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Gold/Mining/Energy : MIRANDOR-MIQ ON MONTREAL
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To: jocko who wrote (1699)2/23/1998 11:37:00 PM
From: Bob Tate  Read Replies (1) of 2635
 
Congratulation to all MIQ-ers !

I'm impressed Kinross is not wasting any time. They are hitting that dirt and rock on March 1.
Impressive.

In case you missed in ecstasy here what agreement says:

"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."

This means that upon positive feasibility study Kinross will guarantee MIQ
part of financing with their assets. We all know that it is extremely difficult
for junior mining companies to obtain debt loan (debt loan does not delute
shareholders equity) since they can not back it up or guarantee it to the
banker in any way. Last year I had a chance to speak with Canadian section of
European Bank of Reconstruction and Development (EBRD). As soon as
I mentioned to them we may have Cyprus Amax as a partner I received
immediate extra service and all resources where made available to as.
Kinros (major) is willing to guarantee MIQ 40% share in borrowing against
their assets. It is great to shareholders and I hope MIQ management will
not take any future equity loans.

From now on it is nice and easy ride for MIQ and all shareholders.
Keep you shares tight and do not let tree shakers to shake you off it.







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