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Gold/Mining/Energy : Minera Andes, MAI on Alberta -- Ignore unavailable to you. Want to Upgrade?

To: K. Anders who wrote (80)	5/6/1998 6:51:00 PM
From: AdamR	Read Replies (2) \| Respond to of 340

The big unknown with the Santa Cruz project is the size. The initial drill results were great, and caused the stock to double. The price has now drifted back almost to the pre-discovery level in this quiet market. Further good results would indicate that the deposit has some size, and could cause quite a reaction in the market. This is elephant country: Anglo American's Cerro Vanguardia project, in the same geological belt, (scheduled for start-up later this year) has 3.5 million oz Au and 33 million oz Ag. I was just talking to MAI in Spokane: MAI's project is at a fairly low elevation, so they don't usually get a lot of snow. But, there is rain in the winter and the mud makes it difficult to get around in the field. If they don't get a lot of snow this winter, they plan to get back into the project fairly soon after they have evaluated the drill results. They have many other projects in Argentina, as we know. They plan to drill three of these projects over the next few months: Arroyo Verde in Chubut Province is near the coast, so mild, allowing them to work all year. They also plan to drill 2 other projects near Arroyo Verde over the next few months. This is going to be an exciting company over the next few months, with drilling on 4 projects!