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

To: AGORA who wrote (1690)	2/23/1998 2:45:00 PM
From: Kent C.	Read Replies (1) \| Respond to of 2635

Feb. 23 - MIQ.MSE - Kinross: Joint Venture Deal Finalized From SI Daily News: Subject 17869 VAL-D'OR, QUEBEC--Exploration Mirandor Inc. is pleased to announce that the agreement with Kinross Gold Corporation USA for the joint exploration, development and operation of the Railroad project in the Carlin Trend of Nevada, has been finalized and signed by all parties. Mirandor has been advised that Kinross expects to mobilize and begin on site field work on March 1, 1998. The agreement calls for the expenditure by Kinross of $7 million US ($10 million CAN) over a 48 month period to earn 50 percent on a joint venture basis. During this period, Kinross will be responsible for all property and assessment payments to maintain the project in good standing. Kinross may elect to carry out a private placement between $250,000 US and $500,000 US as part of their commitment during the initial 12 months of the agreement. Kinross may earn an additional 10 percent by expending $5 million US ($7 million CAN) on a positive feasibility study consistent with the requirements necessary to obtain project financing. Upon completion of a positive feasibility study, Kinross and Mirandor will jointly seek project financing and Kinross will furnish, if necessary, the necessary completion guarantee on Mirandor's behalf. The Company is very excited about this outstanding agreement, as it now allies itself with a serious mining company, who are now, following the proposed merger with AMAX Gold, the fifth largest gold producer in North America. Kinross has a proven track record in mining and exploration, who firmly believe in the potential of the Railroad project as evidenced by this agreement. The Railroad project consists of over 600 patented and unpatented claims in addition to approximately 15 square miles of fee (private) land located adjacent to and south of Newmont Gold Inc.'s producing Rain Gold Mine and their new Emigrant Springs Mine. The South Bullion and Trout Creek deposits are located adjacent to the south boundary of the project. The Railroad project contains 15 past producing mines (copper, lead, gold, silver), largely located within a "Carlin" erosional window exposing lower plate sedimentary rocks outcropping along the Pinon anticline structure. The majority of the gold deposits in the Carlin Trend are contained within Carlin windows of lower plate sedimentary rocks. Mirandor began drilling on the property in August of last year. Even over this short period of time, the drill program has resulted in three new gold zone discoveries on the project, at LT East, EHR and Bunker Hill (gold, copper and zinc) while at the same time expanding the potential at the POD gold deposit. Among the results we may cite 0.44 oz/ton gold over 20 feet with 0.30 percent copper and 0.55 percent zinc; 0.165 oz/ton gold over 45 feet with .761 percent copper and 0.15 percent zinc all at Bunker Hill; 0.023 ounces per ton gold over 335 feet at EHR; 0.107 ounces per ton gold over 15 feet at LT East; and 0.101 ounces per ton gold over 55 feet at POD. 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 Barrick Gold Corporation. FOR FURTHER INFORMATION PLEASE CONTACT: Exploration Mirandor Inc. Mr. James L. Speros, President Washington Office (703) 525-2482 or Val-d'Or office (819) 825-9065 (819) 825-1199 (FAX) or Montreal office (514) 285-8565 (514) 285-1617 (FAX)