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Gold/Mining/Energy : Cadre Resources (CSL.V) Awaiting production #'s and Financ -- Ignore unavailable to you. Want to Upgrade?

To: Tritone_ch who wrote (470)	3/13/1998 10:56:00 PM
From: Joel W. Grothendick	Read Replies (1) \| Respond to of 1285

Wow, I wonder how many shares we'll have to put out at current levels to satisfy creditors and or Hanson. More dilution and still no financing. Why didn't we do this when we were a $1.00 + ? Glad to see the "team" is on the ball. Joel

To: Tritone_ch who wrote (470)	3/21/1998 2:19:00 PM
From: Tritone_ch	Respond to of 1285

**** NEWS OUT ! **** Cadre Resources Ltd - Option to purchase Rosita 1 concession Cadre Resources Ltd CSL Shares issued 4063218 1998-03-13 close $0.18 Friday Mar 20 1998 Mr R. Page Chilcott reports The company has an option agreement to purchase 100% of the Rosita 1 concession in the Caruachi region of the lower Caroni River in Bolivar State, Central Venezuela. Exercise of the option is dependent upon preparation of a positive report and financing. The option agreement has been filed with the VSE and awaits its acceptance. Under the terms of the agreement Cadre has six months from the date of this acceptance to take a series of bulk samples and carry out other due diligence to satisfy itself on the merits of the concession. The company has received a proposal from Bateman Engineering, an international consulting firm, to conduct the bulk sampling program and prepare a pre-feasibility report. This concession has been worked successfully by Mr Carlos Carlessi (the vendor) for the past eight years. Using less than state-of-the-art dredging equipment, production has averaged in excess of 20,000 oz of gold per year (at a less than 50% recovery rate). No other materials are recovered by Mr Carlessi. Cadre plans to introduce modern, high efficiency, state-of-the-art dredges that will remove all dredged material from the river. Delivery to an onshore modern processing plant will permit the recovery of +95% of the gold. Additionally, diamonds, titanium (ilmenite), marketable sands and gravel and other materials will be recovered. This method will allow Cadre to establish a new standard of operation, setting the pace for environmental considerations. No tailings will be returned to the river. Discussions on the various products derived from processed material have produced encouraging responses from major international resource companies such as Martin Marietta Aggregates and Kerr McGee Chemical. A written expression of interest in the entire project has been received from Teck Exploration, a major Canadian based international mining corporation. Its interest extends to becoming the project operator. Cadre plans to develop up to a seven to eight million ton per year operation starting with Rosita 1, then expanding to other sectors of the river. Gold, diamonds, titanium and other material will be harvested for an expected net cash flow of $25 per ton.