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Gold/Mining/Energy : MIRANDOR-MIQ ON MONTREAL -- Ignore unavailable to you. Want to Upgrade?

To: joe minten who wrote (1650)	2/11/1998 3:49:00 PM
From: Bob Tate	Read Replies (2) \| Respond to of 2635

Nice to see MIQ thread to be alive again. Brandon , thank you for a good observation in regards to K JV. I happened to go through such JV negotiations with Canadian mining company (no names) in January of 1997. I represented foreign mining interest with potentially good gold property in Russian Far East. It is same place where new Kinross may inherit 10g/t plus open pit operation called Kubaka from Cyprus Gold. We wanted that deal probably more than Canadians since they represented INVESTOR. Very similar 5 mil$ deal was signed as MIQ. General agreement has been signed that had to be approved by regulatory body which was the Exchange Canadian company was listed on. Detailed expenditure schedule has not been worked out on that date and has been discussed and verbally agreed on later date. I do not think K or MIQ management has to seek such approval from shareholders. So to my opinion this deal is done since regulatory body rarely disapproves. We have to keep in mind that in mining business investing company almost always has the right to walk away for many reasons, subcontract or accelerate their investment. They must meet minimum investment commitment or otherwise sign extension agreements due to financing problems (this was common case with juniors in 1997). As you find in bellow report: November 24, 1997 MIRANDOR - KINROSS: PARTNERSHIP IN CARLIN TREND Exploration Mirandor Inc. (MIQ - ME) is pleased to announce that is has signed an agreement with Kinross Gold Corporation U.S.A. for the joint exploration, development and operation of the Railroad project in the Carlin Trend of Nevada. AND FURTHER This agreement, subject to regulatory approval, allows Mirandor to accelerate the development of the Railroad project in the Carlin Trend which is one of the most prolific gold mining areas in the world, with 10 active gold mines, 30 known gold deposits, over 80 million ounces of gold reserves in all categories, and producing over 3.5 million ounces per year, and is home to such companies as Newmont and American Barrick. ++++++++++++++++++++++++ NEW KINROSS Some years back Mr. Word chairman of Cyprus Amax (primary copper, molybdenum, coal-USA producer, 50% owner of Refugio copper mine S. America, Major Deal with Zambia acquiring big chunk of government owned mining operations ) created Amax Gold where most of Cyprus gold operations where transferred. This allowed parent company to clean their balance sheet by dumping most of debts to CG. CG in turn sold or optioned number of their properties including Railroad project to MIQ for several MIL$. CG did that sale under instructions from Cyprus Amax to reduce debt load not becouse they wanted to part with properties in Carlin Trend. I'm less familiar with Fort Knox (Alaska) open pit operation but in Kubaka project in Russia more they drill more they find. Mr. Word is smiling in Denver he got part of his Railroad back. For MIQ it may be a slow down by several weeks due to restructure otherwise it is bigger and better. Rumor is Cyprus and Kinros must close big short gold positions for merger to happen. Will they open a new one? Thank you