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Gold/Mining/Energy : Fairmile Gold -- Ignore unavailable to you. Want to Upgrade?

To: Douglas Simpson who wrote (3956)	7/29/1999 3:30:00 PM
From: Steve Stakiw	Respond to of 4057

Doug, I was not involved with the company when it was trading in the $7.00 range but I can sympathize with shareholders who were. In the light of 20+ year lows in the price of gold and a resultantly weak junior resource market, Fairmile is continuing to persevere. The Company is continuing its efforts in securing joint-venture partners for the Buffalo Valley and the Highland properties. Additionally, the Company recently negotiated a lease swap with Newmont Mining Corp on some of the peripheral ground around Buffalo Valley. This agreement resulted in lower holding costs for Fairmile's ground and some cash payments, as well as a royalty on any future production by Newmont. Additionally, Fairmile is anticipating that joint-venture partner Echo Bay Mines will initiate an exploration program on the Eastgate project this Fall. Interest in the Highland project has been good with companies visiting the property and conducting some initial grab sample programs. Fairmile is optimistic a joint-venture partner will be secured soon. Steve