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Gold/Mining/Energy : Tan Range

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To: Martin Archer who wrote (48)	4/20/1998 5:31:00 PM
From: Ron Everest	Read Replies (1) of 122

Martin, Gold Newsletter has an article summarizing current events at TNX. We already know much of this material but will summarize the article. - Drilling to begin mid April, was delayed by heavy rains. - Management expects results this drill pgm to be similiar to the first 13 drill holes. - Recent financing postponed in anticipation of a higher price. - JCI departure. JCI was dead set on getting out of the gold business altogether. - New JV with Minorca. Initial financing of C$1 million to TNX on signing and Minorca to receive options to earn up to 50% for C$10 million in cash and funding of a bankable feasibility study. Minorca recently completed their due diligence after a site visit, technical and title reviews. Agreement is expected to close by mid April. - Geology looks outstanding so far. IP surveys indicate gold zone of 2,200 meters in length. If results are similiar to first 13 dd holes they will have proven up a multi-million-ounce deposit. - Contract awarded for 10 k meters of drilling for the next 12 months. - Results likely by May - Current price level is short term bargain. - Shares O/S 34.8 million - Diluted 42.3 million Comments? Best regards, Ron E

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