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Gold/Mining/Energy : Major General--MGJ

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To: Ron Waller who wrote (715)	10/28/1998 12:36:00 PM
From: Abbeydale	of 1707

Major General Resources Ltd MGJ Shares issued 35,650,047 Oct 27 close $0.24 Wed 28 Oct 98 News Release Also Ascot Resources Ltd (AOT) Mr. Glenn Shevchenko reports Major General Resources and Ascot Resources have announced that the Snowy Owl kimberlite returned 75 diamonds from an 80kg sample. The sample material was derived from one short reverse circulation drill hole that only penetrated 12m into the kimberlite which is located under a shallow lake. These preliminary diamond counts were reported verbally from the De Beers laboratory in South Africa and are encouraging as they compare well with diamond counts from producing kimberlites. The final lab analyses, which are expected in the coming weeks, will have details on the size and weight of the diamonds. This will assist in assessing the size distribution of the recovered diamonds at the 0.5 mm threshold which is used as the macro-diamond convention on most Canadian diamond properties. The 1998 drill program by Monopros tested eight targets and intersected five kimberlites, the results of which are summarized as follows: Sample Size Diamond Kimberlite (kg) Count Snowy Oil 80 75 Golden Plover 160 39 Longspur 80 9* Phalerope 160 6 Whimbrel 160 1 Some of these diamonds may be classified as macro-diamonds in terms of either a 0.5 mm square mesh screen size or the common Canadian reporting convention of 0.5 mm or more on the longest axis. This kimberlite cluster covers an area of 80 sq km and is adjacent to the Monopros property where several kimberlites have returned macro-diamonds. These combined positive results clearly establish that a new diamondiferous kimberlite field is emerging on Victoria Island. Monopros may acquire a 51 per cent interest in the Victoria Island property by expending $2-million on exploration and making payments to Major General and Ascot totalling $200,000 over three years. Once Monopros is vested at 51 per cent, Ascot and Major General will each retain a 24.5 per cent working interest in the property. (c) Copyright 1998 Canjex Publishing Ltd. canada-stockwatch.com

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