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Gold/Mining/Energy : Magnesium Alloy Corp. (MGAC.U - Cdn unlisted)
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To: Tom McIlwain who wrote (46)8/31/1998 2:18:00 PM
From: GlobalMarine  Read Replies (1) of 103
 
Tom, Ron et al:

I spoke to Bill Burton today and the fundamentals keep improving:

1) The feasibility study for the hydro dam is being paid for by an outside contractor at no cost (no cash, no shares, no warrants, no nothing) to MGAC, as they are interested in being the contractor to develop the dam.

2) Drill is en route to the site. Drilling of the two holes will start in a week or two.

3) Pre-feasibility scheduled to be completed January, 1999.

4) At completion of pre-feasibility, the company will still have plenty of US$ in the bank.

5) Good progress being made arranging financing for both the plant and hydroelectric dam.

Rand
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