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

To: tiloup who wrote (1863)	5/6/1998 4:46:00 PM
From: tiloup	Read Replies (6) \| Respond to of 2635

Hello All, I was at the Montreal Resource Show today and I stopped by the Miq booth. I spoke to Gilles LaverdiŠre a geologist who along with Michel David set up many of the group ariel's companies. The conversation was one on one and lasted over one hour. I am reporting to the best of my recollection and notes (hard to take notes while speaking face to face). The Miq booth was well set up and had very nice colour geological maps. I make no pretense to be up on mining geology, however the similarities between the Barrick site and the railroad was stunning. I guess that was the purpose of the map :) 1. The 1998 drilling program will start with holes at LT East in june,followed by Bunker Hill and Elliot High Ranch (BH and EHR could be reversed). The drilling should go till the end of the year. Sometime in the fall drilling should occur at POD. POD drilling will include deeper holes. 2. Kinross is contractually obligated to furnish the results of drilling to miq as soon as they are available. Miq will bunch up a few results and communicate them to shareholders starting probably at the end of june. They then plan on updating us at aproximate 2 week intervals. 3.The Kinross drilling budget is 1.5 million US. To understand the importance of this amount just look at page 18 of Kinross's annual report, "Funding to identify new opportunities and advance ongoing projects is budgeted at 4.4 million for 1998." Miq represents more than 1/3 of Kinross's annual budget! 4. Mr. LaverdiŠre rates the railroad area's in the following order of importance. Dark Star,POD, B.Hill, EHR and LT East. He was taking into account that miq as proven 100K ozs. at Dark Star and POD. I quess I should have asked why start at LT East. 5. This brings up the point that miq admitted that Kinross is firmly in charge. Kinross deals closely with the miq head geologist for RR Will Nordquist. 6. Kinross Exploration VP Bob Schafer is very high on miq's RR, he is also very motivated (bonus). He is also commited to K president to submit mine feasability report by the end of 1999. 7. I asked him to clarify Brex's involvement in POD. He said that Brex had not come up with the money to exercise their option and the delay had passed. However, they are sister companies and the deal will eventually go through. Therefore, Miq 25%, Brex 25% and Kinross owns 50% of POD. 8. As far as he knows BPI is the only mutual fund involved with Miq presently. 9. In regards to the new Quebec properties he told me that two holes had been drilled and the results were not what was expected. Miq is still encouraged because there are many positive geological signs. One of the properties contains a mine that was closed aprox. 30 years ago. More important is the fact that they are trying to set up a $2 million financing to explore properties. 10. Miq is also trying to set up a new joint venture for the Battle Mountain property. They are setting up 600 claims. This property is in the same vicinity to RR. 11.In regards to financing the $300,000 deal that was announced was with Wellcome Opportunities (40% owned by Kinross). IMHO Kinross is very keen and they intend on taking advantage of every opportunity to raise their stake in Miq. 12. I asked him about the Agora news blackout fiasco. He explained that miq was very involved with the Montreal exchange at that time. It seems the exchange is a very difficult bunch to deal with, during one of their sessions someone from the exchange started to ask questions of miq's involvement with Agora. It seems that the exchange did not like the wording of Agora's Vancouver update. Miq decided that even though no regulations had been broached, they would ask Agora to refrain from posting during the time required to finalize the paperwork with the exchange. George may have been excessive in his news blackout statement :). The preceeding was to the best of my recollection. Norm