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Gold/Mining/Energy : Cadre Resources (CSL.V) Awaiting production #'s and Financ -- Ignore unavailable to you. Want to Upgrade?

To: Claude Cormier who wrote (571)	6/9/1999 7:53:00 PM
From: Spiney	Respond to of 1285

Cadre progressing with Caroni River project development Cadre Resources Ltd CSL Shares issued 4,063,218 Jun 9 close $0.69 Wed 9 Jun 99 News Release Mr. R. Page Chilcott reports Corporate representatives from Teck Corporation, Martin Marietta Aggregate and Cantex Engineering & Construction Co. Ltd., have confirmed their interest in joining Cadre in development of the Caroni River project. They recognize the substantial potential for large-scale regional exploitation. During their recent visit to Venezuela, activities included site inspection, aerial reconnaissance and infrastructure assessment. The viability of potential related transportation and ship loading infrastructure was also examined. Discussions were held with local interested and supportive groups including shipping/tug and barge interests, site developers and dredge operators. The aerial reconnaissance survey of the lower Caroni confirmed the significant potential of the area for exploitation. Continuing sampling and testing of the sand and gravel continues to be very reassuring and confirms earlier analyses. Indications are ASTM specs can be met, and a substantial market exists within the Caribbean basin for all of this high-quality quartz content material. Martin Marietta and Teck Corp. are proceeding with their own financial models as marketers and operators, respectively. The next stage forward is standard due diligence, geophysics and bulk sampling to determine potential tonnage. Cadre, Martin Marietta and Teck are proceeding with financing discussions among themselves and with outside interests. It is anticipated that another visit to Venezuela shortly, will confirm the political willingness of the Venezuelan administration. Earlier discussions have been very supportive of environmentally sound exploitation of the lower Caroni.

To: Claude Cormier who wrote (571)	6/9/1999 8:44:00 PM
From: Francis R. Biscan Jr.	Respond to of 1285

Good evening Claude, >>On that basis, given Martin Marietta letter of intent, Teck should proceed as this is big enough for them. Me think.<< I agree.....Martin Marietta's intent to purchase the sand and gravel is extremely key. It will be very interesting to see what numbers Teck arrives at. Who knows, maybe even Teck will become a great buy due to this project :-) >>Assuming this goes and Cadre end up with only 25% interest. This could mean annual cash flows of US$ 15M to Cadre.. or $C3.00-$4.00+ per share and a stock price of $15-$20. This seems to me like a high speculation but one with a reward that makes the risk wortwhile.<< The numbers are truly remarkable. This could be alot of fun, even in this terrible market. Have a good night, Rich