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To: Amit Ghate who wrote (46)	2/22/1997 8:28:00 PM
From: Eric Tai	of 2769

Hi Amit, Bill, I dust off my Diamondfield binder and find some info of Diamond Field. It was sold at Aug 21, 1996. It had an Ovoid zone, Norteast Extention and an Eastern Deep zone. At the time of sale, the measured and indicated resouces of the Ovoid zone and adjacent Northeast Extension is at 31.5 million tonnes grading 2.84% Ni, 1.69% Cu and 0.12% Co. They drilled quite a number of holes in the bigger Eastern Deep zone but has not calculated the resources yet. But at the time of sale, Inco is estimating that it has a potential reserve and resources of 150 million tonnes of material of similar grade. So let us assume that it will have 150 million tonnes of material with similar grade of the Ovoid zone. Using the metal price of Ni at US$3.2/lb, Cu at US$0.9/lb and Co at US$21/lb on the Aug 21 week, we can arrive at a per tonne value (about 2200 lb) of US$288. For 150 million tonnes, it is about US$43 billion. On that day, the exchange rate is about US$0.73/ C$1. So it is worth about C$59 billion. Inco paid with a package of securities for Diamond Field which Northern Miner estimated worth about C$4.5 billion. So price paid : in ground metal value = C$4.5/C$59 =7.6% Actually this is quite a good price considering that the resources are not fully proven. Why Inco is paying so much? Probably they think there will much be more goodies around there -- which later proved to be the case. Inco also want to maintain the #1 position in world Ni production. Also the grade is high and thus the future profit margin will be high.

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To: Eric Tai who wrote (49)	2/22/1997 9:58:00 PM
From: bill	of 2769

Thanks. Now, the question is "How much tonnage is there at Maskwa?" The strike length seems long. A hundred feet is, I think, deep. But how wide? The amazing thing is the psychological element to stocks. Cartaway went to 24.00 on nothing but rumours. If they'd hit a hundred foot intersection of the same grades as CMR has at Maskwa, the stock price would have gone crazy. All because of location. It has to be another Diamond Fields! would have been the response, even though there's not particular reason to assume the same volume. CMR has been getting cobalt grades that are eye-popping. Predicted cash flow is amazing. The company has hit on the Fer, on the cobalt propery, on Maskwa and it looks like their jv at Nipigon is going to continue their winning streak. The stock market yawns and the price drifts back. One of these days I'm going to ask the president to walk on water just to see if it'll have any effect. Probably not. A big stock holder I know says that the problem is that the Fer and the cobalt property are too close to home.They should be in some distant place that nobody can find on a map. Then Canadian fantasies can run wild. "Who was the comedian some years ago that did a schtik "I get no respect."

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To: bill who wrote (51)	2/23/1997 6:10:00 PM
From: Ralph Kern	of 2769

Rodney Dangerfield was the comedian. I think tonnage will be around 3 million tons. I heard a rumor that the ore body could be 5 million tons. Falconbridge has to decide whether or not to bring this project to production in the next two weeks. Big mining companies usually like to have a mine life of 10-15 years to warrant the capital expenditure. I don't think there will be free flow of information until Falconbridge makes a decision. It doesn't really matter to us Canminer's as the stock is definitely undervalued and the only way to go is up. What remains to be determined is whether the stock is worth 8 or 20 dollars. Time will tell!

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To: Ralph Kern who wrote (53)	2/26/1997 5:21:00 PM
From: Luc Beaugrand	of 2769

Dow Jones says Chelekis settles with SEC Urban Resource Technologies Inc URT Shares issued 30,454,457 Feb 25 close $0.15 Wed 26 Feb 97 In the News Also Luminart Inc (LUMN) Also Quest International Resources Corp (QIX) Also Canmine Resources Corp (CMR) Dow Jones News Service reports this morning that George Chelekis and two companies controlled by him have agreed with the US Securities and Exchange Commission to pay fines totalling US$162,727, without admitting or denying the charges against them made by the SEC. It alleged that Mr Chelekis and his companies, KGC Inc and Hot Stocks Review Inc, failed to disclose that they received at least $1.1 million and 275,500 shares of stock, as payment for recommending companies' securities in his Internet publications. Paul Gerlach, associate director at the SEC's division of enforcement, named six of some 150 companies that paid Mr Chelekis and his publications for promoting them on the Internet. Four of the six were Canadian: Urban Resource Technologies, Canmine Resources, Quest International Resources and Luminart Inc. Mr Gerlach declined to say whether the companies themselves were being investigated.

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To: Amit Ghate who wrote (55)	3/5/1997 5:15:00 AM
From: Dietmar Beckherrn	of 2769

Hi Amit, finally I have received the press release (on paper - sorry) that deal with the Cheklis promotion. It clearly states that "some media" have distributed wrong facts about the company and that the company encourages everybody to check directly with the company for fact based information. I am not sure if I understood this one correctly but I left the phone with the impresseion that CMR has not hired hin to do a promo. They rather have paid him some change for the right to re-print an article on that he somehow had the the rights to. Maybe someone can verify this again with the comany. So for now I cannot see any qustionable behavior or other wrondoings by the comany. Unfurtionately this has depressed our stock price. sniff- Dietmar

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