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Gold/Mining/Energy : Kazakhstan minerals KMC.U -TSE -- Ignore unavailable to you. Want to Upgrade?

To: virginijus poshkus who wrote (44)	9/17/1998 12:14:00 PM
From: Maureen Luck	Read Replies (2) \| Respond to of 112

Virginijus: KazMinCo is currently seeking debt financing to construct a mine at Varvarinskoye. You may recall that this project is economic even at today's prices and has excellent potential to increase the expected nine year mine life through additional exploration. However, in the current metals market it is very difficult to secure financing even for a project of this nature. We are continuing our efforts and I think we will just have to be patient for the time being until the market rebounds. As regards the Tasbulat Oil Project, KazMinCo will be issuing a press release next week which will be positive news but I can't say more than that at this time. According to the June 30/98 financial statements the company had US$8,241 in cash. KazMinCo has been actively reducing its overhead costs and this will have a positive impact on its cash balance. I will have a better idea of the balance at the end of this month. The fully diluted share position is still 39,696,156. As to the surge in the share price I believe it is a result of certain shareholders who believe that this company will succeed in the longer term and who recognize a buying opportunity. I hope this adequately responds to your questions. Regards Maureen Luck