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Gold/Mining/Energy : MIRANDOR-MIQ ON MONTREAL -- Ignore unavailable to you. Want to Upgrade?

To: Randy Sprague who wrote (2500)	7/13/1999 6:19:00 PM
From: jocko	Respond to of 2635

Hi Randy & Thanks..... Does anyone know what the Kinross news release (today according to C/Stockwatch) is about ????

To: Randy Sprague who wrote (2500)	7/15/1999 3:44:00 PM
From: jocko	Read Replies (1) \| Respond to of 2635

Hi Randy & all Here's one from SteveH (@SH), to compare: I attended the AGM (annual stockholders meeting) of Exploration Mirandor and Exploration Brex yesterday. Two shareholders were present at the Brex meeting and three at the Mirandor meeting. First, all board actions were passed without dissent. In fact they were foregone conclusions because proxies equaling 50.1% were recorded in favor of passing all resolutions for both BX.M and MIQ.M. An example of such items passed were more options, authorize more shares for future PP's, accept directors etc. In attendance were numerous directors and consultants. It appeared to me that the officers and directors are the same for both companies with some variations. The Officers and directors in attendance were professional and dressed in suits. The actual AGM meetings themselves lasted only 40 minutes or so. But the discussion of the properties lasted much longer. I spent a considerable amount of time interviewing the various attendees, so some of this information comes from the officers and directors but some comes from shareholders and consultants. In a nutshell, Mirandor and Brex, represent one of the top five junior exploration companies in the world and the only one in North American that currently drilling ($2M to be spent this year), per Michel David, the companies' consultant. Not only are the Railroad and POD properties just like the Barrick Gold Strike property in geochemical and geologic significance but they found gold in 18 of the 58 holes dug so far -- the statistical significance of that needs to be understood. The holes that did not contain gold were discovery holes meant to determine the story or picture of the deposits present on their properties. Hole k-49 is the most significant hole as it was dug before the geochem results had returned and was meant to be a discovery hole to get a snapshot of that part of the property. They did not expect to find gold there and did: 70' at .11oz/ton. This shocked them. What struck me was the belief these people have in their properties. They were very sad about the price of gold and its affect on the mining industry, but in the face of that they were excited at the prospects their property offered. They believe, although they didn't state, they are sitting on a “Goldstrike-like deposit or a Rain Mine-like deposit. They have probable reserves of 1.5million tons currently at .08oz/ton. I also heard 350,000 oz of gold probable but can't remember if that was a shareholder or a direct quote. Their current drilling program is underway. They expect that Kinross may have some results in a few weeks but they said that just because KGC has them doesn't mean that they will get them when KGC does. They did say that talked with KGC about releasing results as they come out to BX and MIQ but since none have come out yet, they don't know how certain that will be. Time will tell. I asked them why they needed more PP's in the future. They said since they are not generating revenue yet that their only source of income is PP's. They understood that the share price was low and would attempt to do any PP's at a higher share price. In view of that I expressed a desire of shareholders to see more frequent results and they said that is why the asked KGC to provide them. I gathered that this years drilling program could prove a probable (an estimate on my part) reserve of anywhere from 3.5 to 7.5 million tons of ore at the prevailing Carlin Trend shallow depth .05-.08 oz/ton. Next year they may actually get within strike of proving up a mine, one year ahead of schedule. KGC is the operator and they control the release of results and must approve all results and news releases of results. This is not in the control of BX nor MIQ. They currently are about to drill in the POD area. They are using one RC (reverse circulation) rig in the north and a diamond rig in the south. They will attempt to drill at strike(?) and laterally with attempts at filling in certain areas of the POD, at least that was my take peppered with a general lack of technical mining knowledge. They may actually drill a total of 60-70 holes this year, which is more than last year as KGC did a geochem that took a good deal of time and were also just becoming familiar with the property. Last year they drilled 58 holes or 40,000 linear feet using the RC method. One reason why the Railroad has been overlooked was the complex ownership and lease rights on the property. They also believe that because visible gold is not seen anywhere in the area, old prospectors missed the potential of the area. They believe that they are sitting on a property that has the same or more potential (said this above, but doesn't hurt repeating it) than Goldstrike or rain. They believe that within two years this will be born out. They hope for an improved gold market and an improved stock price as results come in. SteveH