Silicon Investor (SI) -- The First Internet Community

STOCKTALK

We've detected that you're using an ad content blocking browser plug-in or feature. Ads provide a critical source of revenue to the continued operation of Silicon Investor. We ask that you disable ad blocking while on Silicon Investor in the best interests of our community. If you are not using an ad blocker but are still receiving this message, make sure your browser's tracking protection is set to the 'standard' level.

Gold/Mining/Energy : Nora NXI on ME -- Ignore unavailable to you. Want to Upgrade?

To: John Stella who wrote (184)	5/1/1998 1:40:00 PM
From: John Stella	Respond to of 420

********NEWS RELEASE*************** DATE: april 30, 1998 NEWS - FOR IMMEDIATE RELEASE NORA EXPLORATION ANNOUNCES FIRST SEMESTER RESULTS Montreal ,(QC) - NORA EXPLORATION INC. "Nora" (NXI-ME) is pleased to announce its first semester results for the period ended February 28,1998. The Corporation's satellite company, Otjua Minerals (Pty) Ltd., had diamond mining revenues of $437,429, production costs and expenses of $ 698,339 for an operating loss of $260,910. During the same period last year Otjua Minerals (Pty) Ltd., had diamond mining revenues of $533,654, production costs and expenses of $371,056 for an operating profit of $162,598. In summary, during the first semester the Corporation generated a net loss of $411,101 (or $0.02 per share) on diamond mining revenues of $437,429 compared to a net loss of $113,164 (or $ 0.01 per share) on diamond mining revenues of $533,654 during the same period last year. During the first semester of the 1998 fiscal year the Corporation raised $1,791,728 by completing two private placements totaling $960,000, warrants exercises totaling $504,900 and option exercises totaling $326,428. Over $ 1,000,000 was used to finance the geophysical survey conducted on our deep-water diamond marine concession in Namibia. The payment fulfills Nora's contractual obligation in this acquisition. As of February 28, 1998 the Corporation had a cash reserve of $425,673. Management's cost control efforts are starting to show positive results. Administration and Management expenses, net of depreciation and minority interest expenses decreased by 48.3 %, from $289,249 last year to $195,005 this year, while the Corporation increased its activities in Namibia. OPERATIONS UPDATE: OTJUA - Our corporate Jewel As previously planned the treatment plant upgrade and transfer on the Otjua concession went ahead on schedule and below estimated cost during the first semester. The "new" treatment plant with its two Dobson Jigs operating in tandem has increased its throughput four-fold, from 8 tons per hour to 32 tons per hour. Furthermore, by taking advantage of the increase in production capacity, the treatment plant's throughput shall be steadily increased to attain 50 tons per hour. Under the terms of the contract with NAMDEB, areas must be completely mined before moving to another area. Having completely mined the area at First Rock, production has now been transferred to Jammerbucht. The treatment plant set-up was completed in mid-January 1998 and operations started early in February 1998. Production is steadily increasing to 50 tons per hour at the plant and our new shallow-water marine mining equipment is presently undergoing "wet quarry testing" and should be in operation shortly. Management estimates that the production revenue loss during the "shut-down period" (upgrade and transfer) of the plant on the Otjua concession during the first semester should be recuperated in the third and fourth quarter. NAMIBIAN GEMSTONES - Our marine Jewel Management is particularly pleased with preliminary report on the results of the geophysical survey of the Namibian Gemstones concession, the second largest offshore diamond marine concession in southern Africa. The results significantly enhance the potential of the concession. Carried out by the Council for Geoscience (Geological Survey) of South Africa, the survey has identified very large areas of marine eroded bedrock with abundant features of similar types to those in which diamonds are concentrated elsewhere in the Namibian offshore zone. With the preliminary results of the geophyscial survey on the marine concession now under review, management will soon be in a position to announce it's future development plans for the concession. When looking back from the Corporation's present position, management is pleased with the results of their efforts and confident that 1998 will be a great year for the Corporation and its shareholders. Nora Exploration Inc., is a Canadian based exploration and mining company, actively involved in the acquisition, exploration and development of first rate diamond properties in Africa. The Corporation's rapid and dynamic growth will place it among the significant players in the world marine diamond business. Its shares are traded on the Montreal Stock Exchange under the symbol NXI-ME. FOR MORE INFORMATION CONTACT Mr. Pierre L‚veill‚ President John Stella Investor Relations

To: John Stella who wrote (184)	5/1/1998 2:39:00 PM
From: labonden	Read Replies (1) \| Respond to of 420

This company is a joke ! And what a bad joke. Projected revenues for OTJUA in 1998 : 8 000 000 $ !!! The revenues for 1998 are lower than 1997 !!! And you keep talking about positive results !!! Since one year, you told that the treatment plant is steadily increased... Now we are informed of a shut-down... Now we are informed that you must completely mined an area before moving to another... Your next project is always going to be better... Bla bla bla bla ... The facts are : Insignificant revenues for Otjua (probably no diamonds, just sand...); No profit for Otjua; No revenues for Nora; Stupid shareholders ! That's enough for me my friend. Bye Bye Nora.