. * Core from the wedged hole was assayed and returned high grades, but geologists on site were unable to determine if the badly broken core was in situ or had collapsed in from " high grade zone in the original hole. As a result, it was agreed that the assays from this redrill would not be reported as geologists were not confident that this data was a true reflection of the interval drilled. The above results are a true and fair representation of the facts to the best of my knowledge. R Newport Sc(Hons.) M.A.I.G. CONSULTANT GEOLOGIST 5th may 1997 Mark K

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