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<br />~¢ndricks Mining Co., In~ <br />Caribou, Colorado <br />(~jbernluryt/ie ~ro~, ~i/dR7lii~c ~firce yJ=/ <br />November 1, 1988 <br />Over the past year, the Cross Gold Mine has been conducting an <br />extensive exploration program under the direction of Senior <br />Geologist Larry Barrett. The program has consisted of surface <br />core drilling, undergound mapping and channel sampling. No <br />production mining took place during this period. Surface core <br />sites, primarily in the area west by northwest of the Cross Mine <br />(near the Potosi Gold Mine), were reclaimed by the Company <br />following the completion of core drilling. The atteiched map <br />shows this location. <br />On September 23, the Company commenced driving a 6'x7' tunnel on <br />the existing Tunnel Level as a cross cut tunnel to intersect the <br />new Apache Vein. As of November 1, approximately 72' of tunnel <br />has been driven on a one shift per day basis. Waste rock from <br />this tunnel (granite gneiss) is being leveled on the existing <br />dump to smooth out and level the east parking area. Y'he total <br />length of the tunnel will be approximately 115'. <br />Surface core drilling was halted in September, with no present <br />plans for any additional surface drilling in 1988. Underground <br />core drilling may occur in early 1989. The Company is e~~aluating <br />its updated geological data base with its joint venture partner, <br />East West Minerals of Sydney, Australia. Future exploration, <br />development and production plans will not be determined until the <br />data base is fully considered and financing become available. <br />The Company currently employs three people at the mine and one <br />at our Boulder office. The two geologists are employred on a <br />consulting basis. <br />Should you require any additional =-°----`=-- -'---- `--' `--e <br />to contact me. <br />Mailing Address: Post Office Box 653-Caribou .Nederland, Colorado 80466-06:3 <br />Phone: Office-Boulder 303-443-502 Mine 303-258-3806 Fax J1 303-443-6604 <br />