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Gold/Mining/Energy : Madison Enterprise, MNP/VSE
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To: Dan P who wrote (173)11/27/1998 8:59:00 AM
From: Karl Zetmeir  Read Replies (1) of 285
 
Here's a summary of what this is all about:

Madison Enterprises (MNP VSE)

Madison Enterprises has released their initial resource estimate on their Mt.
Kare Project in Papa New Guinea. The resource estimate, calculated by the
respected and independent consultants Watts, Griffis and McOuat, has
identified a resource of 4.0 million ounces gold equivalent using a cut off
grade of 1.0 g/t and 3.8 million ounces using a cutoff of 1.5 g/t. The report
notes that these are uncut grades and include the high grade bonanza gold
found in the quartz roscoelite sections. This is in line with the same
situation found at the adjacent Porgera Mine largely controlled by Placer Dome.

The report further notes that there exists the potential for further expansion
in the area, including a potential 40% increase in the immediate vicinity.
Should strong gold prices return, the economic resource will be further
enhanced by using a lower cut off grade.

These numbers should not come as a surprise and in fact the mention of the
large variation between the uncut and cut grades (1.87 Million Ounces ) could
be viewed as negative while it is not necessarily the case given the
characteristics of the area. We continue to view Madison positively with
further upside shareholder value, not necessarily share price in the short
term, resulting from an increasing reserve base and increasing gold values.
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