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Gold/Mining/Energy : MILL CITY MIY-V -- Ignore unavailable to you. Want to Upgrade?

To: eyewatch who wrote (476)	5/19/1999 7:08:00 PM
From: maxed	Respond to of 707

MACDONALD MINES EXPLORATION LTD. - ANNOUNCEMENT TORONTO, ONTARIO-- MacDonald Mines Exploration Ltd. (ASE-MMP.A) ("MacDonald") has received independent confirmation of an error in the formula used to calculate the tonnage of the gold deposit Little Golden Hill. The Little Golden Hill deposit is one of three that constitutes the defined reserves and inferred resources at the Golden Hill Area in east central Cuba. In a resource calculation conducted for MacDonald in 1996, the company's independent consultant reported the total gold resource contained in the oxide portion of the deposit as 970 kg. (30,170 ounces Au). This portion of the deposit has now been recalculated as containing a total gold resource of 1,811 kg. (56,328 ounces Au). This revised data will have a significant impact on the economic feasibility of the heap leaching recovery production plan currently under review by MacDonald and GeoMinera S.A., its Cuban partner. The error in the formula was recently discovered by MacDonald's Cuban Vice-Manager in the course of analysis preparations for the company's next exploration program which has now commenced. MacDonald reported on April 5th, 1999 that it was involved in negotiations for a proposed merger that could provide exploration funding of up to $10 million or more. The negotiations are expected to be concluded within the next two weeks. MacDonald's mineral rights in Cuba are held through an agreement with GeoMinera S.A. a Cuban "Crown Corporation". None of the target areas are the subject of any claims that might be brought under USA Helms-Burton legislation. Results of the current program will be released as they become available.