The Gold Mining Stock Report is written and published monthly by Robert Bishop.

The following is a compilation of excerpts from the Gold Mining Stock Report relating to Samex Mining Corp.

Aug. 28 SAMEX MINING (SXG.V$2.62) - A SAMEX comment will be forthcoming after meeting with the company this week.

SAMEX Mines (SXG.V/$5.00) - I had a brief meeting in New York with Rob Kell, SAMEX's chief geologist, and continue to be impressed by the quality of the work the company is doing. The most recent comment on SAMEX was that the first resells at Santa Isabel appeared to fit the model of a porphyry copper deposit. The first hole intersected 334 meters of mineralized that averaged 1.57% zinc, which the company is interpreting as the outer "halo" that often surrounds a porphyry copper. Results from at least the second hole are expected in the near-term; given the geological talent and the results to date, SAMEX remains a stock I want to own on any weakness.

JUNE 13 SAMEX MINING - FAX ALERT #55

Conquistador and SAMEX Mines - Along with Essex, Conquistador and SAMEX were featured as stocks most likely to join the ranks of companies most likely to be discovered by institutional investors. After the disappointment with the Arequipa results, to say nothing that it was largely institutional players who were buying Cartaway up to $26, I don't think we can count on institutional buyers to continue to drive up the prices of stocks as they have been doing in recent months. Thankfully, I think Conquistador and SAMEX will both prove to have assets that will attract the market's attention, even if the institutional market's appetite for junior gold explorers proves to have been irretrievably dimmed. That's true for at least the time being, but thankfully, Essex, Conquistador, and SAMEX all still have projects where it's easy to envision results that could capture the attention of investors who like to buy shares in companies that have projects with "size" potential. As per the previous discussion, I think Essex qualifies, and continue to feel similarly about Conquistador and SAMEX:

MAY 28 SAMEX MINING - SXG.V/$5.65 FAX ALERT #53

On May 24 Samex announced the Intersection of 334 meters of mineralization at its Santa Isabel project. The hole averaged 1.57% zinc, along with anomalous values for lead, silver, copper, and gold. An extensive zinc intersection on the edge of a porphyry copper target is considered significant because a zinc "halo" often surrounds a core of copper (or copper-gold) mineralization. It's still early days, and holes two and three will likely be more revealing, but this is exactly what the technical types want to see in the early stages of an exploration program of this type. This first hole is one of seven widely spaced holes across the southern edge of this porphyry target; this news will not go unnoticed by those who understand porphyry copper projects. I think there is reason to believe that several groups would like to participate in a significant financing for SAMEX, and that at least one major company has had discussions regarding a strategic relationship with the company. A financing would be supportive of the market and the right major would lend further credibility to this program, but more results like hole number one will also produce higher prices. SAMEX feels like it's reaching critical mass; if you don't own some yet, make sure you do below $6.00

MAY 1996 SAMEX MINING - SXG.V/$4.10 FAX ALERT

SAMEX - Like Essex, SAMEX is likely to benefit from increased exposure at the Miami Gold Conference. Since the recommendation of the company on April 8, SAMEX has had three news releases:

April 8: At the Walter gold-polymetallic project in southwestern Bolivia, the company will conduct 600 meters of drifting and up to 2,000 meters of drilling, a program designed to delineate additional reserves and provide bulk samples for metallurgical testing. The Walter property covers 13 kilometers of strike length that extends north from the Asiento silver-gold deposit being explored by Silver Standard Resources (SSO.V/$7.65). A small proven/probable reserve (323,000 tonnes) has been defined in a polymetallic vein system, and SAMEX's goal is to continue to build reserves in expectation of attaining production in 1998.

April 10: Assays at the Yaretani project continue to confirm the existence of strata-bound gold mineralization. From 31 to 67 meters, hole 4A averaged 0.61 grams per tonne, including a 10 meter interval that averaged 1.65 grams gold/tonne. While the overall grades are not splashy, results to date continue to confirm the property's potential to host a low-grade, bulk tonnage gold deposit.

April 17: A minimum of 1,800 meters of diamond core drilling has begun at the Santa Isabel porphyry copper-gold project, also in southwestern Bolivia. The belt hosting Santa Isabel also contains the Agua Rica and Bajo de la Alumbrera deposits, and work to date - mapping, geochemistry, and geophysics - has defined a world-class target that must now yield results to confirm the company's high level of optimism toward Santa Isabel.

The pullback in SXG should be viewed as an opportunity. The SAMEX project mix, and the experience behind the acquisition of the company's portfolio, suggest that SXG is likely to trade at a multiple of the current price before 1996 is over. (604) 688-6080, Fax: (604) 688-6090.

Robert Bishop
Note: I own shares in Farallon, Valerie, Essex, Samex, and Ghana Goldfields.

April 8 SAMEX MINING/SXG.V/$4.05 FAX ALERT #48 -

SAMEX received a mention in the December issue, when it was trading at $1.75, and a March 25 release suggests to me that we may be looking at a stock on the threshold of trading at still higher prices. Much like Conquistador in Colombia. SAMEX has acquired an extensive portfolio of Bolivian projects (importantly, the company is backed by established Bolivian partners), and news is now starting to flow from the field. The company's Yaretani project was the subject of the 3/25 release, in which it was announced that sediment-hosted gold mineralization has been discovered at Yaretani, the first time such deposits have been discovered in Bolivia. The company was originally focused on a short shear zone yielding high-grade gold (10>30 grams per tonne), but the discovery of strata-bound mineralization changes the company's approach to this project. Geophysics suggest that the mineralized horizon is folded over a 700-900 meter wide by 3 kilometer long area. Nineteen priority targets have been defined to date. Drill results are expected in the near-term on holes 2 through 5A. Given the large size of the mineralized zone, low-grade results would indicate a significant resource, and an exploration program likely to attract a much higher profile. As mentioned, Yaretani is but one of the carefully selected portfolio of properties, acquired by a geologist with big company experience. The Samex package lends itself to evaluation by a big company, and in addition to further results from Yaretani, news of a relationship with a major company would be a logical development in the SAMEX story. Buy SAMEX with a $4.50 limit.

SAMEX - SXG.V - This is a new story that I first heard at the South American mining conference last May, bought some of shortly after it began trading at $1.10 about a month ago (currently $1.75), and frankly, have not found the time to get a good update when I've crossed the company's path in recent weeks. The reason I bought the stock was because I was initially impressed by the company's Bolivian contacts and by the large and varied property portfolio the company had assembled. My first glance at the company last spring left me with the impression that there were several properties of merit in the package, and importantly, that more than one of them could be described as a company maker. I'm still of that view and mentioned this new idea because I think it's a stock that will trade much higher in '96. (604)689-8590, Fax (604)689-5892

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Gold Mining Stock Report
Editor & Publisher: Robert Bishop
Managing Editor: Brent E. Vogel