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Gold/Mining/Energy : Medinah Mining Inc. (MDHM) -- Ignore unavailable to you. Want to Upgrade?

To: Mike Gold who wrote (22373)	6/7/2000 10:49:00 AM
From: Handshake™	Read Replies (1) \| Respond to of 25548

Gold find estimate incorrect Wayside Mines Keith Damsell Financial Post International Wayside Gold Mines Ltd. said yesterday it overestimated the potential size of a promising gold discovery, a revelation aimed at ending a lengthy halt in the trading of the exploration junior's shares. A new resource evaluation of the Vancouver company's gold property in east-central British Columbia indicates a "somewhat lower tonnage and slightly lower grade than previous estimates," the company said. The report concludes the Cariboo property contains an "inferred resource" of 7.9 million tonnes grading 2.0 grams of gold per tonne, a potential 25% less than a "measured resource" of 9.3 million tonnes grading 2.3 grams per tonne released 18 months ago, the company said. The difference in estimates is due principally to mineralized cut-off grades. The original January, 1999, estimate, compiled by shareholder Shaun Dykes, was considered "inappropriate" by surveillance officials at the Canadian Ventures Exchange, said J. Frank Callaghan, Wayside president. Subsequent drilling results helped fuel a spring surge in Wayside's stock price and prompted a staking rush in the region. Shares jumped from a January low of 13½ to an April 7 high of $2.45. On May 11, the CDNX halted trading in the firm's shares at $2.04, pending "an operational audit of company procedures." Despite the revised resource estimate, an exchange source said securities officials have additional concerns and talks are continuing with the company. A detailed report on the handling of Wayside's core samples is expected to be released today, said Mr. Callaghan. "The public is going to have comfort this is a good project," he said. Wayside watchers agreed regaining the confidence of the investment community may prove difficult. The lengthy stock halt "creates a significant concern among shareholders and a significant burden on the company," said Jim Mustard, mining analyst at Vancouver's Haywood Securities Inc.