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Gold/Mining/Energy : Fairmile Gold -- Ignore unavailable to you. Want to Upgrade?

To: Douglas Simpson who wrote (3464)	2/23/1998 5:36:00 PM
From: ANDRE	Read Replies (2) \| Respond to of 4057

Subject: Here we go ?? I hope - Mirandor Exploration Inc. (MIQ-ME) Date: Mon, 23 Feb 1998 13:43:25 -0800 From: newsblast@stockhouse.com (StockHouse - NewsBlast Services) This news release can also be viewed on StockHouse at the following URL: stockhouse.com EXPLORATION MIRANDOR INC. PRESS RELEASE February 23, 1998 MIRANDOR - KINROSS: JOINT VENTURE DEAL FINALIZED Exploration Mirandor Inc. (MIQ-ME) 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% 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% 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% copper and 0.55% zinc; 0.165 oz/ton gold over 45 feet with .761% copper and 0.15% 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 more information, please contact: Mr. James L. Speros, President Washington office Tel.: (703) 525-2482

To: Douglas Simpson who wrote (3464)	2/24/1998 1:22:00 AM
From: Dusty	Respond to of 4057

Douglas, Good post! I thought a few days ago I could begin to restore some faith in Fairmile. Gosh, I got a personal message from the company PR man, telling me how management had changed and that the old rascals were out now. Hummmm, then next thing I read is the president Tom Kelly unloaded a fair piece of his action. Well, now I am not so sure what to think, except that we the stockholders, as usual, have been had again. I don't look for this stock to do anything in my life time but since it would cost me 53.00 in commissions. I guess I will just have to hold on till it dies and then take a write off. Color me; Disgusted Dusty

To: Douglas Simpson who wrote (3464)	2/24/1998 3:33:00 PM
From: Douglas Simpson	Read Replies (3) \| Respond to of 4057

Comparing companies, I think that Miq has about 200,000 oz of gold and Fla has about 700,000 oz of gold. Miq is is headin upwards of about 40 cents a share and fla is about 18 cents. I dont understand why a company of less than half the value of fla is double the price. I guess itis good management.

To: Douglas Simpson who wrote (3464)	2/27/1998 6:48:00 PM
From: Steve Stakiw	Read Replies (2) \| Respond to of 4057

Fairmile's exploration record at Buffalo Valley compared with results by others in the industry... The following posting is from Joe A. Kizis, Jr., Fairmile Gold Corporation Vice-President of Exploration and Director. It will also be posted under the FAQ's on Fairmile's website at fairmile.com Question: How does Fairmile's exploration record at Buffalo Valley compare with results by others in the industry, and are additional exploration expenditures justified there? Answer: Several technical papers presented at the recent "Pathways `98" conference in Vancouver provide some answers to these questions. Two authors (John Parry - WMC Resources Ltd. and Patrick Redmond - Stanford University) provide data that show the "average" exploration company never shows a significant return on their exploration dollars. This probably explains the shift of exploration away from the majors to smaller, more entrepreneurial juniors, such as Fairmile. David Lowell (Lowell Mineral Exploration, previously of Arequipa) argues that exploration is most efficiently performed by such entrepreneurial juniors, and that the majors should focus on advancing to production those promising deposits discovered by juniors. Unfortunately, there were no cost comparisons provided for junior exploration companies. However, one major that has been successful at exploration is Newmont, and John Dow provided information on Newmont's finding cost for the decade ending in 1996. Newmont's finding cost is approximately US$11 per ounce of gold (reserve plus resource). This compares very favorably with costs in the range of $35 to $55 per ounce that others have reported as "average" finding costs, and is largely a result of their success in Nevada and Peru. Fairmile is proud of our finding cost of approximately $10 per resource ounce at Buffalo Valley for the period 1993 through 1997. John Dow (Newmont) also provided a set of interesting graphs that shows the number of ounces discovered increases in direct proportion to the amount of money spent on exploration. The number of ounces added at Buffalo Valley in 1997 was not as high as in 1996 because the follow-up portion of the exploration program was not completed prior to Echo Bay dropping out of the strategic alliance. If Echo Bay had funded the phase II coarse-delineation drilling on Target L and Target F, Fairmile believes a significant amount of additional ounces would have been added to the resource base at low cost. Several authors, including well-known mining consultant Dick Sillitoe, argued that established mining trends, and particularly properties with prior production, hold the highest potential for discovering new deposits. The data shows that if a property was capable of any past production, it is a strong candidate for new discoveries. This seems contrary to common sense because those properties have already been explored extensively; however, gold deposits are extremely small parts of much larger systems. Gold deposits can be compared to plums in a pudding; it is much easier to find those plums sticking out of the top of the pudding than those hidden beneath the surface, although we know more plums exist. Persistence and technical advances allow us find more of the hidden gold deposits. Eilseo Gonzalez-Urien (Placer Dome) drives home this point by documenting that Placer Dome has discovered to date, on average, an additional 65% new reserve ounces on their mine properties by exploration after a production decision was made. It is Fairmile's opinion that with persistence the Buffalo Valley project will yield even more mineralized areas than are currently known, and the number of ounces discovered will continue to increase substantially. In conclusion, it appears that Fairmile's exploration record compares very favorably with others in the industry, and that additional exploration expenditures at Buffalo Valley are justified.