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Gold/Mining/Energy : Latitude Minerals LTU.V -- Ignore unavailable to you. Want to Upgrade?

To: Paul S. who wrote (147)	11/3/1998 10:58:00 PM
From: Paul S.	Respond to of 366

This is an excerpt from an article that appeared in Investors Digest where the author talks about three mining companies Ashton Mining, Troymin Resources and Latitude. From: Investors Digest of Canada November 6, 1998 George Werniuk Three Explorers worth exploring There's not only gold, but diamonds in those hills A company that might be attractive to patient gold bugs is Latitude Minerals Corp. (LTU-VSE, $0.46, 800-668-0071). Headed by three former exploration executives from Echo Bay Mines Ltd., the company has made deals to acquire part or full-interest in several low-grade, large-tonnage open pit properties in the western United States. The most promising acquisition is the Kilgore gold deposit in Idaho. The property has had over US$6 million spent on it by Placer Dome US, Pegasus Gold and Echo Bay Mines. The work has outlined 417,000 ounces of mineable gold. The company can acquire up to 98 percent in the property from Echo Bay Mines Ltd. Management believes there is potential to increase the tonnage in a number of areas on the property. The Blue Hill Creek property in southern Idaho is 100 per cent owned by Latitude and contains 170,000 ounce open-pittable gold resource. Latitude has the option to acquire 100 per cent of the Miller Mountain gold deposit in Montana. Drill targets have been selected and it is expected that these will be tested next year when the required permits have been received and the winter weather has passed. The company has a 25 per cent interest in a 100-claim property 90 kilometers south of the Voisey's Bay nickel-copper-cobalt discovery in Labrador. The property has been optioned to Donner Minerals Ltd. which has entered into an agreement with Teck Corp., operators of the property. Latitude Minerals has seen its share price range from a low of $0.16 to a high of $0.80 in the past year. It has risen from around $0.20 in early September to its current price of about $0.50. There are approximately 5.8 million shares issued of which 3.0 million are restricted from trading for a one year period. The company is not flush with cash, having only around $100,000 in the bank, but this is not a concern for management as they are confident money can be raised as required, and at the current low prices they do not want to issue shares unnecessarily. Latitude could be a profitable investment for those with patience because the company already has known gold reserves, with potential; to increase based on going drilling. The deposits were deemed too small to meet the criteria of major gold miners, but they could be profitable for small or intermediate size producers in the future.