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Gold/Mining/Energy : Medinah Mining Inc. (MDHM) -- Ignore unavailable to you. Want to Upgrade?

To: Handshake™ who wrote (2244)	4/29/1998 7:12:00 PM
From: WHL	Read Replies (1) \| Respond to of 25548

Another news release- this one on Meridian Gold (MDG.N) RENO, Nev.--(BUSINESS WIRE)--April 29, 1998--Meridian Gold Inc. (TSE:MNG - news; NYSE:MDG - news) Meridian Gold Inc. is pleased to report first quarter 1998 gold production of 52,630 ounces at an average cash cost of $206 per ounce. When compared to the first quarter in 1997, gold production was up by 26 percent and cash costs were lower by 16 percent. These improved results compared to the first quarter of 1997 were achieved mainly as a result of a mild winter and cost reduction programs. Based on the first quarter results, the Company expects to achieve its annual production target of 200,000 ounces of gold at a cash operating cost of $225 per ounce. The Company recorded a loss of $5.1 million or $0.07 per share in the first quarter of 1998, compared with a loss of $6.0 million or $0.08 per share in the first quarter of last year. Sales for the first quarter were $14.3 million compared with $14.0 million last year mainly as a result of the increased production, which more than offset the lower realized gold price. The average realized price of gold for the quarter decreased to $293 per ounce from $349 per ounce. For 1998, Meridian Gold still has put options on 33,000 ounces of gold at $400 per ounce. The market capitalization of MDG is $243,000,000 (73 million shares at $3 3/4). They have $50,000,000 in the bank. Assuming we have nothing in the bank, and otherwise the same value as MDG, our shares should be at $193,000,000 market cap. That would be $4.50 per share. That's where we should go - immediately- if we are able to forge alliances with majors. WHL