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Gold/Mining/Energy : Macdonald Mines

MMP 69.00

0.0%

Sep 25 5:00 PM EST

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To: Rob who wrote (22)	1/15/1997 10:20:00 AM
From: Rob	of 135

TO ALL: ...Sorry for my delay but I have been away on vacation last week, sunny St. Maarten, yes it was great thanks. ...little about MMP.A. He assured me that there will definetly be a mine (without using so many words) . The $30 mil financing is being looked at and gave me some more information about it. I think that they are not planning to conduct the financing until the stock is much higher ie) $2+ The resource calc is a bit misleading. It really only covers last years drill program and the 1.3 mil once potential is quite a bit more accurate than the 250,000 onces proven. They need to take the time to do fill in drilling to prove up the other million onces. This is the kind of drilling that they've done at three hills with the 17 hole program last month, but I think that its hard to devote the whole program to this type of drilling when there is only one drill and they need to do much more exploratory work. They are back up on Big Hill now and they have already another 30+ holes out for assay. They have done very little drilling in the flats as of yet but I think that they did do 10 holes there. The Anomaly A is next and then the skarns. None of these areas is in the pre-feasibility study, so the chances are that the resource potential will probably grow signifcantly this year I'm guessing into the 3-5 million once range it will take 2 more years to prove up this number I believe BUT the inference will probably be there within the next couple of months. I am now convinced that we will see $2-3 by spring.... expects a much steadier and slower price rise than last year ... I think that when the flats come out and the skarns we will get some good results. Don't forget that BGH alone has a resource base of over 150 million tonnes maybe as much as 200 million. There will be alot of news over the next few months. In general I'm not expecteing 10 million onces but I feel very confident and secure that this will develop into a mine and that we will see an excellent return. Many people in my group are buying at these low prices b/c they feel that $2 will come. an excerpt of information... Rob

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