Hello Peter and all,
The following may answer your question (press release below). IMHo Miq will have all the cash they need for their 1998 drilling campaign.They are one of the lucky juniors.
However, I did read something disturbing from guru (also below), he seems to imply that the Kinross deal is not finalized. I apologize in advance for copying the whole press release as many of us have read it numerous times. The guru post is worth reading and questionning
EXPLORATION MIRANDOR INC.
PRESS RELEASEú
November 24, 1997
MIRANDOR - KINROSS: PARTNERSHIP IN CARLIN TREND
Exploration Mirandor Inc. (MIQ - ME) is pleased to announce that is has signed an agreement with Kinross Gold Corporation U.S.A. for the joint exploration, development and operation of the Railroad project in the Carlin Trend of Nevada.
The agreement calls for the expenditure by Kinross of $7 million US ($10 million CAN) over a 48 month period to earn 50% on a joint venture basis. During this period, Kinross will be responsible for all property and assessment payments to maintain the project in good standing. Kinross may elect to carry out a private placement between $250,000 US and $500,000 US as part of their commitment during the initial 12 months of the agreement.
Kinross may earn an additional 10% by expending $5 million US ($7 million CAN) on a positive feasibility study consistent with the requirements necessary to obtain project financing.
Upon completion of a positive feasibility study, Kinross and Mirandor will jointly seek project financing and Kinross will furnish, if necessary, the necessary completion guarantee on Mirandor's behalf.
The Company is very excited about this outstanding agreement, as it now allies itself with a serious North American mining company who believes in the potential of the Railroad project in the Carlin Trend, and who has a proven track record in mining and exploration.
The President, James Speros, states: "We welcome the addition of Kinross as our partner at Railroad: their commitment to exploration and production excellence will allow both companies to grow and develop as we prove up the potential of our Carlin Trend property. The work carried out by both companies, including our advisor Mr. Morden C. Lazarus of Lazarus, Charbonneau in Montreal during these past few weeks allowed us to reach an understanding between both companies in record time."
The Railroad project consists of over 600 patented and unpatented claims in addition to approximately 15 square miles of fee (private) land located adjacent to and south of Newmont Gold Inc.'s producing Rain Gold Mine and their new Emigrant Springs Mine. The South Bullion and Trout Creek deposits are located adjacent to the south boundary of the project.
The Railroad project contains 15 past producing mines (copper, lead, gold, silver), all located within a "Carlin" window of lower plate sedimentary rocks outcropping along the Pi¤on anticline structure. The majority of the gold deposits in the Carlin Trend are contained within Carlin windows of lower plate sedimentary rocks.
Mirandor began drilling on the property in August of this year. Even over this short period of time, the drill program has resulted in three new gold zone discoveries on the project, at LT East, EHR and Bunker Hill (gold, copper and zinc) while at the same time expanding the potential at the POD gold deposit.
Among the results we may cite: 0.44 oz/ton gold over 20 feet with 0.30% copper and 0.55% zinc; 0.165 oz/ton gold over 45 feet with .761% copper and 0.15% zinc all at Bunker Hill; .023 ounces per ton gold over 335 feet at EHR; 0.107 ounces per ton gold over 15 feet at LT East; and 0.101 ounces per ton gold over 55 feet at POD.
Further assay results from the drill program will be available shortly.
This agreement, subject to regulatory approval, allows Mirandor to accelerate the development of the Railroad project in the Carlin Trend which is one of the most prolific gold mining areas in the world, with 10 active gold mines, 30 known gold deposits, over 80 million ounces of gold reserves in all categories, and producing over 3.5 million ounces per year, and is home to such companies as Newmont and American Barrick.
For more information, please contact:
Mr. James L. Speros, President
Washington office
Tel.: (703) 478-6613
Val-d'Or office
Tel.: (819) 825-9065
Fax.: (819) 825-1199
Montreal office
Tel.: (514) 285-8565
Fax.: (514) 285-1617
And now from Market Pulse BB.
Feb. 3, Warren M.MIQ Mirandor Expl.
Hi Guru: There is a very interesting summary of the MIQ meeting posted at the Stockhouse MIQ forum by Agora. Of course, thank you for your tip on this company, I just got 50,000 shares @ $0.25 this week. Best
RESPONSE: Read it! Now looking forward to the specifics of all the plans they outlined. Firstly, when will the formal agreement with Kinross be signed? How long is the letter of intent good for? In other words, when does the dance end and Kinross decides whether they want to do the deed or not?
Does guru know anything we don't? BTW how do I copy links to articles instead of copying the whole article?
Norm |
