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Gold/Mining/Energy : MIRANDOR-MIQ ON MONTREAL -- Ignore unavailable to you. Want to Upgrade?

To: Mike Paulin who wrote (1856)	5/5/1998 1:26:00 PM
From: joseph schevenels	Read Replies (2) \| Respond to of 2635

Company Press Release Exploration Mirandor Announce that Kinross Gold Corp. has Released That it Plans to Begin Drilling on Mirandor's Railroad VAL-D'OR, QUEBEC--(BUSINESS WIRE)--May 5, 1998--(ME:MIQ. - news) Exploration Mirandor Inc. is pleased to announce that Kinross Gold Corp. (NYSE:KGC - news; K-T) has released that it plans to begin drilling on Mirandor's Railroad project in June. Kinross states ''Data compilation is nearly complete for the Railroad project located at the southern end of the Carlin Trend in Nevada. Several high quality targets have emerged on the 55 square mile property. Permits to initiate drilling in June will be submitted shortly to test the Elliot High Ranch, Lt East and Bunker Hill areas. The project is a joint venture with Mirandor Exploration Inc.'' Mirandor is very excited about the exploration drilling start up on the Railroad gold project, as well as its outstanding agreement with Kinross Gold who firmly believe in the potential of the project. The agreement, which was formalized in March of this year, calls for the expenditure by Kinross of $7 million US ($10 million CAN) on the property to earn a 50 percent interest over a maximum of 48 months. Kinross may earn an additional 10 percent by expending a further $5 million US($7.5 million CAN) on a positive feasibility study. 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. As well, during a business broadcast on May 2, on the CNBC network, both the Kinross agreement and the start up of drilling on Mirandor's Railroad project were reported. The Railroad project, consisting of some 55 square miles, is centered on the Carlin Trend and lies at the intersection of the NW-SE Carlin Trend and the N-S Pinon anticline structure. It is located within a Carlin erosional ''window'' exposing at surface favorable lower plate sedimentary rocks. The project is adjacent to the producing Rain and soon to be operational Emigrant Springs gold mines. With the data compilation and geological interpretation now well advanced, and the start up of the 1998 drill campaign imminent, the Company anticipates further exploration success as evidenced by our past exploration on the Railroad property. In December of 1996, and August to December of 1997, the Company carried out an initial reconnaissance type drill program consisting of shallow holes designed to test theories and ascertain geology. This program resulted in the discovery of three new gold zones (Elliot High Ranch, Lt East and Bunker Hill), enhanced the potential at the surface POD zone where probable reserves of 1.4 million tons at a grade of 0.085 are already known, and discovered new gold bearing zones. Among the results previously announced on the property we may cite: Area and Hole # Depth Length Assay Gold feet feet oz/ton POD ___ PDRR 9701 120-380 260 0.043 120-285 165 0.062 RR 9602 85-255 170 0.074 RR 9603 235-320 85 0.056 Bunker Hill ___________ BHR 9701 15-75 60 0.125 30-75 45 0.165 BHR 9702 85-95 10 0.636 85-105 20 0.440 80-120 40 0.175 BHR 9705 95-120 25 0.139 95-140 45 0.117 with 2 p. cent copper Elliot High Ranch _________________ EHR 9707 225-560 335 0.023 330-560 230 0.047 EHR 9708 290-475 185 0.02 EHR 9709 250-275 25 0.024 320-345 25 0.032 EHR 970 175-200 25 0.062 330-380 50 0.021 Lt East _______ Lt 9701 130-145 15 0.107 Limited drilling was also carried out on new, previously unexplored areas of the project. This short program returned the following (not announced) results. Area Depth Length Assay Gold feet feet oz/ton ______________________________________________________________ SE Extension 150-165 15 0.065 East Jasperoid # 1 90-140 50 0.032 East Jasperoid # 2 60-65 5 0.18 Arsenic Hollow 465-505 40 0.016 South Corridor 275-290 15 2.59 p. cent zinc North Corridor 375-395 20 0.02 The above results confirm the excellent potential of the Railroad project. Based on the favorable geology, the location of the property in one of the most prolific gold mining areas in the world and centered on the intersection of at least two main structures (the Carlin Trend and the Pinon anticline), the excellent drill results received in the short drill program, and a major exploration undertaking agreed to with Kinross Gold Corp., the exploration potential of the project will be fully realized, allowing Mirandor to begin the long term development of the property with a major, well respected and experienced mining company as a partner. Contact: Exploration Mirandor Inc. Mr. James L. Speros, 819/ 825-9065 (Val-d'Or), (703) 450-0170 (Washington) 819/ 825-1199 (Val-d'Or) (FAX) (514) 285-8565 (Montreal) (514) 285-1617 (Fax) M