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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 (28)	1/30/1997 6:09:00 PM
From: David Graham	of 135

Rob, re: GHMC deal. I don't have much more to offer except to expand on my last post. I spoke to an IR guy at Mill City in December and he told me that they were eager to move forward with the deal. They wanted to unify the Cuban holdings and have one company presenting the story to the market. He also said that Mill City was waiting for McDonald to present them with the papers relating to the merger. The (unsubstantiated) rumour is that MMP is having trouble with a provincial Securities Commission. The problem is that they have to deal with at least three provinces: MMP is chartered in Quebec, Golden Hill is based in Alberta and GHMC trades over the counter in Ontario. Thom Smeenk denies there is any problem but there is the cryptic note in the Jan 7/97 release referring to the need for regulatory apporval for the merger to move ahead. And we still have a languishing stock price. Thanks for pointing out the news on the metallurgy, I missed it entirely when I first read the release. Do you of any plans to get a resource calculation from an external consultant? David

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