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To: Bill McCabe who wrote (46)	7/21/1998 9:53:00 AM
From: Bill McCabe	Read Replies (1) \| Respond to of 148

Keep your eye on (MRK.V). Meridian Peak Resources. 16 July, 1998 Grenfell Agrees to Acquire Leases in India Grenfell has reached agreement in principle to acquire a 75% interest in Meridian Minerals India Pty Ltd, a partly owned subsidiary of Meridian Peak Resources Corporation, which is an exploration company listed on the Vancouver Stock Exchange. The foregoing arrangements are subject to formal documentation, regulatory acceptance and due diligence processes. The principal asset of Meridian Minerals India is 100% ownership of 6 mineral exploration leases in Rajasthan in north west India. The lease areas have been selected by Meridian's Indian geological consultant and are prospective for zinc/lead, copper and gold. Major existing deposits of zinc/lead and copper are mined in this region by the government owned enterprises Hindustan Zinc and Hindustan Copper. Grenfell will assume management and fund exploration on the leases, three of which have recently been flown with high quality aeromagnetics. Through an arrangement between Meridian Minerals India and Meridian Peak Resources Corporation, the latter will retain a free carried 25% interest in the leases until such time as a mineral reserve has been delineated. It must then elect to either contribute pro-rata to further development or revert to a royalty interest. Grenfell regards this as an opportunity to apply its skills to exploration in a richly mineralised, but demonstrably under-explored part of India. Yours sincerely N.J. LIMB Director Bill McCabe