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Gold/Mining/Energy : Major General--MGJ -- Ignore unavailable to you. Want to Upgrade?

To: Ron Waller who wrote (410)	5/8/1998 7:10:00 PM
From: Flea	Respond to of 1707

Major General Resources Ltd - Monopros to earn into Victoria Island property Major General Resources Ltd MGJ Shares issued 33186119 1998-05-08 close $0.45 Friday May 8 1998 Also Ascot Resources Ltd (AOT) Mr. Glenn Shevchenko reports Major General and partner Ascot Resources have entered into an agreement allowing Monopros Limited to acquire an interest in the large Victoria Island diamond property. Monopros has recently discovered several diamondiferous kimberlite pipes just to the north of and close to two of the Major General/Ascot targets. Drilling will start shortly, weather permitting. By expending $2-million on exploration and making payments to the partners totalling $200,000 over three years, Monopros will earn a 51 per cent interest. Currently, project ownership is Major General 25 per cent and Ascot 75 per cent. Under the terms of an agreement with Ascot, after the first $1-million expenditure by Monopros, Major General and Ascot will each have a 50 per cent interest. Once Monopros has earned its interest, the partners will dilute pro rata to 24.5 per cent each. Key to the initial interest in the property are two detailed magnetic anomalies a short distance up ice from several high interest heavy mineral sample locations. These samples returned very high kimberlitic garnet counts, many with angular surface features which suggest a proximal kimberlite source. Probing of indicator minerals suggests that the kimberlite source of these indicators is diamondiferous. Garnet Ni-thermometry indicates that a large proportion of the garnets are within the diamond stability field. The 2 million acre permit area is immediately south of the large permit area held by Monopros which has been working continuously in the area since 1994. Geologically, the area of interest is over the northern extension of the Slave Province which hosts all economic diamond deposits discovered to date in Canada. The first stage field program this spring will include drill testing of the two main targets as well as ground magnetic surveys over other magnetic targets of interest which may also be drilled in the first program. Evaluation by Monopros will consist of reprocessing over 20,000 line km of magnetic VLF-EM survey data as well as evaluating many other anomalous indicator minerals recovered from a number of locations in the area. A summer field program is proposed to follow-up on targets developed from this work.