Good afternoon to you all. Please find enclosed the latest press release from Mirandor Explorations, announcing the latest set of results form their joint venture project with Kinross Gold Corp.
We are again pleased to see that the results found significant mineralization and anticipate that this project will continue to yield similar numbers as the project progresses.
We had an opportunity to speak with Mr. James Speros very early this morning, who was very pleased with this latest set of results. He stated that the Railroad Project is far advanced from last year, with the involvement of Kinross Gold Corp, both from a due diligence standpoint and the systems that have been made available with the involvement of Kinross Gold Corp. In response to shareholder's concern over the results being a couple of days late, he asked us to advise that this was due to the logistics with all parties involved. Meaning, their contract with Kinross precludes MIQ from releasing results until all parties agree on the information to be released and are aware of the contents of such releases. with this framework sometimes timing is an issue.
Mr. Speros advised that the drilling is continuing on the property and additional results will be forthcoming, possibly in early September. Their relationship with Kinross is going extremely well and both parties are excited about the progress to date and today's results. They fully expect to continue to obtain Carlin Trend type results and continued releases between now and the year end. The commitment of both MIQ and Kinross continues to be the firming up of a mine on the Railroad Property.
In response to MIQ shareholder concern's with the recent announcement of Mr. Speros being named President and Chief Operating Officer for Sideware System's (SYD.V) U.S Operations, he has asked for us to pass along the following quote:
"Rest assured I am still the President of Mirandor Explorations and nothing will pull me away from my responsibilities to MIQ, it's valued shareholders and the continued success of the company. I have a responsibility to our shareholders and a tremendous amount invested in this venture, I am looking forward to developing a long term relationship with Kinross and a continuation of our success to date".
That is all for now.
Have a great day.
Regards,
Agora Internet Relations Corp.
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Kinross drilling confirms gold potential on Elliot High Ranch
Mirandor Exploration Inc MIQ
Shares issued 17,282,926 Aug 5 close $0.28
Thu 6 Aug 98 News Release
Mr. James Speros reports
Exploration Mirandor has released initial results from the first six holes drilled by Kinross Gold on Mirandor's Railroad project in the Carlin trend of Nevada.
The first six holes drilled in the Elliot High Ranch area of the project (SE corner) all interested significant gold mineralization across impressive widths at shallow depths.
The results are as follows:
Hole Depth Length Au
No. ft ft oz/t
----- --------- ------ -----
K98-1 250 - 360 110 0.022
K98-2 295 - 430 135 0.018
K98-3 325 - 450 125 0.016
K98-4 370 - 385 15 0.052
K98-5 200 - 215 15 0.046
K98-5 565 - 625 60 0.031
K98-6 275 - 280 5 0.043
The assays were done using fire assay by Bondar-Clegg.
It must be emphasized that these are only preliminary results from the start up of the drill program which is expected to continue until the winter.
Drilling continues and further results are expected shortly on a continual basis.
In 1997, drilling by Mirandor at the Elliot High Ranch revealed the following results:
Depth Length Au
Hole No. ft ft oz/t
-------- --------- ------ -----
Elliot High Ranch
EHR 9707 225 - 560 335 0.023
330 - 560 230 0.047
EHR 9708 290 - 475 185 0.02
EHR 9709 250 - 275 25 0.024
320 - 345 25 0.032
EHR 9710 175 - 200 25 0.062
330 - 380 50 0.021
The gold mineralization encountered this year within the Elliot High Ranch structure implies an increase in the overall resource.
The Railroad project (55 sq miles) is on the Carlin Trend and lies at the intersection of the Carlin Trend and the Pinon anticline structure. The project is adjacent to the producing Rain and soon to be operational Emigrant Spring gold mines.
During 1997, Mirandor carried out an initial reconnaissance type drill program consisting of shallow holes in favorable areas. This short program resulted in the discovery of three new gold zones (Elliot High Ranch, Lt East and Bunker Hill) and enhanced the potential at the surface POD zone where probable reserves of 1.4 million tons at a grade of 0.085 are presently known.
Kinross and Mirandor formalized an agreement in March of this year whereby Kinross may earn a 50 per cent interest in the project by expending $10-million and an additional 10 per cent by expending $7.5-million on a positive feasibility study. Upon completion of the positive feasibility and Kinross will furnish, if necessary, the completion guarantee on Mirandor's behalf.
Based on these initial results received at the start up of a major drilling program on a high potential property, Mirandor is awaiting results from the next holes.
(c) Copyright 1998 Canjex Publishing Ltd.
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