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Gold/Mining/Energy : War Eagle Mining...[WEM:VSE] -- Ignore unavailable to you. Want to Upgrade?

To: Jon Warren who wrote (62)	11/27/1997 1:57:00 PM
From: Jon Warren	Read Replies (2) \| Respond to of 235

Bad News Release, VSE requests retractions War Eagle Mining Company Inc WEM Shares issued 16,043,924 Nov 25 close $0.38 Thu 27 Nov 97 News Release Mr Joseph Flatley reports As requested by the VSE and the VSE's junior mining standard policy, the company retracts its previously reported resource calculations as reported in a news release in Stockwatch dated August 21 1996 and possible reserves calculation in news releases in Stockwatch dated January 17 and February 3 1997, given discrepancies encountered in reverse circulation drill hole results, the limited number of diamond drill hole intersections, and the requirement of a qualified third party report to support the same. In addition, the company also retracts the same calculations as reported in the company's financial statement notes of June 30, September 30 and December 31 1996. The company also retracts its reference to estimated open pit mining costs as described in its June 30 1996 financial statement notes. The company also retracts its drill indicated resource calculations as well as reference to either recoverable grades or estimated mining costs as described in news releases in Stockwatch dated February 14 1995 and June 7 1995. In the future, the company intends to rely on diamond drill results only and will not refer to previously reported reverse circulation drill hole results without further confirmation from additional diamond drill holes. At this time, the company is completing an induced polarization survey to identify other drill targets in the Northwest zone and intends to resume diamond drilling in the Northwest zone during the first quarter of 1998, with the objective of further delineating the discovery zone as well as drill testing any further targets identified by the induced polarization survey. (c) Copyright 1997 Canjex Publishing Ltd. canada-stockwatch.com _______________________ Any more retraction they will be in English Bay. $0.10 here we come. JW