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Gold/Mining/Energy : Argosy Mining

AGO 83.26

-1.4%

Jan 23 9:30 AM EST

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To: Steven Coull who wrote (63)	12/9/1996 9:32:00 PM
From: Steven Coull	of 165

To the Mc and others interested in AGO. Here's a summary of Kevin Smith's latest report. The Pukanec project returned were dismal; the mineralization present in the surface trenches did not extend at depth. They are now going to focus on a 58 square mile area to the west of Pukanec and will generate any drill targets for 1997. Be aware that this is a joint ventured area. The Kremnica project was much better than hoped for. There is an area within this project called Sturec which returned significant drill core results. One hole, #AS-7, hit at 121.3 m to 182 m at a length of 199.14 m for .141 oz/ton gold and 1.222 oz/ton silver. This means that the gold mineralization extends approximately 160 feet below what they had expected. The next phase of drilling to test the vein is to the south of the first phase and also in another area to the west called Katarina. These results are in but Kevin says not to expect any announcement until the new year. They now want to analyze some of the historic data to generate additional targets. They also will install a preparation facility to increase the speed with which assay results are returned. All this is taking place in central Slovakia. But they intend to start a review of the Banska Stiavnica area in eastern Slovakia which apparently might hold some high grade underground reserves. Kevin thinks the potential in this area will return some of the speculative appeal we saw in the company during the first half of 1996. It all looks encouraging to me. I have gone over the mapof Sturec, although it is brief, and it seems to be a long, deep, and substantial find. I hope the publish their calculations of the total reserve. This will start some activity in the stock, I think. The article in Northern Miner just reiterates Kevin's news but seems not to talk about the failure of the first stage of the Pukanec area. Strange, but good for those of us who hold the stock. I might just take some profits from Corriente and buy some more AGO in early January. I think we should wait right now and see if these and the next drill results cause any price movement. It still looks like a good bet for the long haul. And I am always in for the long term. If anyone wants the table of the drill results on the Sturec cores let me know and I will try to E mail them to you, that is if I can ever figure out how to scan something into my E mail or whatever. One of these days I WILL LEARN how to use this thing. I will have a comment on the political question in the nex few days. Doing some research. cousin stevie

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