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Gold/Mining/Energy : Consolidated Magna Ventures (CMV.V)
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To: jerry janko who wrote ()3/16/1998 2:51:00 PM
From: jerry janko  Read Replies (1) of 380
 
Update for fellow shareholders after talking to CMV:

The development of the three key Mexican projects will be the focus of
Magna's activities for the coming months.

With a joint-venture agreement now in place, a new work program has begun
on the Koala property. The grid is currently being extended beyond the
company's initial claim boundary of Koala I and will set the stage for a
Phase II program of geophysics to determine the southeastern extent of the
2.6 km chargeability anomaly outlined by the Phase I program last fall. A
program of 2,000 metres of diamond drilling is anticipated to commence in
early May.

The feasibility study on the El Rosario project has now reached its final
stage and is expected to be completed within a few short weeks. With this
document in hand CMV will move towards bank financing of this project and
one step closer to a completion of the acquisition and a production start.
A letter of intent to purchase a large percentage of the first year's
production from this project has been received from Mexico's largest coal
producer and negotiations with are continuing to make progress. The mill
at El Rosario is already built and fully permitted.

Magna's management is convinced that Reyna de Oro will play a significant
role in the Company's ongoing development. In this regard Magna has been
involved in a number of fruitful discussions with potential joint venture
partners for this project. Magna holds an option on 100% of this project
and therefore has good flexibility to negotiate an attractive deal without
incurring excessive dilution. cheers, jerry
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