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Technology Stocks : Xenolix Technologies (XTCI) 'Ecstasy'(Formerly MGAU) -- Ignore unavailable to you. Want to Upgrade?

To: bradley g mooney who wrote (1725)	5/19/1998 10:43:00 AM
From: Bob Staaf	Read Replies (1) \| Respond to of 5143

MG GOLD CORPORATION May 19, 1998 (BW) (MG GOLD) (MGAU) MG Gold Holds Annual General Meeting of Shareholders, Releases Data on Two New Joint Ventures May 19, 1998 - MG Gold Corporation held its First Annual General Meeting of Shareholders on May 18, 1998 at Embassy Suites Hotel, 4400 S. Rural Road, Tempe, Arizona 85282. The shareholders approved a new Board of Directors with the following members: VLR (Lee) Furlong; M.L. "Mike" Amundson; Paul E. Mentzer; Billie J. Allred; and James Rapisarda. The shareholders also approved Stephen D. Plumb as Auditor. The directors are to hold office until the next annual meeting of Shareholders or until their successors have been elected and qualified. MG Gold announced an Option to Purchase up to 55,000 acres of claimed and identified alluvial and hard rock property in Arizona. MG has until December 31, 1998 to explore the optioned land to determine the extent of anomalous base and precious metal targets. The Vendor of the land is Galleon Exploration and Mining LLC. MG will specifically acquire just those properties which exhibit substantiative promise for base and precious metal mineralization. The 7 month Option is at a cost of 150,000 MG shares with only those restrictions as required by securities trading regulation. There also is the requirement for MG to explore the properties under Option. If MG elects to purchase the Galleon claims, it shall issue to Galleon 1,500,000 shares of stock with 150,000 containing the minimum restrictions allowable by regulations. One-half of the remaining 1,350,000 shares shall contain a 12 month restriction and the second half shall contain a 24 month restriction. The purchase will entitle Galleon with the rights to $1.00 warrants awarded for each ten ounces of gold or gold equivalent, proven/probable ore signed off by a reputable mining engineering firm. Galleon is to also receive a 1.5% gross royalty from production anywhere on the property. MG Gold also announced a Joint Venture Agreement with Arizona Pink Marble Corporation, (APM) to open a marble quarry located west of Phoenix. The objective of opening the quarry is to service the decorative landscape market in the Phoenix and Las Vegas areas as well as other southwestern cities. Upon MG Gold's successful funding, MG will deliver to APM, $50,000 cash and 100,000 shares of MG stock containing only those restrictions as required by securities trading regulation. APM is to receive 50% of all operating profits from the Marble Quarry operation until a total of $400,000 has been paid. The Joint Venture would dissolve after this payment. However, APM would continue to receive a royalty of $1.00 per ton for all invoiced marble product taken from the property. MG Gold anticipates the Marble Quarry will be in production by the end of the next quarter. This will provide a continuous, positive income stream for the company. All inquiries can be made through the offices of MG Gold Corporation at 1334 E. Chandler Blvd., #5, B-72, Phoenix, Arizona 85048 or by calling Mike Amundson, Chief Operating Officer, at 602/460-7842 or Fax at 602/460-6324. MG Gold information can also be obtained through its Web Site; mggold.com On Behalf of the Board of Directors _______________________________________________