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

To: Paul S. who wrote (196)	12/11/1998 4:09:00 PM
From: Ed Pakstas	Read Replies (1) \| Respond to of 366

Project 79 financing withheld Donner Minerals Ltd DML Shares issued 31,689,657 Dec 10 close $0.26 Fri 11 Dec 98 News Release See Latitude Minerals Corp (LTU) News Release Mr. Clifford Mossing reports Latitude Minerals has withheld further financing of its 25 per cent interest in Project 79 in South Voiseys Bay, Labrador. Donner Minerals (25 per cent) as operator of the project has in the opinion of the company failed to carry out the specific work program as proposed in the 1998 budget and agreed to in the spring 1998. The budget agreed to was comprised of 87 per cent drilling. To date the only drilling that Latitude is aware of at the property is the deepening of one hole. Invoices received by the company from Donner Minerals for exploration at the project contain significant expenditures which in the opinion of the company are not related to exploration at Project 79 and were not included in the 1998 budget which was proposed to and agreed to by the company. Donner Minerals has failed to provide Latitude with any technical reporting with respect to work purportedly carried out at Project 79. The failure of Donner to provide the technical information necessary to evaluate the project has made it impossible for Latitude to effectively determine whether further expenditures at Project 79 are warranted and in the best interest of its shareholders. Until such time as the company is satisfied that Donner Minerals is carrying out exploration at the property according to the proposed budget, no other funds will be advanced. Latitude Minerals is well-financed and capable of fulfilling all of its current obligations. The company is currently developing four advance-stage gold projects in the Western United States with proven and probable reserves of 1.85 million ounces of gold. Additionally, the company is currently evaluating several advanced-stage gold deposits in the Western United States that have the potential to significantly increase the resource base of the company. (c) Copyright 1998 Canjex Publishing Ltd. canada-stockwatch.com