Financial Status (3/31/99)

Current Assets: $4,046,122***
Total Assets: $37,172,440***
Current Liabilities: $145,350***
Long Term Debt: None
Shareholders' Equity: $37,027,090***
Accumulated Deficit: ($13,257,538)***

*** This situation is in its pre-production stage -- as production is implemented in the various kimberlite pipe mining locations, I will update the financial information to include P&L data.

Recommendation

I recommend MPVI for both midterm & long-term appreciation. I do not often recommend natural resource exploration situations, but this one is world-class. My opinion is that with De Beers behind it, the chances of success are exceptionally good. Here are some of the aspects that influenced me:

• De Beers is the best joint venture partner a diamond operation could have
• De Beers is actively examining various mining scenarios to reduce costs
• De Beers is aggressively exploring in Kennady Lake & elsewhere on the claims
• All expenses up to production are being 100% paid for by De Beers
• That's only the beginning potential for MPVI
• MPVI management is very strong
• Continued positive news is expected, based on current progress
• Canada looks like it will be one of the largest diamond producing areas

Contact

Call president Jan W. Vandersande, Ph.D. @ 909-466-1411, fax 909-466-1409, e-mail: MtnProvInvRel@worldnet-.att.net, or write Empire Towers I, 3633 E. Inland Empire Blvd., Suite 265, Ontario, CA 91764. You may also call Alan Decker @ 800-220-1943. www.mountainprovince.com

Industry Commentary

By Tony Velocci

Within the next three years, industrialized countries in the West are committed to reducing the harmful emissions produced by motor vehicles by 50%, to levels that existed in 1990. The challenge is a daunting one and Environmental Solutions Worldwide Inc. (Nasdaq OTC BB/ESWW) believes it can play a pivotal role in achieving that goal.

The company, headquartered in Richmond Hill, Ont., is in the final stages of developing a new catalytic converter called "Enviro-Cat" that dramatically reduces these emissions, including greenhouse gases such as nitrous oxide. Moreover, the device costs substantially less to produce than current catalytic converters. That's partly because no precious metals are used in the manufacturing process, unlike current catalytic converters that contain significant amounts of palladium and platinum. There are fewer steps in this simpler manufacturing process, which also helps to keep production costs down.

Among Enviro-Cat's other advantages are that it works on cold start ups -- conventional catalytic converters typically are ineffective for the first five miles of driving and it appears to have greater durability. Another desirable feature is that Enviro-Cat works with leaded, unleaded, and diesel fuel; current technology works only on unleaded fuel.

Enviro-Cat is patented in Canada, and the company recently applied for a U.S. patent as well as selected patents globally, based on a patented formula developed by Bruno Liber, PhD, technical director of ESWW. The world market for conventional catalytic converters is dominated by Corning, with 70% of the world market and more than $2 billion in sales. NGK of Japan has the remaining 30% of the market.

The company currently is producing 200 prototypes for unleaded and diesel fuel applications. The program is slightly ahead of schedule, according to Bengt Odner, president. Environmental Solutions has received numerous offers from vehicle manufacturers for testing and final development. However, the company has decided that as prototypes become available, it will pursue an accelerated program to allow concurrent testing by independent evaluation agencies as well as U.S. Environmental Protection Agency labs.

In preliminary tests already conducted in recent months, the Enviro-Cat converter eliminated more than 95% of nitrogen oxide emissions and more than 75% of carbon monoxide, the main contributors of smog. The tests were conducted by a Chicago-based independent lab recognized by the EPA. It was installed on a 1988 Chrysler Plymouth Sundance. Final testing is expected to be completed late this year or early 2001, when full production will get under way.

Environmental Solutions, possibly in partnership with a joint venture partner, initially plans to first pursue the retrofit market by forging a strategic alliance with a major exhaust system manufacturer to penetrate the retrofit market as rapidly as possible. Sales to original equipment manufacturers would follow. A second product is scheduled for introduction in the near future, a high-efficient spark plug that improves fuel consumption while reducing emissions for the internal combustion process. No revenues are anticipated before 2001 at the earliest.

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