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Gold/Mining/Energy : Mindoro Resources Ltd - MIO -- Ignore unavailable to you. Want to Upgrade?

To: Stephen Bedingfield who wrote (121)	7/15/1998 5:26:00 PM
From: Run 26	Read Replies (1) \| Respond to of 147

Stephen, I did indeed attend the Mindoro AGM on June 26,1998. I'm sorry I didn't post this sooner but I had to leave after the meeting and just got back. The meeting was attended by about 40 people. The business portion of the meeting consisted of re-electing the same board of directors (Tony Climie,Reid Toreson,Michael Grace,Gerhard Kirchner and Roger Morton) and auditor (Deloitte and Touche).This portion of the meeting took a few minutes. The next portion of the meeting consisted of a summary of the previous years activities. Much of this information can be found in the 1997 Annual Report which has just been put out. Rodney Orr spoke about the lagging prices of all the junior golds and gave examples of rising prices when good drill results are released. Next discussed was capitalization with shares issued and outstanding at 13,515,000. It was noted that the working capital is now about $2, 000,000. Decide for yourself whether you think this amount of working capital will be a problem in the future. Tony Climie then discussed exploration results which is provided in detail in the Annual Report. Mindoro has 3 main sites that are at drill stage-Tiris (Indonesia-pg. 20 of the Annual Report),Pan de Azucar or Penny Island (Philippines-pg10) and Agata (Philippines-pg13). Tiris drill target is for early 1999. It is obvious that they think that they really have something at this site. They are not concerned with the political situation and have not been affected by the political transition. Mindoro would like to get a road built into the site before drilling because now they have a boat ride and jungle hike to get to the site. The Pan de Azucar site is ready for drilling and will begin once the permits are given possibly as early as August 1998. Sorry but I didn't get much down about Agata. I think he said that they did not have the finances to begin drilling at Agata yet and that they did not want to have to get into a joint venture at Agata. Tony also talked briefly about other sites (Tapian Main and San Fransisco etc).Tony then fielded a few questions (one about what company analyses the results) and that ended the (1hour) Mindoro AGM for 1998. So there is no earth shattering news to report yet. It is interesting that after the meeting I had a very good feeling about the company. I was at last years AGM as well and I continue to be impressed. Tony appears to be a hard working, no non-sense guy who really knows his stuff. The other staff I have talked to in the past (Penny Gould Rodney Orr) also seem very hard working and very approachable when speaking to them on the phone. Reading between the lines I think that they feel they have a real find at Tiris. Early 1999 will be when we find out about Tiris and hopefully sooner about Pan de Azucar. Long On MIO ! Regards, Run 26