BINGOOOka:
m: newsout@canada-stockwatch.com
Date: Thu, 07 Jan 1999 10:48:50 -0800
Subject: Stockwatch US: MGAU
To: bondee@ici.net
(Applies to: MGAU)
MG Natural Resources Corp. "Due Diligence" Update
STICKLIZARD BASIN, ARIZ. (Jan. 7) BUSINESS WIRE -Jan. 7, 1999--MG
Natural Resources Corp. (OTC BB:MGAU)("MG") has received 100 certified
assay reports from 20 "Chain of Custody" samples obtained at the
Sticklizard Basin Property.
The 20 samples were obtained from one drill hole (SL-9-98), every five
feet, to a depth of 100 feet. Eighty (80) samples were assayed by a
major analytical laboratory utilizing the Johnson-Lett technology and
produced the following average results:
Depth of Hole Average - OPT Depth of Hole Average - OPT
0-5 feet 0.493 50-55 feet 0.493
5-10 feet 0.463 55-60 feet 0.506
10-15 feet 0.443 60-65 feet 0.508
15-20 feet 0.434 65-70 feet 0.453
20-25 feet 0.503 70-75 feet 0.510
25-30 feet 0.469 75-80 feet 0.431
30-35 feet 0.415 80-85 feet 0.611
35-40 feet 0.404 85-90 feet 0.549
40-45 feet 0.425 90-95 feet 0.471
45-50 feet 0.444 95-100 feet 0.361
Average for all above samples: 0.469 ounces per ton
The remaining twenty (20) samples were assayed without the J/L
technology and all those results were less than 0.003/opt of gold.
SINAGUA CINDER CONE - The 70 pound recovery bench testing utilizing J/L
technology has provided extraction results in excess of one ounce of
gold per ton. The concentrate will now be sent to a refiner for
smelting. The 500 pound bulk sample was concentrated on 12/30/98 and
produced approximately 35 pounds of concentrate which has been
submitted for assay with J/L technology.
MARTIN'S PEAK - The drilling program was completed in early December
with 49 samples representing six drill sites at various depths sent to
three different labs for assaying. Those assay reports have not been
received by the company.
MG QUARRIES - MG is in the third month of production at the marble
quarry with sales increasing every day. MG has purchased two 25 ton
Peterbilt gravel trucks in order to make additional deliveries within
the expanding market.
Ronald Weidner and Anne Templin have retired from the MG Natural
Resources board of directors. MG is extremely grateful for the
dedication of these two directors and their many contributions while
they served. We wish them much continued success with their future
endeavors.
MG Natural Resources Corp. is a diversified, environmentally
responsible natural resource company. Its mission is to continue
building a natural-resource company by acquiring, developing and
operating resource assets, converting them to significant cash-flow
generators and thus enhancing shareholder value.
Forward looking statements in this release are made pursuant to the
"Safe Harbor" provisions of the Private Securities Litigation Act of
1995.
Investors are cautioned that such forward-looking statements involve
risks and uncertainties, including without limitation, commodity prices
of precious metals, increased levels of competition for the company,
perfection of extraction technology, the company's dependency upon
third-party suppliers, intellectual property rights and other risks
detailed from time to time in the company's periodic reports.
The company assumes no obligation to update the information in this
release.
All inquiries can be made through the offices of MG Natural Resources
Corp. at 1334 E. Chandler Blvd., No. 5, B-72, Phoenix, AZ 85048 or by
calling Mike Amundson, president and chief executive officer, at
602/460-7842 or Fax at 602/460-6324. MG Natural Resources information
can also be obtained through its Web site, mg-resources.com
-0- sig/ix*
CONTACT: MG Natural Resources Corp., Phoenix
Mike Amundson, 602/460-7842
Fax: 602/460-6324
KEYWORD: ARIZONA
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