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Gold/Mining/Energy : Caussa Capital (formerly Antares) T.CAU

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To: Donald F. DeKold who wrote (3920)	7/29/1998 9:24:00 PM
From: Gabe Heti	Read Replies (2) of 4718

As promised earlier today here is a detailed report on a conversations with Cynthia Dean, Vice-President, Projects of Antares Mining this morning. I called Cynthia to get answers to questions I had concerning the recent press release on Toodoggone and related questions on the B.C. property. Question - Why is AGC going to act as the Operator for the upcoming drilling program? Answer - Being the operator has not done much to help Antares' share price recently. AGC will be the Operator of the next phase of drilling due to commence next week and this will revert to Antares after this season. Question - Is the operatorship changing because there is disagreement on the next phase of the work program? Answer - No. Cynthia of Antares, Don Nicholson of AGC and John Boniwell of Excalibur and Strathcona have worked together in the past and are working together now to define the work to come in Phase II. After the recently completed 10,000 metre IP, EM and airborne surveys seven targets have been identified and will be drilled. The drilling will be conducted by the same outfit that did the work in Phase I. Cynthia will be on site and will work with AGC, Excalibur and Strathcona to conduct the work and analyze the results. There is no disagreement between the parties as to the work program. Question - Is Antares intending to walk away from Toodoggone? Answer - An emphatic NO. The results are positive, there are encouraging targets to be drilled starting next week and so far only 3 out of the 34 targets on the property have been drilled. A total of 28,748 hectares are contained in the property with only 10% examined so far. As well a number of majors have expressed interest in the property based on the results to date so clearly there is value there. Question - Will Antares' share of the property be reduced from its current 39.6% or does Antares intend to increase its holdings to 55% as per the agreement with AGC? Answer - Antares had five years to spend around $5 million to earn a 55% interest, which now stands at 39.6% after Antares has spend $3.6 million since last September. The remaining $1.4 million does not need to be spent for four more years in order to move Antares' share to 55%. There is no need to rush to spend that money. Phase II will cost $300,000, which AGC will contribute. This will not diminish Antares share from 39.6%. Question - It has been suggested that the mineralization in Toodoggone is in thin veins which are going to prove uneconomic to mine. Is this true? Answer - The results to date indicate numerous intersections of 1 to 4 metres of over 5 g/t and near surface. This is economic, the geology is understood and will not prove to be a problem. In South Africa veins under 1 metre at 3500 metres depth (although higher in gold content) are being mined. Question - What are you anticipating in the upcoming work Phase? Answer - Antares is very optimistic that they have identified seven good targets for the imminent drilling program. They will have assay results in a few weeks and there is a good chance that the results will be positive, although as with all such programs one can not definitively predict the outcome. They seem optimistic and eager to get on with the work. Question - What's with the share price? Answer - Antares is obviously not happy with the recent drop in the stock price. Cynthia didn't want to talk specifically about the share price although she indicated that it was badly under valued. A production decision in Indonesia or good results in Phase II will no doubt help in boosting the stock. Conclusion: It was clear to me that Antares is frustrated at the drop in share value and the skepticism in the market. Antares is positive about the Toodoggone and Ojolali and is continuing to move these projects forward. I feel reassured (but equally frustrated). Gabe

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