To: Sean Hurd who wrote (380 ) 12/3/1998 10:31:00 AM From: Sean Hurd Read Replies (1) | Respond to of 462
December 2, 1998 Drill Permits Received for Las Catalinas Symbol: MAD.V Form 20F: 0–27760 The Company wishes to announce that it has received the permits for its mechanical trenching and reverse circulation drilling program on the Las Catalinas Project, Sonora State Mexico. The project is located about 10 km southwest of Rosario de Tesopaco and 70 km east of Ciudad Obregon, in south central Sonora, Mexico. Miranda has completed an initial phase of work which included gridding, geologic mapping, select grab and channel sampling, soil sampling, photo and satellite photo interpretations, magnetometer surveying, and hand trenching. Of the concessions claimed by Miranda, comprising 175 square kilometers, only about 12 square kilometres have been mapped in detail. There are many prospective areas where reconnaissance sampling and mapping have been undertaken but detail work remains to be completed. A report on the exploration work completed to date, by the Company's consulting geologists, concludes: "Las Catalinas represents an early-stage precious metal exploration project with numerous targets. The relationship between targets to each other is not completely understood. The positive aspects of the project include: 1. Complex structural setting with numerous types and orientations of structures including circular features; 2. Widespread precious metal mineralization found in soils and select rock samples yielding grades up to 34 g Au/t (1 oz Au/t) and over 500 g Ag/t (15 oz Ag/t); 3. Concessions that have no overlying royalties or payments that would force short-sighted, incomplete evaluations; 4. Numerous styles and possibly two periods of mineralization; and 5. Most importantly, numerous targets. At present, the exploration is early stage and no deposit sizes can be stated although it does appear that large precious metal deposits could be found within the limits of Minas Miranda's Las Catalinas concessions. Favorable areas such as Catalinas, Barda, Jed, and Lucy have good potential to at least contain small resources (10,000 to 100,000 oz of gold) while Amythest and Chaos have the potential to contain large resources of precious metals (100,000 to a million ounces of gold). In addition to these areas, Miranda continues to locate additional target areas on this large property of approximately 17,500 hectares (175 square kilometres)." The Company is now able to continue exploration on the project in preparation for drilling in the new year. ON BEHALF OF THE BOARD "Dennis L. Higgs" Dennis L. Higgs, B.Comm. President The Vancouver Stock Exchange neither agrees nor disagrees with the information contained herein