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Gold/Mining/Energy : CALEDONIAN PACIFIC MINERALS...MAJOR DISCOVERY?
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To: Speculator who wrote (4)7/17/1998 3:07:00 AM
From: Kim Oishi & Associates, Ltd.  Read Replies (2) of 31
 
Caledonian Pacific Minerals announced on July 2, 1998 that Base Metals exploration has give written notice of its intention to increase its working interest in Caledonian's prospects from 3.33% to 27.69% by increasing its committed expenditure from A$1,500,000 to
A$12,457,800. Accordingly, Caledonian expects to receive an additional A$10,957,800 during the current quarter. This funding will give Caledonian the funds to launch a major exploration program. After the funds are paid, Caledonian will have about A$0.27 (C$0.25) per share in the treasury, well above the current share price.

Initial drilling at Meretrice was encouraging, as positive host rocks were intersected; however the main target of massive sulphides was not intersected. Caledonian will likely drill Meretrice again after conducting gravity surveys to define drill targets.

The most important news to look for is Caledonian receiving the funds from Base Metals - Cash is King in the exploration market these days.
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