MIQ ANNUAL GENERAL MEETING UPDATE
Good morning to you all. Please find enclosed our update with respect to the MIQ Annual General Meeting which took place yesterday in Toronto. As we reported last week, principals from Kinross Gold and IBK Capital were in attendance, as were some brokers. These facts in themselves were very impressive and served as a further indication that MIQ has graduated to a level above most junior exploration companies. You will also be interested to know that shareholders of Kinross were present and asked one question during the Q&A period.
As with any AGM, there are many topics covered but we would like to point out the most important ones from a shareholder point of view. The following announcements were made at yesterday's meeting:
1] Drilling has begun at Railroad and the company is expecting to release results by the end of July. The region had received significant snow fall right up to the first week of June, which accounts for not being able to commence at that time;
2] Drilling will take place at depths of 500 to 1,000 feet;
3] Kinross Gold will expend a minimum of $2 Million on Railroad in 1998. In 1997, MIQ spent $1.1 Million; and
4] In response to questions from the Internet, MIQ confirmed the POD deposit ownership breakdown was as follows: Kinross 50%; MIQ 25%; Brex 25%
Overall, the meeting went smoothly and all motions with respect to authorizing issuance of shares were passed. The company confirmed there were no immediate plans for the shares and this step was only a pre-approval in case the company needed to do extensive financing at a future date.
Pursuant to the company's verbal announcement yesterday, we anticipate a press release confirming the commencement of drilling to be released shortly.
Regards,
Agora Internet Relations Corp.
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