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Gold/Mining/Energy : AVL.V - AVALON VENTURES -- Ignore unavailable to you. Want to Upgrade?

To: Gary K who wrote (673)	4/8/1998 2:00:00 PM
From: DRT	Read Replies (2) \| Respond to of 1474

Research Capital, April 8, 1998 Separation Rapids Rare Metal Project Advances To Prefeasibility Study by Russ Cranswick Target price: $5 Bottom line: "We continue to like the significant upside potential of this unique project and reiterate our Speculative BUY." If you are interested in a copy of this 2-page follow-up, its available from IR. DRT

To: Gary K who wrote (673)	4/8/1998 5:50:00 PM
From: TP	Read Replies (1) \| Respond to of 1474

Gary: In order for a resource to pass from possible to probable to proven is a lengthy and variable exercise (and open to much discussion). If the deposit is a flat lying, homogeneous(without much variability) ore body,then closely spaced drilling, along with trenching (the removal of a several tonne bulk sample) for metallurgical test work, would suffice. In the case of an underground metal deposit, as opposed to the flat lying type, you need to actually drift( tunnel underground) and obtain a bulk sample and sample underground to upgrade the resource classification. The BIG WHOPPER I believe should be quite homogeneuous, although zoned. All these methods require exhaustive geostatisical work to determine variability, drill hole spacing confidence, etc. Clear as mud. In other words, it will require more drilling, sampling, testing, etc. to advance this to a proven resource. Here's hoping, though. Tp