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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: JOHN FREW who wrote (25)	1/28/1997 3:34:00 PM
From: Rob	of 135

John, I would like to stay positive on MMP, but they don't seem able to complete the GHMC deal and results are few and far between, this would lead me to believe that they are not finding all that much. Unless they start to expand the resource and prove up their 1.3 million ounces the price will continue to fall. This years program is smaller than last years but they have still drilled over 40 holes by now and we've only seen 9. The program is almost 40% for this year, if results don't start coming soon the season will end and we'll have another 6 month wait like last summer and fall. It takes 1-3 days to drill a hole and assays can be done in less than 2 weeks, yet they started drilling in November 3 months ago and we've only seen the 9 holes, which weren't even testing new zones they were just to help firm up the three hills area.

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