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Gold/Mining/Energy : MPVIF Mountain Province Mining
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To: skelly who wrote (992)6/21/1998 2:39:00 PM
From: Gabriela Neri  Read Replies (2) of 2577
 

From Goeppel McDermid

Mountain Province (MPV, $3.85) Good Results on Grade from AK Project - Rob Klassen

Mountain Province and operator De Beers (Monopros Ltd.) announced results from additional mini bulk sampling from the 5034 Pipe on the AK project in the Northwest Territories. The 55.8 tonne sample returned 101 carats for a grade of 1.81 carats per tonne. These results are consistent with previously reported modeling results for the 5034 Pipe. The two largest diamonds reported were 1.9 and 1.69 carats. The sample was collected using RC drilling while prior samples had been collected using core drilling; the correlation between the two methods appears to be adequate. Grades on all four pipes on the project (5034, Hearne, Tuzo, and Tesla) have more or less come in as expected with valuations on the stones from all four pipes expected in mid-July. Prior valuation work by De Beers on the stones from the 5034 Pipe indicated a value of US$55 per carat. The discount rates being applied by the market on diamond stocks such as Aber and Dia Met has been increasing as of late and the decrease in MPV's share price seems to reflect this despite the fact that results to date on the AK project have been very encouraging. A positive decision later this summer on a larger bulk sample program on the AK should further increase the appeal of this project. Rob continues to recommend MPV shares a SPECULATIVE BUY for risk-oriented investors and his target price is $8.50 per share.
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