MIRANDOR OFFICIALLY ANNOUNCES DRILLING
Good afternoon to you all. Please find enclosed the information we have all been expecting. Though MIQ announced drilling had commenced at their AGM last week, it is always good to see it in print. We are also encouraged by the more aggressive language of the release, compared to previous releases.
We now await the release of drilling results, expected to be out by the end of July.
Regards,
Agora Internet Relations Corp.
EXPLORATION MIRANDOR INC.
PRESS RELEASE JULY 7, 1998
Exploration Mirandor Inc. (MIQ-ME) is pleased to announce that Kinross Gold
Corp. (K-T) has begun drilling on Mirandor's Railroad project.
Kinross states in its first quarter report that "Data compilation is nearly
complete for the Railroad project located at the southern end of the Carlin
Trend in Nevada. Several high quality targets have emerged on the 55 square
mile property."
In its annual report, Kinross states that "There are several zones of
drill-indicated mineralization on the property, and the geological setting
suggests that the company has a significant opportunity for exploration
success."
Mirandor is very excited about the exploration drilling start up on the
Railroad gold project, as well as its agreement with Kinross Gold who firmly
believe in the potential of the project.
The agreement, which was formalized in March of this year, calls for the
expenditure by Kinross of $7 million US ($10 million CAN) on the property to
earn a 50% interest over a maximum of 48 months. Kinross may earn an
additional 10% by expending a further $5 million US ($7.5 million CAN) on a
positive feasibility study. Upon completion of a positive feasibility study,
Kinross and Mirandor will jointly seek project financing and Kinross will
furnish, if necessary, the necessary completion guarantee on Mirandor's behalf.
The Railroad project is located on the Carlin Trend and lies at the
intersection of the NW-SE Carlin Trend and the N-S Pi¤on anticline
structure. It is located within a Carlin erosional "window" exposing at
surface favorable lower plate sedimentary rocks. The project is adjacent to
the producing Rain and soon to be operational Emigrant Springs gold mines.
With the data compilation and geological interpretation complete, and the
start up of the 1998 drill campaign, the Company anticipates further
exploration success as evidenced by our past exploration on the Railroad
property.
Kinross has begun drilling on the Elliot High Ranch area, and is also
carrying out a program of sampling, geological mapping and geophysics on
other areas of the project.
In December of 1996, and August to December of 1997, Mirandor carried out an
initial reconnaissance type drill program consisting of shallow holes
designed to test theories and ascertain geology. This program resulted in
the discovery of three new gold zones (Elliot High Ranch, Lt East and Bunker
Hill), enhanced the potential at the surface POD zone where probable
reserves of 1.4 million tons at a grade of 0.085 are already known, and
discovered new gold bearing zones.
Based on the favorable geology, the location of the property in one of the
most prolific gold mining areas in the world and centered on the
intersection of at least two main structures (the Carlin Trend and the Pi¤on
anticline), the excellent drill results received in the short drill program,
and a major exploration undertaking agreed to with Kinross Gold Corp., the
exploration potential of the project will be fully realized, allowing
Mirandor to begin the long term development of the property with a major,
well respected and experienced mining company as a partner.
For more information, please contact:
Mr. James L. Speros, president
Washington office: Tel: (703) 450-0170
Val-d'Or office: Tel: (819) 825-9065
Fax: (819) 825-1199
Montreal office: Tel: (514) 285-8565
Fax; (514) 285-1617
DISCLOSURE STATEMENT
AGORA INTERNET RELATIONS CORP. receives a monthly monetary fee from Mirandor Explorations Inc. for the purposes of communicating with Internet shareholders - both current and prospective - to increase awareness of and interest in Mirandor Explorations Inc. AGORA INTERNET RELATIONS CORP activities are aimed purely at keeping their clients' shareholders and prospective shareholders informed about their company. These activities consist of providing investors with previously disclosed factual information concerning the company, comments from company principals, copies of material that has been filed with regulatory authorities, comments prepared by registered brokers or investment dealers and material published in newspapers, magazines or journals.
AGORA INTERNET RELATIONS CORP does not participate in the maintenance of an orderly market in their client's securities, nor is required, or receives an incentive for, the maintenance or achievement of a price or trading volume for their client's securities at a certain level, for a specified period of time or by a certain date. AGORA INTERNET RELATIONS CORP. may, at any time, own shares in the company.
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