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.

March 10, 1997

SAMEX (SXG.V/$2.05) - Based on price performance, SAMEX was probably viewed as a tax loss by many of you last year. My last comment on it was in late November, when I described it and Essex as "damaged goods," thankfully, favoring Essex for purchase at that time. (Those who bough SAMEX then are right about where they were, while ESX has essentially doubled in the same period). I never provided a follow-up on my visit to SAMEX's properties, in part because so many other things seemed more important at the time, and perhaps also because I didn't want to think any more about what was a hard trip accompanied by severe altitude sickness (don't worry, it doesn't affect the local Bolivians).

My other concerns about SAMEX were that the company needed to do a financing that has yet to be accomplished, and that the company did not yet have a drill hole that would demand the market's attention. I think we'll hear more from SAMEX over the near-term, and I hope it reinforces the positive impression the company's property portfolio left upon me. The Santa Isabel project has the potential to be a very large and valuable copper porphyry deposit, and while the geologic model has been confirmed, an economic drill intersection remains an elusive target. Agua de Castilla, a gold drill hole play in an environment eerily reminiscent of Nevada, struck me as a project that lends itself to immediate gratification.

As a stock that hasn't worked out for many of you, I can appreciate the merits of switching into something that clearly is working, but in my own portfolio, I don't mind being patient with a small amount of money that could grow much larger. If I can gain more of a comfort level that this is likely to occur, I'll be adding to my position and suggesting that you do likewise. Recent weakness in the stock is attributable to a private placement from a year ago freeing up, and probably represents an opportunity for those who can see the company in a fresh perspective. (604) 688-6080, fax (604) 688-6090.