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Gold/Mining/Energy : MILL CITY MIY-V -- Ignore unavailable to you. Want to Upgrade?

To: Dennis (Hijacked) who wrote (193)	11/1/1997 1:53:00 AM
From: Wayne J.	Read Replies (2) \| Respond to of 707

Hello! Dennis and Everyone, Today I received an information circular from Mill City Gold Mining Corp. It states that an annual general and special meeting of shareholders will be held on November 24, 1997. I haven't had a close look at it yet! However I noticed a few things that the shareholders are being asked to vote on at the meeting! Namely a proposed name change to Mill City Capital Inc., approving certain stock options that have been granted , and approving a resolution reducing the stated capital account for the common shares of the Corporation. ( I'm not a legal expert ! But I hope that this isn't some other way of saying that the company wants to do a share roll-back or reverse split!) If the company in fact is considering a share roll-back or reverse share split--then I hope that someone in Mill City's Management is keeping the shareholders interest's front and centre! ( By this I mean if they are proposing a share roll-back --by what ever creative means!--I would hope that the options that many of the Directors appear to have until the year 1999 through 2002--would also be revised accordingly!). An example of what I am talking about is---Let's say that a certain Director has an option to buy 1.5 Million shares at .15 cents until February 19, 2001.---Before the option period expires--if the company happens to do a share roll-back of let's use the example of one new share for every ten previously held--then what I think should happen is that the share option that the director holds at .15 cents then should be increased ten fold --to reflect the same scenario as the shareholders are expected to abide by! So now the directors option would not be .15 cents but now would be ten times higher --making it an option to buy only 150,000 shares at $1.50 ( As you can see I would expect to see the number of the shares that are optioned by the directors also reduced by ten times!) In my personal opinion as an MIY shareholder ( And keep in mind that it is only my own view, and opinion!)--- I feel that there was too many negative overtones presented in the President's Message as it related to "pre-Bre-X days" and too much reinforcement about the devastation affecting junior mining exploration companies . I want to hear about what the future plans are of the company--including both short, medium and long term goals! And if financing is a challenge--and if the management and directors do not feel that they have the know how, contacts, and means to raise significant financing to actively support all the various properties and projects that they claim to have on the go! Then maybe they should revaluate the land holdings they currently have--and should put more focus and attention on one or two priority areas! This would better enable them to direct their energies into a specific area thus producing a more motivational climate for the future of the company and it's shareholders! Looking at the extensive list of directors and other individuals that appear to have quite a significant opportunity through share options to generate some excellent financial reward if and when the company becomes more financially stable and / or profitable! I would like to think that these individuals also have the credentials and are prepared to put in the time committment/ effort to aggresively and in a dedicated fashion to move the company in an appropriate direction that is in the best interest's of it's shareholders! ( Rather than living in the past and bringing up the skeletons of Bre-X --which by the way has absolutely nothing to do with MIY!--I hope!--Unless the MIY management knows something that the shareholders are unaware off!) Another activity /process that the directors of MIY seem to be taking advantage of is getting their share options re-priced every time the share price finds a new low level! I personally do not care for this in the least--and no such activity in the future will get my vote of approval! Let us take one example right from the Information Circular that was sent out advising of the shareholders meeting on November 24, 1997! It clearly states that certain directors of the company have had their share options revised from $1.53 to a re-price of .45 cents and then to .15 cents. ( In my own personal opinion I feel that a share option should be a reward based on performance! And continually lowering the share option price--doesn't indicate to me a very proactive or product incentive program!) I guess quite simply stated if the initial option was in the $1.50 + range then that's where it should remain! I feel the incentive should not be revised on a lack of stock price performance! The incentive option price I feel was originally established with a specific purpose ! So, if the directors that have been fortunate to acquire these options but have not been able to bring the companies performance level in line with their original option price--then all I have to say is that they do not deserve the incentive because nothing significant was accomplished or achieved! From a shareholders perspective! Who am I suppose to blame if I bought the stock at .50 cents and it is now trading at the .15 to .18 cent range! Should I have the right to change my mind and say Oh! I made a mistake ! I only wanted to pay .15 cents for the stock! I don't think so! I think that a yearly report card should be developed on each junior exploration company! This year I am not giving a very good grade to MIY ! Quite simply because I am very annoyed with any management team that has to blame lack of performance on some other company or situation! If there happens to be a representative of the Management team of MIY following this thread! I do have a question? When is this company going to focus on one project and see it through it's completion? And how about some option incentive plans for long standing loyal shareholders? Sounds Silly ? Right? Well to me it seems just as silly providing share options for a management team that has been performing in a downhill spiral! There I've expressed my own personal views and opinions! I will add that no one should ever make any investment decissions based on someone else's opinions, thoughts ,recommendations, etc. Always do your own due diligence and make your own decissions ! Is anyone planning to go to the shareholders meeting? It's being held at the Hospitality Inn Best Western, Willow Park Room,135 Southland Drive S.E., Calgary, Alberta, on November 24, 1997, at 2:00 P.M.--Calgary Time! If any one does attend --please take some notes and share your views with this thread! Best Regards, Wayne J.