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Gold/Mining/Energy : Medinah Mining Inc. (MDHM) -- Ignore unavailable to you. Want to Upgrade?

To: J. Nelson who wrote (8774)	2/1/1999 7:08:00 PM
From: EtTuBrute	Read Replies (1) \| Respond to of 25548

Found this interesting. This could be MDIN shortly. I like the letter posted on their website giving shareholders an update on the drilling progress. Maybe MDIN could do something similar?? January 29, 1999 ARP - VSE PRIVATE PLACEMENT: 2 MILLION SHARES AT $5.25 FOR GROSS PROCEEDS OF $10.5 MILLION Argentina Gold Corp. (the "Company") is pleased to announce that the Company has agreed to sell on a private placement basis 2 million shares of the capital stock of the Company at a price of $5.25 per share for gross proceeds of $10,500,000. Mr. Adolf H. Lundin agreed to facilitate the financing through the sale of 2,000,000 shares from his holdings at a price of $5.25 per share to a number of institutional investors. With the proceeds of such sale, Mr. Lundin will be purchasing the private placement. At the conclusion of the financing, Mr. Lundin will continue to hold the same number of shares which he held prior to the financing and will receive no economic benefit as a result of the transaction. The Company will be paying a standard commission on the transaction. The net proceeds of the private placement will be used to fund the Company's ongoing drilling program, working capital purposes, as well as expenses related to the hostile takeover bid launched by Barrick Gold Corporation. Gold resources have expanded rapidly this season adding significant value to the Company. There are currently three reverse circulation rigs on site, one at Filo Federico, one at Amable and one at Amable North. One diamond core rig is in operation on the Amable target and a second rig for Filo Federico is being mobilized. The Company's exploration team is working hard to fast track the drilling program in order to achieve maximum value for Argentina Gold shareholders. The Company remains committed to exploring alternatives to the Barrick offer and to maximizing shareholder value. Discussions are moving forward with senior international mining companies. Several site visits are scheduled over the next few weeks and one company is currently on site. Interest level has been very high. There is a growing recognition of the upside potential of the Veladero project and also a recognition that the land controlled by Argentina Gold encompasses an entire mining district. There already exists several promising targets throughout the region that have yet to be drilled.