1 Million oz. and up. Message Board

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Gold/Mining/Energy : 1 Million oz. and up.

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To: Robert Dydo who wrote ()	1/7/1998 8:09:00 AM
From: Michel Grenier	Read Replies (1) of 144

Hi, I think I have one that should qualify nicely. This company is involved in the recovery of the waste from the Royal Canadian Mint in the Ottawa River. J.A.G. Mines ltd (JML on the Montreal Stock Exchange) is awaiting lab results from the latest sampling of the river sediments. The company has around 15M shares outstanding (around 18M shares if all options were exercised) and last transaction was at $0.36 Canadian. They are involved in the project with two other partners: a private company from Ontario and Voyageur Marine (who will extract the material). Each partner has a 33 1/3% interest in the project after royalties amounting to 20% of profits are paid to the Ontario Government. I believe their cash reserve is in the order of $1M. Potentially, more than 1M ounces of gold could be recovered from the site, as well as 1M ounces of silver and other precious metals. Overall costs (sampling, extraction, treatment and refining, marketing) could be as low as $20M. Final sampling results should be available before the end of January

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