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

To: Tim Hall who wrote (1870)	7/20/1998 2:11:00 PM
From: Matt C. Austin	Read Replies (1) \| Respond to of 5143

Nice release by Mike. I believe him to be a capable manager. If they can get the funding for this project, I believe they'll get this company rolling and out of the doldrums. --------------- Monday July 20, 12:29 pm Eastern Time Company Press Release MG Gold Announces Progress on Marble Quarry PHOENIX--(BUSINESS WIRE)--July 20, 1998--MG Gold Corp. (OTC BB:MGAU - news) announced at the annual general meeting that the company had a joint venture agreement with Arizona Pink Marble. For the past two months, management has been diligently working to finalize the transaction. The company has completed all requirements of a Financial Investment Group for borrowing the money necessary to conclude the transaction with Arizona Pink Marble and have the funds to begin operation at the quarry. Project feasibility evaluations which included appraisal and engineering studies by qualified mining engineers, showed a positive outlook for the success of the operation. A business plan was prepared which included ''letters of intent'' to purchase the marble products. Thus far, landscaping businesses in the Phoenix area have indicated a willingness to purchase over 100,000 tons of marble material when MG Quarries is in production. The pro forma cash flow submitted with the business plan, indicates profits will begin about the third month of operation. The income stream supplied by the marble quarry will enable MG Gold to meet its day-to-day financial obligations and provide a source of income to continue exploration and discovery on current assets. Further assay and recovery work at the Sinagua Cinder Cone as well as with the Galleon claims will be funded by the marble quarry profits. The investor funds will be a loan to the company and will be re-paid from the marble quarry profits. Forward looking statements in this release are made pursuant to the ''Safe Harbor'' provisions of the Private Securities Litigation Act of 1995. Investors are cautioned that such forward-looking statements involve risks and uncertainties, including without limitation, commodity prices of precious metals, increased levels of competition for the company, perfection of extraction technology, the company's dependency upon third-party suppliers, intellectual property rights and other risks detailed from time to time in the company's periodic reports. The company assumes no obligation to update the information in this release. All inquiries can be made through the offices of MG Gold Corp. at 1334 E. Chandler Blvd., No. 5, B-72, Phoenix, AZ 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 Contact: MG Gold Corp., Phoenix Mike Amundson, 602/460-7842 Fax: 602/460-6324