Phoenix Gold Resources (V.PHO) Message Board

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Gold/Mining/Energy : Phoenix Gold Resources (V.PHO)

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To: Richard Mazzarella who wrote (193)	2/26/1998 11:43:00 PM
From: Richard Mazzarella	Read Replies (1) of 285

I received the following in an email from Robert Matthews: << To summarize recent developments please see an excerpt from our soon to be updated website and company profile following: Silver is the major focus of Phoenix highlighted by our majority interest in the Coyote Knolls Silver property in Utah. Phoenix is currently focusing on near surface and stock piled ore totaling approximately 10,000 tons grading 22 ounces of silver per ton and 0.12 ounces gold per ton. This asset is worth approximately $200 US per ton for a total value of $2m US. It has to be noted that this is just the surface exposure of one dipping zone that we have identified. We feel fortunate in today's market conditions to have this asset available when it is virtually impossible to raise exploration funds regardless of the merits of a project. The Company is currently mobilizing a recently acquired 50 ton per day pilot plant, and associated people and equipment, to concentrate this ore and supply it to a local smelter for processing. We expect to move the plant on site by approximately March 15, 1998. Senior management will be moving to the site to oversee operations first hand. Extensive further exploration work is planned at Coyote Knolls and will be begin as soon as cash flow from processing allows. We anticipate cash flow as early as spring 1998. RE: platinum: The platinum property is on hold for the next little while. Any further work would require substantial additional funds that we feel will be better spent in Utah. Jack Carson will be travelling to Utah in the next few days as soon as the weather improves. >>

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