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Gold/Mining/Energy : Medinah Mining Inc. (MDHM)

MDMN 0.000001000

-99.0%

Jun 3 1:07 PM EST

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To: Mike Gold who wrote (4307)	7/15/1998 3:36:00 PM
From: Mike Gold	Read Replies (1) of 25548

Meridian Looks to Boost Production, Reduce Costs at El Penon - Chile July 15, 1998 United States-based Meridian Gold Inc. hopes the newly-discovered Quebrada Colorada zone at its El Penon gold project in Chile's Region III will "dramatically increase" gold production from the planned 130,000 ounces a year and reduce cash costs from the previously-announced US$180 per ounce. On the back of this news, Meridian shares soared 342% to US$4.39 from US$1.28 on the Toronto Stock Exchange yesterday. The company reduced its US$7.8mn (US$0.11 per share) second quarter 1997 loss to US$5.5mn (US$0.07 per share) over the same period this year. The high-grade results of latest samples drilled at the zone are being assayed several times and checked at two analytical labs. Drilling teams are setting-up a third rig at the site this week for a planned 24-hour a day program. Meridian said the zone's confirmed strike length was 210m long by 65m deep, but could extend a further 270 by 135m based on visual mineralisation of samples awaiting assays. The company anticipates US$5mn underground development costs at Quebrada Colorada in addition to the US$66.5mn for the Quebrada Orito and Cerro Martillo zones at El Penon. Meridian invested US$3mn in exploration last quarter, chiefly at El Penon, down from US$8.6mn over the same period last year. The newly-discovered Quebrada Colorada zone will be the focus of the company's exploration program over the remainder of the year. Meanwhile, the company's former operations VP Don Beckwith becomes development VP, working full time on El Penon and the project's general manager Gonzalo Tufino assumes VP status on top of his current post.

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