FORMATION CAPITAL CORPORATION- $900m in Cobalt finds Message Board

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Gold/Mining/Energy : FORMATION CAPITAL CORPORATION- $900m in Cobalt finds

FCO 9.420

+0.1%

Aug 6 5:00 PM EST

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To: s jones who wrote (4)	1/14/1998 4:27:00 PM
From: Mark Melanson	of 87

Guess I'm quite the laggard with the response... I believe the Blackbird mine is operated by Noranda. The operator let a number of claims around the mine lapse one year back in the late 1980's.(I think due to environmental reasons, though I'm not sure) On FCO's board sits the former Idaho mining director. FCO scooped the claims and has been drilling them since 1993-94. East Sunshine & Ram are the most promising zones identified to date. In particular, management seems very keen on the Ram zone as it appears open along strike and at depth. Part of the the potential lies in the fact that there is a working mine just a couple miles from the location, economies of scale being what they are, financing to completion is much easier to attain. Saw a blurb in a release back in '95 or '96 about needing 800t of resource to economically mine the resource. 1995-96 they identified 200 and some proven tonnes. They doubled that to 400-500 in 1996-97 primarily from the East Sunshine target. Ram target looks good enough to get them to their 800t figure. Hope 1997-98 can double the proven #s again. The Manitoba drill program about to begin is looking for a Flin Flon type ore body in the Pine Bay / Sourdough Bay area. The reason for this site being chosen is pretty geologically technical so I won't bother here, though their past news releases (see Feb '97 and Sept/Oct '97) give some understanding to their confidence there. Grandich being brought aboard surprised me as this is one of the lowest-key companies I've come accross. Good geologists, not promoters. Maybe thats why we're still stuck at $1. Good investing!

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