Silicon Investor (SI) -- The First Internet Community

STOCKTALK

We've detected that you're using an ad content blocking browser plug-in or feature. Ads provide a critical source of revenue to the continued operation of Silicon Investor. We ask that you disable ad blocking while on Silicon Investor in the best interests of our community. If you are not using an ad blocker but are still receiving this message, make sure your browser's tracking protection is set to the 'standard' level.

Gold/Mining/Energy : MIRAMAR MINING (MNG) -- Ignore unavailable to you. Want to Upgrade?

To: marcos who wrote (253)	9/28/1999 12:56:00 PM
From: goldsheet	Respond to of 457

Sorry, I stopped following MAE and sold it a long time ago. I even forgot that I started the MAE thread back in 1996. Appreciate your comment on my site - thanks !!

To: marcos who wrote (253)	9/28/1999 1:15:00 PM
From: John Dally	Read Replies (1) \| Respond to of 457

Hi marcos, I also bought a batch of MAENF based on it's balance sheet. I think it is lagging, because the real gold aficionados moved on to more exciting prospects during the 11 month strike. The stock will "roar" if/when their management can close the following deal: Tue Sep 7, 1999 Miramar Confirms Talks With Giant Mine Interim Receiver VANCOUVER -- Miramar Mining Corporation ("Miramar") said today that its subsidiary Miramar Con Mine Ltd. ("Miramar") is in talks with PriceWaterhouseCoopers, interim receiver for Royal Oak's Giant Mine at Yellowknife, because "we believe it offers an opportunity to maximize the value of our Con Mine through operating synergies between the two properties," said Miramar President Tony Walsh. "We are negotiating the acquisition of the mineral resources and the property assets only." "This transaction would be a part of new management's strategy to maximize the value of our existing assets, and is being done in conjunction with pursuing a corporate acquisition," said Tony Walsh. "We are also in talks with three such opportunities at the moment, with the objective of acquiring low-cost gold production. We hope to make an announcement in the near future." Miramar's proposal is to acquire the Giant property, plant and equipment, and includes the following provisions: - The Giant ore body would be reopened as a satellite mining operation, at a date to be determined once detailed planning is completed. Between 300 and 400 tons per day of ore ("tpd") would be mined and processed at the Con Mine's milling facilities. Miramar would continue to mine and process between 600 and 900 tons per day from its own Con ore body. - There would be no ore processing conducted at the Giant Mine facilities for two reasons: 1. A sharing of process facilities will enable operating synergies between the two properties, given that the Con mill has a capacity of up to 1200 tpd, and already has a skilled and competent workforce and administration. 2. Miramar will not under any circumstances produce arsenic trioxide in Yellowknife. Operation of the roaster at the Giant Mine would be inconsistent with this commitment. Cleanup of existing arsenic trioxide at the Giant Mine will be the major focus of any future Abandonment and Restoration Plan. Miramar would work co-operatively with the Department of Indian and Northern Affairs, and the NWT Government, to develop such a plan. - There will be no layoffs of workers at the Con Mine. - Should its offer be accepted, Miramar is committed to offering its first vacancies at the Giant Mine to previous Giant Mine employees terminated by the Receiver. Miramar believes, subject to detailed planning, that approximately 50 of the previous workforce at the Giant Mine could be hired. Miramar's offer is made in pursuit of its objective to maximize efficiencies at the Con Mine through capitalizing on the synergy between the two properties. The proposal would allow Miramar to reduce its overall production costs, increase its resources and improve the viability of the Con Mine operation. The company is in a unique position to enhance the viability of gold mining in Yellowknife and increase the operating lives of both these mining properties, continuing Miramar's historic commitment to gold mining in Yellowknife. Miramar had no role in creating environmental conditions at the Giant Mine and therefore has no responsibility for ameliorating them. However, the company remains committed to working with both governments to establish a credible restoration plan which would deal with all aspects of closure including stabilization of arsenic trioxide. Miramar is well positioned to assist both levels of government because the Con Mine, through both Miramar and previous owners, has expended considerable funds in developing and implementing successful technology for the treatment and stabilization of arsenic trioxide.