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Gold/Mining/Energy : Diamonds in Alberta, Ashton, Pure Gold, Montello, New Cla -- Ignore unavailable to you. Want to Upgrade?

To: Famularo who wrote (733)	10/23/1998 3:46:00 PM
From: Leigh McBain	Read Replies (2) \| Respond to of 822

Frank et al. - one of the lesser known players in the ADP has just released some very significant news ($126,000,000 plus worth). Micrex Development Corp (MIX.ASE) who are JV'd with Marum, in the ADP itself, have just announced that they are now proceeding with mining and production plans on their magnetite project. I am NOT trying to remove the focus of this thread from the ADP, however, this news makes MIX a very interesting player, as it helps to lessen the risk factor. Not only is there more being offered than their ADP presence, but as this will be earnings generating, it also alleviates financing worries and lessens the risk of dilution problems. As indicated in the release they have a current proven reserve of 14.5M tons at a 30% grading which equates to a 4.2M ton reserve of magnetite, at a minimum est. of $60 per ton at contractual market rates, that equates to a $252M asset. Production costs should be sub $30 per ton, potentially much lower, but $30 should be safe. That means they are sitting on a $126M "NET" revenue asset. The bringing on of Kilborn to direct the project, has proven they are serious, by enlisting professionals to run things. There has been an indication that there is also the potential to recover other profit enhancing minerals from the mine, however, at this point I do not have details on that. I hope this is of interest. Salut, Leigh McBain