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Gold/Mining/Energy : Precious and Base Metal Investing -- Ignore unavailable to you. Want to Upgrade?

To: Frank Pembleton who wrote (4462)	7/5/2002 11:37:34 AM
From: The Vet	Read Replies (1) \| Respond to of 39344

<Corner Bay Silver Inc. - Positive Feasibility Completed @ Alamo Dorado> and Silver is up, and gold is up, And PAAS is down.. :-( (Efficient Markets - another urban myth)

To: Frank Pembleton who wrote (4462)	7/6/2002 11:19:48 AM
From: Frank Pembleton	Respond to of 39344

Miramar to Ramp up Gold Exploration by Adam Peeler -- July 5, 2002 Miramar Mining Corporation (TSE: T.MAE) Thursday night announced its drilling strategy and budget for its gold project at Hope Bay in Nunavut. The plans call for up to 10,000 meters in exploration drilling in the northern Canadian territory. The stock closed down 1.4% to C$1.36 on volume of 69,000. Vancouver, B.C.-based Miramar trades in a 52-week range of C$0.73 – C$2.23. Management said that exploration crews will be on site July 8 and drilling is expected to begin by the end of the month to evaluate the gold potential of the Hope Bay belt. Initial results should be available about a month later. "The recently completed $30 million financing allows Miramar to significantly increase the level of exploration activity at Hope Bay," stated Tony Walsh, Miramar's chief executive. "Our object remains to advance the Doris North area to a production decision as soon as possible, while continuing the systematic exploration of the highly prospective Hope Bay belt." On June 20, the company closed a C$30 financing deal by selling 12.5 million units at C$2 per unit plus 2.5 million common shares at a price of C$2 per share through a syndicate of underwriters. Walsh said the company plans to target opportunities throughout the exploration pipeline including extensions of known deposits, along known mineralized trends, under cover and through its generative 'geologic model' driven program. The drilling programs consists of an "initial phase of drilling totaling 7,500 meters in 39 holes, with an additional 2,500m of drilling held in reserve contingent on successes coming from the first phase". The first phase of drilling is expected to cost about C$3.1 million. Scotia Capital mining analyst David Mallalieu told smallcapcenter.com that the Hope Bay belt is a "spectacular" area that unquestionably has gold in place, and Miramar is in a good position to exploit it. "They have proven and probable reserves," he said. "They’ve got a pre-feasibility study. They have an extensive resource base and a highly prospective area for finding more gold." The company has discovered three "significant mineralized centers" within the Hope Bay belt so far: the Boston, Doris and Madrid deposits. In January, the company announced the deposits contain a "measured and indicated resource of 3.36 million tons grading 15.4 g/t gold for a contained 1.64 million ounces, plus an inferred 6.7 million tons grading 12.3 g/t gold for a further 2.65 million ounces". The Doris deposit will be the focus this summer. Economically, the cash cost of extracting an ounce will be US$114 with an 85% rate of return at a gold price of US$280 per ounce. Gold closed Friday down at $311.30 per ounce. Smallcapcenter.com’s advanced research department gave MAE a signal stockscore of 48 Friday afternoon. A company’s stockscore is an unbiased summary of numerous technical analysis indicators like volume and momentum, which are combined to produce a value on a scale of 1-100 with 100 being the highest level smallcapcenter.com