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

To: Flea who wrote (445)	6/9/1998 5:20:00 PM
From: Flea	Read Replies (2) \| Respond to of 1707

The company just issued this...same thing really... Major General Resources Ltd - Kimberlite Intersected in First Victoria Island Drill Hole Major General Resources Ltd MGJ Shares issued 33186119 1998-06-08 close $0.35 Tuesday Jun 9 1998 Mr. Glenn Shevchenko reports Victoria Island Diamond Project, NWT Kimberlite Intersected in First Drill Hole Kimberlite has been intersected in the first drill hole on the Victoria Island diamond project, Northwest Territories. Monopros has recently commenced a reverse circulation drill program on the 2 million acre property held by partners Major General Resources Ltd. and Ascot Resources Ltd. Two circular magnetic anomalies are planned for immediate drill testing and two others are being considered. The above four magnetic anomalies are all within an area which was found to contain numerous diamond indicator minerals in glacial till samples. Just to the north of this area of interest, Monopros discovered several diamondiferous kimberlite pipes in the spring of 1997. These are the first kimberlites discovered on Victoria Island and indicate a new kimberlite cluster in Canada. Since acquiring technical information on the property, Monopros has re-processed all aerial magnetic data. Interpretation of this new information has indicated the presence of several other magnetic anomalies which may be caused by kimberlites. These new anomalies are being investigated further by follow-up helicopter-borne geophysics and limited ground work. If the results warrant, these will be tested by drilling. Monopros is committed to spend a minimum of $200,000 on the property prior to year-end 1998 and may earn a 51 per cent interest by expending $2-million on exploration and making cash payments totalling $200,000 over three years. Currently, the property 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. Glenn G. Shevchenko President Contact: Investor Relations Major General Resources Ltd. Telephone: (604) 685-5254 Facsimile: (604) 685-2814 1-800-667-7866 majorgeneral.com mailto:info@majorgeneral.com