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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: Dennis (Hijacked) who wrote (33)	2/5/1997 1:11:00 PM
From: Rob	of 135

Dennis, MMP will clearly come out in a better position based on the current situation. Right now they each have 25% of the project or they each have 50% of the Cuban holding company which owns 50% of the project. Under the merger deal GHMC would get 21 out of what would become almost 60 mm shares or 35% of the holding company or 17.5% of the project, they could increase this through exercise of their warrants to an effective 27 out of 66 mm shares or 40% and 20% respectively. In Either case MMP share will increase per share. MIY will also lose part of their share as they are on the GHMC side of the deal. If you like the project then MMP would be the most exposure to it out of the three. As to the delays for the deal ... I have no answers only questions... Rob

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