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Gold/Mining/Energy : PLAYFAIR MINING - PLY . V -- Ignore unavailable to you. Want to Upgrade?

To: Brumell who wrote (232)	7/25/2001 2:47:37 PM
From: Elizabeth Andrews	Read Replies (1) \| Respond to of 505

What are the terms and conditions of the underlying property agreement? Royalty, payments, penalties etc?

To: Brumell who wrote (232)	7/26/2001 6:25:50 PM
From: Brumell	Read Replies (2) \| Respond to of 505

The following are notes taken from the Sudbury meeting. They reflect statements and answers made by Neil Briggs. I've broken it down to cover the 4 main aspects covered. No personal opinion is included...LOL. Finances Playfair now has $300,000 in the bank. This is less than originally planned at this point. Reason for extra costs is increased geochem spending after discovering the E1 NW anomaly near silver vat leaching facility. Joint Venture Negotiations continue. Briggs left Sudbury early this morning for continued discussions in Toronto today. The problem with majors remains. They want rights to full property - PLY will only deal E1 South anomaly. Juniors will deal E1 South only but a deal with a junior might look very expensive in hindsight for short-term gain. Bottom line there is no jv. partner now. Something could be conformed at any time. Drilling IF PLY go it alone, they would drill E1 North anomaly. This is recommended in Mosher's report. They would drill a series of shallow holes through overburden and only 10-20 meters into limestone bedrock. They would drill a minimum of 25 RC holes at an estimated cost of $250,000. They could do this now but there are good reasons to wait. Negotiations continue with jv. partners. Also, summer markets are deplorable and would be more responsive to good news in Sept/Oct. Drills are readily available on short notice. Cuttings will go to San Luis Potosi and Bondar Clegg for assay. Results can be fast. As mineralization will be oxides, they may give little or no visual clue as to content. Bottom line is they will drill - questions remains whether alone or in jv. If a jv., it will be on E1 South only and PLY would await results of jv. partner. Property The ground is 100 percent PLY. There are no royalties, NSRs, caveats or other restrictions on them. PLY plan to further reduce their overall land holdings to key areas identified by this year's enlarged geochem program. Annual maintenance costs after reductions will approximate $15,000. Bob